Everyone who’s approaching retirement wants to know how much money they need to save – how much is enough to leave work confidently and then live comfortably? Lately, we’ve been seeing $1 million dollars bandied around as the magic number but is $1 million enough?

Well, it depends. If you’re a high-income earner and want to maintain a similar lifestyle when you retire, then $1 million might not stretch as far as you think. If you’re happy to spend less, then it may be enough.

The Association of Super Funds of Australia (ASFA) calls this the difference between a ‘modest’ and a ‘comfortable’ retirement. It estimates that a couple needs an annual income of around $40,000 for a ‘modest’ life and $60,000 for a ‘comfortable’ life.

Gold Coast or Amalfi Coast?

While ASFA recommends $60,000 for a ‘comfortable’ life, if you’re used to a much higher income, then this probably won’t keep you as comfortable as you’d like. The amount of money you’ll need will vary a lot depending on your personal situation. Here are some of the most common variables:

Your home

If you own your home, you’ll need less income. Retirees who own their homes outright spend on average 5% of their income on housing, compared to 30% for retirees who rent.

Your health.

You are likely to spend more on healthcare as you age. While Medicare should cover much of the increase, private healthcare costs are rising much faster than inflation, going up 66% since 2009.

Dependents

If you’re supporting children, or parents – or both, you’ll need to think about how their financial needs will affect your financial needs over the years.

Less over time

Most people spend less as they age (spending falls by 15% on average between the ages of 70-90). This is because as they get older many people have bought most things they really want (and can afford) and have less desire to be so busy.

Longevity

People are living longer and longer, which is fantastic, but it does make it harder to work out exactly how much money you’ll need. Do you need to fund a retirement that lasts till you’re 88 or 108?

Keeping the money flowing

When you’ve worked out roughly how much income you’ll need, the next step is to work out how to get it. Here are some of the main ways:

Account-based pensions

You generate regular income payments by transferring some, or all, of your super to an account-based pension account. It’s generally tax free (as it stays within super), but your income will fluctuate depending on how your investments perform.

Annuities

An annuity gives you a set income for a defined period, or for the rest of your life. It’s great for reliability (you’ll always receive the same income), but not so great if you need extra cash for an emergency or a one-off purchase. You may also get locked into whatever rate is available when you buy it – which may not be great when interest rates are at all-time lows.

Dividend investing

Share dividends can be a great (and growing) source of income. While shares have potential for excellent returns, they also come with greater risk.

Government assistance

Even if you’re reasonably well off, you may still be eligible for a part pension – 2/3 of retirees are – and then there’s the seniors healthcare cards, travel discounts and other concessions.

Term deposits

You receive a set rate of interest for the term of your investment. Great for security and guaranteed income, but often a lower rate of return than other investments.

Rental property

Renting out an investment property is a common way to diversify your investments and gain a consistent income. Difficulties can occur if you have problems with tenants, you need to make expensive repairs, or rents or the value of your property falls.

Work

Many people choose not to stop working entirely. They enjoy their work and it keeps them mentally active while giving them purpose, a sense of identity and time with friends.

It’s never too late to get advice – or too early

As you can see, working out exactly how much money you’ll need to retire is complex. A financial adviser can unravel the complexity for you and get you closer to your ideal retirement life. It’s never too late put a plan in place to work towards your financial freedom number. Chat to the JBS Financial team about what you need to do to live the life you want to live.

Source: Perpetual

When considering the financial position they’ve achieved in retirement, many Australian retirees share the same opinion: “I wish I’d saved more.”

For some people, keeping up with day-to-day living expenses and staying on top of debts is challenging enough, and investing for the future can seem out of reach. Meanwhile, others are better at sticking to a budget and putting aside money on a regular basis so they can build wealth over time.

But even with a retirement plan in place, what happens when someone’s life takes an unexpected turn that changes their financial position? For instance, if they or their partner became seriously ill or injured. While some people would still be able to keep up with their living expenses while investing for the future at the same time, others would struggle to make ends meet – putting them on the back foot financially for years to come.

Life is nothing if not unpredictable, so the best thing to do is put measures in place that will minimise the impact of unexpected financial shocks before they happen.

How can you improve your financial wellbeing?

