When we meet with clients, we ask them what’s important to them and then we work with them to identify the goals they have for living life today as well as for the kind of retirement they want. Their goals, and the things they want out of life, become part of identifying where ‘there’ is.

From these discussions with our clients it’s pretty clear that life cannot be simplified into a lump sum dollar amount for retirement – it’s a unique meshing of family, wealth, experiences. Why work hard for all your life and not enjoy the journey with those you love? The old adage is true here – ‘the journey is just as important as the destination’.

In a recent article I wrote about the Retirement Standards set by the Association of Superannuation Funds of Australia (ASFA) and how much is enough to comfortably retire on and who can help you get there.

Another question this then raises is ‘Where exactly is ‘there’?’ – which refers to the lump sum retirement balance which you will require to fund a comfortable lifestyle.

ASFA estimates that the lump sum needed to support a comfortable lifestyle for a couple is $640,000 (or $545,000 for a single person) and assumes that there will be a benefit of at least a partial Age Pension. This at least gives you a target to aim for which I think is good.

The key issue with this is that I see a lot of clients that are initially not even on track for this amount. This means that if they keep going how they’ve been going they will be in some way reliant on the Government’s Age Pension – which really means that the discretionary amount available to spend on a comfortable lifestyle just won’t be there.

Most people don’t want to be overly reliant on Government support in their retirement years. It’s not usually what they plan. They would prefer to be self-funded and have options to live the kind of lifestyle they’re currently living. However, unless changes are made today, plans are made for the future and investments are made wisely – they just won’t make it to be self-funded.

But it doesn’t have to be this way. There are other options.

Every day we help people plan out their goals for living life and for the kind of retirement they want. We help them to build a quality life and retirement with sensible financial planning to show how they can get to where they want – no matter if they’re 35 years old or 65 years old and anywhere in between.

Do you know where your ‘there’ is? – if not, then we can assist you with this.

Contact us today to arrange your complimentary appointment with one of our Financial Advisers to see how you’re tracking for retirement and how we can help you to get what you want.