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How much money do you need to retire in Australia?

21/02/2020BY Migrate2Oz

How much money do you need to retire?

We came across an article that gave a very basic (basic is good) calculation on how much you will need to retire. We think this basic formula can give you an idea of what your cost in Australia will be, how much capital you have/need, and how much you need to draw to sustain your standard of living. You will obviously need to adapt your SA expenses to Australia figures.

Basic calculations: 

Take your current monthly expenditure, divide this number by four and multiply it by R1 000.

This calculation works when you are still trying to accumulate your capital and need to set a retirement savings target. If you are already at retirement age, however, ensuring that your capital will last your entire lifetime, which is generally unknown, becomes more important. It is suggested that you draw no more than 4% of your retirement capital on an annual basis.

Cost of Living Comparisons

Stats SA has announced that the annual consumer inflation edged up to 4,0% in December from November’s 3,6%. The main contributors to the 4,0% rate were food and non-alcoholic beverages; housing and utilities; transport; and miscellaneous goods and services.

Have you moved your money to a more stable economic platform? Speak to us about opening a bank account in Australia.

Australian $100 Note

You may be eligible for a Sponsored Parent Visa

If you do not meet the balance of family test but have at least one child that is either a permanent resident or a citizen and has been resident in Australia for at least 4 years – you may be eligible for the Sponsored Parent (Temporary) visa.

Contact us and we would be happy to discuss this visa with you.

Free Online Visa Assessment

Are you ready to take the next step?

Complete our online visa assessment and we will provide free advice on your visa eligibility, visa options, and the next key steps.