Retirement Planning: retirement income streams

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According to the Association of Superannuation Funds of Australia (ASFA) the amount of money needed for retirement planning varies from $27,902p.a. for a single person living a modest lifestyle to $61,909p.a. for a couple living a comfortable lifestyle.

Here are some retirement planning ideas that will help bump up your retirement income streams.

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A look at some of the options


We can assume that the amount of money needed for retirement will be approximately 67% of your pre-retirement income to maintain the same standard of living. If you’re planning on retiring at around age 65, you should consider planning for at least 20 years. In Australia, the life expectancy for men is 84.6 years and for women is 87.3 years.

Outside of your monthly superannuation, investments, property and disciplined savings can and should be explored to boost your retirement income and should be reviewed at least once a year. It is important to ensure you have the right financial structures in place and you do your research to understand the pros and cons of the risks involved, with our retirement planning specialists.

At Step Up, we ask what type of fund you want to invest in, whether you are interested in pursuing a share portfolio and whether you are keen to build a property profile.

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Investments


Investments are as personal and as individual as you are. There are so many investment options to consider, and personal preference, available funds and risk appetite will influence which investment funds to pursue.

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Share portfolio


A share portfolio is another term to describe an individual’s personal shareholding.

It is a collection of stocks or business shares you invest in, hoping the business makes a profit and stock values increase.

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Property


Investing in property is generally the safest and most stable long-term investment option. Sound property investment advice will help navigate purchasing, borrowing, financial structures, tax implications, rental returns and capital gain options within this investment bracket.

When planning your retirement income streams, there are significant considerations and processes to follow. The monthly payments from the correct type of investment choice could substantially affect your retirement lifestyle.

Speak to our fully qualified, experienced financial planners, who can help you understand and plan your retirement income streams more effectively. We are also able to provide other financial services, including advice on:

Need more information? Get in touch with Step Up Financial


    • 107 Moulder Street,
      Orange, NSW 2800

      PO Box 2499
      Orange, NSW 2800

    • (02) 6362 5445