How much money do I need to retire?

This is the question I’m asked most often as a financial planner. The answer is complicated! Just like pre-retirement, everyone’s income needs differ significantly.


In order to calculate how much is required to retire, we must first identify how much income is required each year. The easy part is estimating fixed costs and bills, for things such as utilities and groceries.


The more difficult part is working out discretionary spending. We identify the things that a client would like to do in retirement and attempt to work out what this lifestyle costs. We also allow for unexpected expenses. 


Once we have an estimate on how much income is required in retirement, we are able to determine the assets required to provide this level of income for the expected length of retirement.



If you are looking to retire, I recommend you get advice so you’ll be in the best possible position to meet your retirement goals. 

Author; Alex McKenzie Categories: Future Financial Services Blog

About the Author

Alex McKenzie

Alex McKenzie

Owner at Future Financial Services


  • Paraplanner at Zammit Partners Investments
  • Unit Trust Administrator at Colonial First State


  • University of Western Sydney
  • Penrith High


As a Financial Planner I help people to achieve what they would like in life. This involves helping you to identify the things in life they would like , developing plans to help achieve them and strategies to protect what you already have. We do this by providing Financial Advice to guide you through your life stages.

The financial planning process involves determining a clients current situation and financial objectives and tailoring strategies to assist in best achieving those objectives.

I am an expert in superannuation, investments and insurance, these are tools we use to help you achieve your goals.

I aim to use my knowledge of superannuation, taxation and Centrelink to efficiently use your assets and income to achieve your financial goals.

Retirement and pre-retirement planning, wealth creation, asset protection, insurance planning and estate planning are all areas of advice that I provide.

Leave a comment

You are commenting as guest.