Review your Insurance

Consider taking out personal insurance such as life, disability, trauma and/or income protection cover, in addition to private health insurance. With personal insurance, you can receive either a lump sum or regular payments to cover your living and medical expenses if you have to stop working due to illness or injury. We can help you choose the right level of insurance for your needs and advise whether to take out your cover through your super fund.

Understand your entitlements

If you or your partner has to stop working due to illness or injury, you may be eligible for government assistance in the form of a sickness allowance or carer payment. We can help ensure you receive all the financial support you’re entitled to.

Put some money aside

If you’re suddenly faced with a financial setback, it helps to have a safety net. If you’re not already saving regularly, review your household budget to see if you can afford to put some money from each paycheque into a separate savings account. Then, if you get seriously ill or injured, this money can help tide you over while you’re making an insurance claim.

Create an estate plan

A strong estate plan is the best way to protect your family’s finances if the worst happens to you. It’s important to get legal advice when building your estate plan and to update your will whenever your personal or financial circumstances change. Your financial adviser can also help you create a binding death nomination with your super fund so your super balance and insurance benefits are distributed according to your wishes when you pass away.

Maximise your super

While you’re healthy and working, it might be worth putting extra money into your super. That way, your retirement savings don’t suffer if you’re off work for an extended period or you need to retire sooner than planned. Salary sacrificing is a tax-effective way to boost your super, allowing your nest egg to grow faster.

Are you feeling the financial load? Planning ahead or dealing with debt from the past can create enormous financial stress. Take a moment and chat to the JBS Financial team about how you can achieve the financial number that sets you free.

Source: Colonial First State

Super law sets out some requirements that trustees of regulated super funds need to consider when formulating an investment strategy.

These requirements include (but not limited to) the composition of investments, risk and return, liquidity, insurance and the ability to pay liabilities (including member benefits) as they become due.

Looking first at the composition of investments, there isn’t a requirement that SMSF investments must be diversified, and there are some SMSFs that have large investments in a single asset or asset class.

Most commonly this occurs where the SMSF has a direct property investment, with a comparatively smaller investment in cash in order to make relevant payments as necessary.

Whether or not this approach is right is a question for the trustees of each SMSF to determine for themselves, but the old saying of “not putting all your eggs in one basket” is worth considering.

Using this example, what would happen if the property market was to fall? Do you have enough time to ride out fluctuations and get your money back? This points to the next consideration of risk versus return.

With any investment decision, a consideration of the risk involved in a particular investment balanced against the potential returns or reward should probably be undertaken. Of course, these are both forward looking.

History may tell us a little about the risks and returns for particular investments over a period of time, but there are no guarantees about what will happen in the future.

This is why it’s usually important for SMSF trustees to spend some time making an assessment of these important characteristics.

However, it is unlikely that a consideration of risk and return is just limited to the actual investments themselves. Often the best starting place is what the SMSF trustee’s risk and return parameters are.

If the market was to fall by 10 per cent, how long would they be willing to stay invested in the same asset to recover the capital?

This can help determine how much risk the SMSF trustee is willing to take on. And this consideration may not be about a particular investment, but rather the composition of all the assets in the SMSF.

How much to allocate to growth assets (which usually have higher risk) compared to how much to invest in more stable investments (which are generally subject to less volatility).

Risk may only be one side of the equation – return may be equally as important to consider. In fact, given one of the key objectives of super is to grow wealth towards retirement, generating an appropriate level of return is important, and invariably involves taking on some element of risk.

Another requirement may be liquidity and the ability to pay liabilities as and when they fall due.

There is no doubt that you need to be able to pay for the ongoing running costs of your SMSF, but consideration of liquidity takes on heightened importance as members approach retirement.

With super used to fund members’ retirement lifestyles, the need to ensure there is sufficient liquidity is arguably more important, and will involve a consideration of how much should be held in cash (or other liquid investments) and how much should stay invested in less liquid investments to provide for future potential growth in the SMSF.

SMSF trustees are also required to consider the insurance needs of members in formulating the investment strategy.

Given that quite often the trustees of an SMSF are also the members of the SMSF, this is about considering whether you have sufficient insurance of your own, and if not, whether you should acquire more cover through your super.

Depending on the type of investments in your SMSF, you should also consider if you need the fund to take out other types of insurance. This could be an important consideration if you hold property.

