New Podcast Series: How much money do you REALLY need to retire?
When you read about a ‘magic number’ that you’ll need for a comfortable retirement, does it sound right to you?
Is your number the same as your friend’s or neighbour’s, or should it be different?
In this first edition of the FiftyUp Club’s new podcast series, we ask ‘How much money do you REALLY need to retire?’
Christopher Zinn speaks to Grattan Institute CEO John Daley, a critic of the superannuation industry’s claim that Australians need a precise amount for a ‘comfortable retirement’.
Daley is a straight talker.
On the idea of a ‘magic number’: “I think this is one of the biggest problems in retirement incomes, is that people want a magic number.”
On the super industry’s agenda: “We think that this is an area that has been bedevilled by interests which, frankly, make more money when you put more money into your super account.”
On what you really need in retirement: “We want your income to be roughly comparable when you're working and when you're retired.”
And on our generous super tax concessions: “In an ideal world we would start taxing earnings on super more than we do.”
Listen to the whole podcast and share your own thoughts in the comments below.
Any advice contained in this article is general in nature and does not take account of your particular objectives, personal circumstances or needs. If in doubt about your own situation you should seek appropriate advice.