Success in Retirement

Regarding preparation for retirement, the terms ‘create,’ ‘protect’ and ‘enjoy’ encompass a variety of challenges; however, the acknowledgement of these challenges, and the subsequent methods of dealing with these problems can lead to success in the future.


The following two tables which show the lump sum requirements for both couples and singles when taking into account lifestyle upon requirement.


According to “The 2017 ASX Investors Survey,” the 2013/14 mean superannuation balances for households and individuals were $355,000 and $214,000 respectively; these figures, coupled with the data above, are indicative of some of the problems faced regarding ‘enjoy,’ as super balances somewhat dictate your quality of life.


Therefore, in order to ensure that enjoyment occurs upon retirement, creating wealth is imperative. The same ASX report states that 60% of Australian adults participate in at least one form of investment, however, the lack of activity by younger generations and engagement with their super contributes to lower super balances, across the board.


A global survey in “The Future of Retirement” report released in April 2017 by HSBC; indicates that only 34% of working aged people believe that they will be financially comfortable in retirement, whilst 58% thought that they will continue working to some extent in retirement because they have to.


In Australia the Superannuation system forces people to start saving for their retirement from an early age, however it still doesn’t ensure that these savings are working to their full potential.


These statistics further highlight the importance of seeking financial advice and putting a retirement plan in place from an early age because in our experience, clients who engage with an adviser will significantly improve their chances of being able to achieve your goals and enjoy their retirement.


At JBS, we run a Cash Coach and Retire Right program to specifically address these needs and help you to achieve the success you desire upon retirement.


– Richard Smart –