So what makes a good SMSF investment strategy? It’s likely one that aligns to the future goals of the members (the trust deed should cover this) and what they are trying to achieve, and ensures this is done with appropriate consideration of the risks in achieving these goals. It should also comply with super legislation and the sole purpose test.

Are you reviewing your SMSF investment strategy annually? Take a moment and check in with the JBS Financial team on how we can help you get the right investment strategy in place for you.

Source: BT

Retirees now face a bold truth: investing in traditional safe haven assets do not provide the returns they once did. So, where to from here?

The first thing is to accept that today’s returns are lower on retiree favourites, like cash and bonds.

Second, there are tools available to provide forecasts for what the market will return over a 10-year period. These forecasts have been relatively reliable through history and are useful for investors who, understandably, are looking at short-term volatility and thinking there is no hope in predicting long-term patterns.

What the future could look like

In our view, investors should expect lower returns on bonds over the next 10 years than the past 10 years, simply because the starting point of today’s yields is extremely low.

Low bond yields have the potential to cause other riskier assets such as equities to trade at higher valuations and therefore also offer lower expected returns. Because of market conditions, annuities may also pay less.

The combined effect in our view is that the expected return on a simple 50/50 stocks and bonds portfolio is likely to be less than 5% p.a. over the next 10 years. The only compensation accompanying these lower returns is that this environment is likely to produce lower levels of inflation.

This is the lowest forecast return for this type of portfolio in history, matched only by those made in the run-up to the global financial crisis. In that instance, high equity valuations were driving down expected returns. This time, it’s low bond yields.

This is a very importance difference; if you were aware in 2007 that equities were the source of deterioration in your expected return, you could de-risk your portfolio into cash and bonds and still expect a reasonable result. However, in 2019, there is nowhere to hide.

To avoid the risk of holding a poorly performing asset, like cash and bonds, one option is to look beyond these conservative asset classes and take on higher levels of risk with more volatile assets. At a time when investors can least afford shocks to the downside, this is a conundrum with no simple answer.

Retirement savings, then and now

For retirees whose focus is to preserve and prolong their stockpile, all this begs the question: how large a reduction in retirement income should one expect?

The bottom line is: retirement savings won’t last nearly as long as they have in the past. Based on the average market return from 1969 to today, a retiree could have expected to receive a comfortable retirement income for 18.5 years. For retirees in 2019, that drops down to just 13.5 years.

There is no doubt that the investment environment moving forward is going to be significantly more challenging than it has in the recent past, with today’s retiree facing the prospect of some of the lowest returns in living memory.

What retirees can do?

Still, far from waving the white flag, in our view there are some things investors can do to improve their prospects.

With traditional strategies returning less in today’s environment, retirees will now more than ever reap the benefit of a good adviser. Three investment strategies which could help manage the situation are:

1. Retirees can seek higher returns from active management. By finding managers who can outperform the market, retirees can give their returns a boost that may go some way to offsetting the impact of lower market returns.
2. Retirees can also employ a dynamic asset allocation approach in their diversified portfolio. Dynamic asset allocation seeks to navigate the market cycle and gain exposure to asset classes that are delivering the most attractive returns. By dynamically managing their exposure to different asset classes through the cycle, retirees may be able to secure more attractive returns and better manage risk compared to a traditional ‘buy and hold’ strategy.
3. Retirees could consider increasing their exposure to alternative sources of return that aren’t linked to bond and equity markets and aren’t likely to suffer as badly from the low-return environment.

Additionally, retirees will benefit from an effectively constructed portfolio that minimises waste, such as transaction costs, and maximises structural advantages, such as access to franking credits.

Unfortunately, there is no magic tonic for the situation and retirees should be wary of anyone claiming to have one.

Feeling comfortable is the key to knowing that your money is working hard for you whilst in retirement. Do you need help? Chat with the JBS Team so we can help you live the life you want to live.

Source: AMP Capital

It’s an unfortunate reality, but all of us will face a crisis at some time. We have no control over what kind of crisis hits us. But the impact on us and our family will depend largely on how we respond to it. Your response is wholly in your control so it’s crucial to have a plan in place before a crisis happens.

Predictable vs unpredictable

A single life event can change the direction of our lives. It can be predictable or unpredictable. Some examples of predictable life events include starting school at age 5, puberty, and menopause. Unpredictable life events are also called crisis events. A crisis comes in different shapes and forms.

