27 Grange Road, Cheltenham, Victoria, Australia, 3192

Assisting Clients to Prosper

What is superannuation & how much is enough?

Basically, Superannuation is a distinctive savings account for when you retire.

It is designed to be a replacement for your annual income and keep you in the lifestyle to which you have become accustomed, taking into account that when retired there will be much more time available for:

  • travel
  • house renovations
  • pursuing hobbies
  • meeting new people

For most of us we currently get 9.5% (2015 financial year) of our yearly wage contributed to super.

Those running their own business sometimes don't think about super until too late.

The amount you need will depend on how much income you want during your retirement years and the number of years you'll be relying on your own funds.

The higher the income you want, and the longer you'll need it, the more money you'll have to save before retirement.

If you're a man planning to retire at 60, you should budget for your retirement funds to last for at least 25 years.

A woman should budget for even longer.

Other things to consider include:

The age at which you're planning to retire – the earlier you plan to retire, the longer your funds will need to last!

Whether your home and any other large debts will be paid off by the time you retire?

What you want to do in your retirement (e.g. travel, pursue a hobby) and how much these things will cost?

Whether you want to work on a part-time or casual basis in retirement

What expenses you'll have in retirement (e.g. a new car, house repairs) and how much you'll need for expected and unexpected expenses.







Ross Wadeson Accountants Blog

View all blog posts

Comments from our clients

  • "Hi Ross, I just thought that I should tell you that Monty has been helping me with a problem I had with Gracott over the past few months. In this time, his help has been well above what would normally be considered normal for an accountant's role. I have been very grateful for his assistance. …… I thought I should pass this on to you personally."
    - Jill Miglietti, Bervic Engineering Co Pty Ltd
  • "Thanks for the business valuation I am very happy as was my Solicitor with this, the valuation was quite detailed and you went into great detail showing the different methods used in calculating the value also supplying figures to substantiate your calculations. Great work thanks."
    - Jon Everitt, Signarama Moorabbin
  • "It is refreshing to see that your understanding of property transactions and your proactive approach goes much further in depth compared to an average accountancy practice. My recommendation to our clients to seek your expert advice would be without hesitation and encouraged!"
    - Michael Libman, Director (Licensed Estate Agent) Property Choice Pty Ltd
  • "The Planning Session: The process was very good in assisting us to clarify our personal and business goals and objectives. In our case, with each of us running separate businesses, it was particularly helpful in highlighting the directions we were both heading, and where simplification could be applied to create more efficient management..."
    - Kevin Ezard Aquarian Developments (Aust) Pty Ltd - Marketing and Consulting
  • "Many thanks for your work this year. A friendly and efficient company. Our contact with you over the many years of our association has been a pleasure and we look forward to continuing this in the future."
    - Linda and Ray Eades - Carpentry Business and Super Fund
  • "Thank you very much for your help to me and Damian recently. The matter discussed has now been concluded. We feel very fortunate to have you not only as our account but also as our trusted friend."
    - Veronique Moloney – Long standing client

View all testimonials

Contact / Connect