How much do I need to retire?

The answer is $640,000… 

… according to ASFA – who have made some extraordinary assumptions about you and your retirement with this calculation. But to assume the same figure applies to every retired couple is a bit ridiculous.

It’s a bit like saying you have 2.4 children… or telling a stranger that their next holiday will cost $8,200. In reality, everybody’s number is different. 

Finding out how much you need to retire depends on… 

  • how old you are. 
  • whether you have a spouse and how old they are. 
  • what lifestyle you want. 
  • how you’re impacted by Age Pension means-testing. 
  • where you want to live. 
  • your attitude to ‘run-out risk’. 
  • whether you (or your spouse) plan to work part time for a while. 
  • whether it’s important to you to leave an inheritance to your kids. 

‘How much you need to retire’ depends on your unique situation:

Our free trial

Finding your answer…

Calculating the amount you need to retire requires making a map of your main future cashflows, to ensure they’ll always cover your lifestyle.

It involves projections of your Super, non-Super, any part-time work, investment returns, the age pension, properties and anything else that’s important to you, for life. It then involves estimating your living costs over time to make sure you’ll always have enough. 

Jubilacion are specialists in the modelling you need to get your numbers right, called stochastic modelling.

Some questions you probably have are…

  • How much do I need to retire?
  • How much can I afford to spend when I retire?
  • What if ….< insert your question or concern >…?
  • Am I on track?
  • How much could I be saving right now?

We offer this service via video meetings to empower and support you to create a retirement plan that you can be confident in and that’s not linked to any product sale. The benefit of having your numbers right means sleeping peacefully at night; knowing you’re on track, that you’ve got a plan, that you can do what you want with your life. It’s being confident that you’re making the right financial decisions and no longer have uncertainty and worry about getting things wrong.

Click “Start Free Trial” to book your consultation with our senior actuary, Jim Hennington. Entering a few details takes 3 minutes – as Clarissa Horwood, our Communications Director, demonstrates in this video. 

Start free trial

Try us out for free!

    1

    Introduction

    2

    General Information

    3

    Financial information

    4

    Other information

    5

    Book a time

    Enter some details about your scenario and we'll run your initial calculations in our stochastic model. This is a high level assessment that provides key insights. We’re able to flag what matters most in your situation and what else you may need to consider. For example, if you can consider retiring early or need to save more / spend less.

    We'll call you to provide your results. Some find they can even retire early!




















    Can I do this myself? 

    Nine out of 10 people have burning questions about the affordability of their future retirement. Yet often they aren’t sure whether professional support is right for them. Instead they ‘go it alone’ with their retirement calculations and critical decision making.

    Your reasons for taking a DIY approach may be because you prefer to do everything yourself, or you have concerns over who to trust or you simply aren’t sure of the benefits of getting help in your particular situation.

    We empathise. Jubilacion created our service to give you the understanding and the retirement plan modelling you need. Our service has been designed especially to address the key issues and concerns people have with seeking help. We’re owned and run by fully qualified actuaries, who are fellows of the Actuaries Institute of Australia.

    Jubilacion are not financial product advisers. We provide you with support that’s not linked to a product sale.

    Our free consultation is to help people get confident to reach out with questions about retirement. It’s a one-off service for those who want it. Jubilacion has clear goals; to inform and empower you with your scenario, whatever your budget! 

    About page: /about-us

    Frequently asked questions: /faq

    Start Free Trial
    When I first retired, I was worried sick as to whether my wife and I had saved enough to last in retirement.

    Our accountant recommended we use Apricot’s Retirement Readiness service and this couldn’t have happened at a better time with all this COVID worry going on. I found Apricot’s service very reassuring. Their staff explained the process and key concepts well and presented us with results that were easy to understand and digest.

    It’s a great tool to give confidence that you’re in a good position.

    I plan to get another report at least every two years. I love that we had the ability to adjust the calculation to test different circumstances.
    PAUL, QUEENSLAND, RECENTLY RETIRED
    My client wanted to be really confident before taking the leap of faith to retire. I, therefore, suggested she speak to Apricot. Apricot’s team are very accommodating and they take care to explain key concepts.

    The service is a great opportunity to take stock of a person’s financial situation and to understand your financial future. My clients were delighted and said they felt very comfortable speaking to Liam and Jim.

    The scenario testing adds considerable value to the process and gets clients thinking about their big decisions and trade-offs. My most recent referral left the clients feeling much more confident and it resulted in additional tax planning work for me.

    I’ll recommend the service to all my clients who are on the cusp of retirement, but also those who are within 10 years from letting go of their salary and want to know where they stand.
    KARIN, NSW, ACCOUNTANT
    We worked hard in our younger years so that we could travel and enjoy a good standard of living in our retirement. COVID’s effect on the markets (and our super balances) left us worried that we wouldn’t be able to achieve our retirement goals.

    Liam took the time to chat with us, really understand our specific situation and identify our concerns. The results in the report were explained to us in terms we could understand and provided us with a really clear picture of what was achievable. It was valuable to be able to explore scenarios specific to us and see what effect they would have on our finances. We would highly recommend this service for retirees like us who are looking for clarity around their retirement spending.
    SONNY AND VERONICA, TASMANIA, RETIRED
    Contemplating an active retirement in the next year or two, we wanted to know if our various bits of super, pension funds and savings would be enough to live comfortably for the rest of our lives, however long they may be, with the occasional adventure and travel to visit family and friends. We were not interested in detailed financial plans or paying expensive annual financial planning fees.

    The Jubilacion team listened to us, asked the right questions and then patiently guided us through some alternative future scenarios we provided, step by step. It was reassuring and fascinating. We’re looking forward to an active retirement sooner, and for longer, then we expected.
    VALERIE, TASMANIA, APPROACHING RETIREMENT
    The Ultimate Guide to Retirement Income
    Making sense of Australia’s Retirement Age Rules
    Are you ready to think Retirement?

    Access our free Resource Library for more.

    Resource Library