Unanticipated early retirement. This major disruption can be the result of redundancy, downsizing, or the end of a career. Would you have enough saved up in retirement assets to sustain your current lifestyle?

Disability. Your inability to work due to illness or accident can put a big dent on your finances. How will you meet your day-to-day living expenses if you couldn’t work any more?

Changes in your family situation. This includes marriage, divorce, and even instant stepchildren. How will this affect your estate plan? Ideally, your estate plan should go beyond superannuation beneficiary nominations.

Outliving your money. Retirees often spend their first years splurging on travel or other bucket-list goals. Add to that the increasing cost of living – especially medical expenses. Having an accurate estimate of what your expenses will be in retirement is crucial because understating your expenses means you can easily outlive your portfolio. Will you have other sources of income?

Aged care. This overlooked area of retirement planning is also potentially the most expensive. How will you pay for it?

Premature death. Having a proper estate plan and adequate life insurance ensures your assets are distributed according to your wishes and that your family will not experience financial hardship following your death.

4 ways to prepare for the unexpected

Regardless of the scope, having a plan in place can be the difference between a quick resolution and financial ruin. So, what can you do to prepare for the unexpected?

Ensure you have proper life insurance coverage

You insure your house and your car. So, why not yourself and your income? Income protection insurance provides steady payment if you’re unable to work. Disability insurance pays a lump sum in the event of sickness or injury. Life insurance protects your loved ones from financial disaster following your death.

Bulk up your emergency savings

An unexpected event like an accident or a serious illness can be devastating if you’re not prepared. Medical bills can go through the roof. We all know it’s important to save. But how much is enough? A rule of thumb is to put away enough money (3-6 months of living expenses) into a ‘rainy day’ account. Start small and continue building it up each month. Saving as little as 1% of your income is a good start.

Create an estate plan

These are legal documents that determines who will make key financial and medical decisions on your behalf. Without a Will, upon your death, a court controls the distribution of your estate. An Enduring Power of Attorney provides your chosen person with authority over your financial affairs until you die (it extends beyond any loss of mental capacity). An Enduring Medical Power of Attorney provides the attorney with authority over your medical needs if you’re unable to make these decisions yourself (whether temporarily or permanently).

Seek expert financial help

The thing about the unexpected is that you never see it coming. How can you plan for something which you can’t anticipate? While it sounds impossible, it’s not.

Financial planning can help you see how your finances may change, and, how your lifestyle would be affected should something unexpected occur.

For example, cash flow planning can help give you a projection of how your family’s money situation will change in the event of your disability or death. This allows you to prepare and to create an accurate picture as possible.

A financial planner can help you see the steps you can take when things go wrong. A little preparation today can protect you and your family when an unexpected event takes you by surprise.

Final Note

Life doesn’t always go perfectly. There will be twists and turns. The impact of significant life events will be much easier to handle with a little planning.

You can reduce the impact of a crisis if you’re ready to respond. So, don’t panic. Expect some things to go wrong. Prepare solutions in advance.

Planning can make the difference between enduring a crisis and giving in to it. The JBS Financial team are here to help you with the things you plan for AND those unexpected eventualities. Book a chat so we can step you through being prepared.

How do YOU prepare for the unexpected?

You’ve made plans, set a budget and financial goals; you’re ready for anything, right? But what happens if a loved one is in an accident or your ageing parent starts needing dedicated care? How do you juggle career and the role of carer?

Registered Nurse, Rachel James, had packed her bags and was five days away from a big new move to Singapore when she got the call; her 22-year-old daughter, Emily, had suffered a fall while snowboarding in America, breaking her neck and rendering her quadriplegic. In an instant, their worlds turned upside down.

Rachel’s first reaction was one of shock and disbelief. “There’s sadness and a degree of panic about how you’re going to do this. There was also some grief about losing an imagined future. Then it settles into a heightened level of stress where you think, ‘How am I going to manage this?’”

In Australia, there are 2,698,700 carers – 12% of the population, and one in 8 Australian employees are carers.

Know your rights at work

Juggling work and caring can be difficult and, without adequate support, carers report greater strain on their work and life – a struggle that can impact their health as well as their productivity at work.

After the initial chaos and confusion had subsided, Rachel approached her previous employer to discuss re-entering her role as a practice nurse.

“Carers come into a distinct group within HR, and there are policies and entitlements so you can work optimally including paid and unpaid carers’ leave,” she says.

