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Want to retire on $105,000 P.A.? Plus leave $1,000,000 behind?
Description
In order to retire on $105,000 p.a. in today's dollars, ensuring that this income keeps up with inflation and lasts 30 years, you really need to think about having $1,850,000 in super. Yes. It is a lot. But not unachievable. If you want these funds to last further, plus leave $1,000,000 to your loved ones, you only need another $350,000 more.
This is the "sweet spot" that I will be talking more about soon, where that extra 20% or so, make a huge difference to your level of financial security. So in today's episode, I will talk about how much more aggressive you need to be with preparing to retire, with consistent, additional contributions going into your super.
Please use this as a guide only, get professional personal advice from a Financial Planner and always be aware of the annual caps for super, that apply per financial year, (not calendar year). Once you put money into super, you can't get it out. So be careful!
Also:
If you are a small business owner. This article explains this legal tax loophole beautifully: https://www.cesmithmackay.com.au/resources/dont-forget-the-cgt-small-business-rollover
Two valuable calculators to be used as a guide: https://www.sugarmamma.tv/calculators/
AND: https://www.noelwhittaker.com.au/calculators/retirement-drawdown-calculator/
https://moneysmart.gov.au/retirement-income/account-based-pension-calculator
In the meantime...
HOW YOU CAN WORK WITH ME (& I CAN HELP YOU): (includes one-on-one appointment with me...)
If you need help with your budget or are sick of living paycheque to paycheque, you can enrol into The SugarMamma Budget & Cashflow Academy course, which includes a one on one appointment with me so that I can help you. Enrol here: https://courses.sugarmamma.tv/Signup
Also, don’t forget to register my free Money Mindset & Manifestation Masterclass if you need help with motivation, clarity and support: https://courses.sugarmamma.tv/masterclass
Or you can just get started straight away and have me as your accountability coach through the Money Mindset & Manifestation Program here (P.S. It is game changing):
https://courses.sugarmamma.tv/join
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ADDITIONAL GENERAL ADVICE WARNING:
Whilst we discuss various financial topics, this podcast is not advice in anyway, but purely for educational purposes only. Nothing in t