“You also have the right under the Fair Work Act to request flexible working arrangements. I started with just one Saturday a week, took on another day when things had settled down more and ultimately transitioned to more days later down the track.”

Tips for negotiating?

“Be assertive, be honest, endeavour to be flexible, have a realistic attitude in your ability to manage dual roles, and be a realist,” she says. “When I was honest with myself and my manager, there was really productive dialogue. She doesn’t ask me to perform tasks that are impractical for me. That’s really positive.”

Rachel also recommends setting a date to re-evaluate the arrangement to address any issues. “You may not get it right the first time and it’s helpful to have a date when you can revisit it”

Rachel strongly recommends aiming for a genuine balance.

Outsourcing tasks

Outsourcing part of the carer role is central to enjoying work, says Rachel. “You’re rarely alone in caring; there are usually family and friends who are happy to take over while you do your shopping, for instance.”

She also recommends having a ‘pyramid of communication’. “So you have five people you email if you need to get a message out there, and those people disseminate the information to the wider friends and family.”

Financial assistance

Rachel recommends investigating National Disability Insurnace Scheme (NDIS) funding to see if you’re entitled to receive the help of a paid carer in the home or special equipment, like a hoist or commode. “Get going as soon as possible to get things rolling. You have to be prepared for the long haul and just keep filling in the paperwork and jumping through the hoops.”

She also suggests contacting Centrelink to ask about a carer allowance. “Also, visit Carer Gateway (carergateway.com.au) or contact your local council to see if there are nearby carers’ support groups with resources on offer.”

Look after yourself

“For me, post-traumatic recovery and resilience is about your mental health. Look after yourself because the person you care for doesn’t want you to be lost. I genuinely think that balance is achievable. You can have a career and care but you have to give yourself a break. Having a good work/life balance is the bottom line.”

Resources

In Australia, there are 2,698,700 carers – 12% of the population, and one in 8 Australian employees are carers.

If you or a friend needs assistance, the below resources are a good start.

• Carers Australia: 1800 242 636
• Carer Gateway: 1800 422 737

Sometimes life deals us unexpected eventualities. Becoming a carer, whether it’s part-time or full-time, can not only affect your income and lifestyle today but also your future income and lifestyle. If you are confronted with a decision like this then you will need someone to ‘hold your hand’; reach out to the JBS Team to discuss how as trusted advisers we can help!

Source: Colonial First State

5 things you need to do to ensure you are ready for retirement

Some of us dream about the day we can finally retire and do all the things we never had time for. The opportunity to travel to Africa, the sea change, or that food safari in Japan. Others feel they’re too busy to think about retirement or fearful they won’t have enough to retire comfortably so they put off thinking about it.

Yet we all know the sooner you start planning, the better your chances of making the most of your retirement years. The fact is, many of us could spend almost as long in retirement as we did in the workforce.

An independent industry research reveals only 44% of Australians over the age of 40 feel prepared for retirement, down from 49% in 2015. More alarmingly, 51% of those already retired expect to outlive their retirement savings, up significantly from 33% in 2013.

In this article, you’ll learn about:

• The biggest issues that can impact your retirement;
• The steps you need to do to plan for the retirement lifestyle you want; and
• How you can close the gap between your retirement dream and your projected savings

Issues that can impact your retirement

Some people enter retirement financially secure but that security disappears over the years. Here are 5 common reasons that cause retirement plans to go off track.

Not understanding your time horizon. This is the length of time you need to hold an investment before you sell and get your money back. Generally, the longer the time between today and retirement, the higher the level of risk your portfolio can withstand.

No spending plans. If you don’t have a rough idea of what your ideal retirement lifestyle will cost, you’ll find it hard to work out how much you would need to save to fund it.

Unrealistic expectation of returns. How much risk can you tolerate to meet your objectives? You’ll need to be comfortable with the risks being taken in your portfolio to achieve the projected returns. For example, when the market declines, buy more – don’t sell. Refuse to give in to panic.

Not calculating how much you’ve got now. How close are you to your goal? If you have debts that need to be paid, will you have enough money saved to live on for at least 20 years after retirement?

Not tracking your progress. While future market performance, interest rates, and government policy are impossible to predict, do you know how much extra contributions you need to make to meet your goal? Is there a gap between your retirement dream and your retirement savings?

As you can see, it’s not always the investment market declines that are the cause. It’s a lack of planning.

Here are 5 simple steps to help you get the ball rolling to plan for a successful retirement.

Step 1: Design your dream retirement

Planning for retirement starts with thinking about your retirement goals and how long you have to meet them. You need to plan for how you want to live and what you want to do. Do you want to go overseas each year? Do you want to buy a caravan and tour around Australia? Do you want to be able to eat out regularly or buy a new car every 2 years? Perhaps you want to help the kids financially.

If you are part of a couple, share your thoughts and expectations. Make any changes now while you can.

Step 2: Determine your spending needs

Most people believe that their annual spending will be lower at 60% to 80% of what they’ve spent previously. This assumption is unrealistic especially if you still have a mortgage or have unforeseen medical costs. We believe it should be closer to 100% because as a retiree, you will no longer be at work for 8 hours a day so you’ll have more time to travel, shop, start a new hobby, socialise and generally spend more.

One way to begin thinking about your needs is to visit the ASFA Retirement Standard which benchmarks the annual budget needed to fund either a modest or comfortable standard of living in retirement. According to ASFA, singles aged 65 would need around $27,913 a year to live a modest lifestyle while couples need $40,194. A comfortable lifestyle is estimated at $43,787 for singles and around $61,786 for couples.

Considering the full Age Pension is currently $24,268 a year for singles and $36,582 for couples, they are even below ASFA’s modest budget. It’s even more challenging if you still have a mortgage or rent, in addition to other expenses.

ASFA’s sample budgets are a good start to get you thinking about your likely costs on a weekly and annual basis.

Step 3: Find ways to save to fund it

Once you know how much your desired lifestyle will cost, it’s time to work out how you plan to save for it. On top of that, you also need to know how long your money needs to last.

For example, if the average life expectancy is 20 years from age 65, then that’s 20 years of income. Singles would need around $545,000 to fund a comfortable lifestyle of $43,787 a year while couples would need a lump sum of around $640,000 to fund a comfortable lifestyle of $61,786 a year (based on a 6% per annum return). So, if your preferred rate of return is lower than 6%, then you will need a bigger nest egg.

Check your superannuation balance, then add your assets outside of super, and then subtract your debts to arrive at your net savings. This will give you a good starting point to work out a savings strategy.

Once your strategy is set, you’ll need to invest it to grow. Will you invest in equities? What about managed funds? Cash? Maybe a combination? What’s important is that you know the projected return on your investments. If you’re 30+ years away from retirement, then your assets should be invested mostly in growth assets such as shares and property. If you’re less than 3 years away from retirement, then your portfolio should be focused more on income-producing assets and preservation of capital.

Are you close to making your retirement dream a reality?

Step 4: Plan for longevity

Australians are living longer, healthier lives. Your longevity needs to be considered when planning for retirement, so you don’t outlive your savings. If you want to retire early, it may mean running out of cash and having to depend on the Age Pension for the rest of your golden years.

Another difficulty is if you have a younger spouse who will likely be dependent on the income from the investment on your demise.

A big factor in the longevity of your retirement asset is your withdrawal rate. Estimating what your expenses will be in retirement is important because it will affect how much you withdraw each year and how you invest your portfolio. If you understate your expenses, you easily outlive your portfolio. But if you overstate your expenses, you risk not living the type of lifestyle you want in retirement.

Step 5: Are you on track?

To work out how much you are likely to have by the time you retire, you can use the ASIC MoneySmart online calculators to help you with this.

If there’s a gap between your retirement goal amount and your projected savings, you can always make additional contributions through salary sacrificing to superannuation or making after-tax contributions.

Alternatively, you can delay retiring to accumulate more money. You can also lower your expectations to have a more modest lifestyle. The choice is yours.

Everyone has different needs with their retirement income. The important thing is to start planning today.  If you’ve already started planning your retirement with the JBS Team, you know you’re in safe hands. If not, you know there is still time to ensure you’re going in the right direction and you’re on track to meet your goals. Reach out to us here and let’s see how we can help!

Final word

Don’t fret. It can often take a bit of time to start planning. Think about your retirement goals. Think about how long the money needs to last. And keep saving. The great thing is, you’re now armed with the tools you need to work out how much you will need to finance the retirement lifestyle you want. All the best!