For most Australians, their 60s is the decade that marks retirement. For some this means a graceful slide into a fulfilling life of leisure, enjoying the fruits of a lifetime of hard work. However, for many it means a substantial drop in income and living standards. So how can you make the most of the last few years of work before taking that big step into retirement? Are we there yet? Allowing for future age pension entitlements the Association of Superannuation Funds of Australia (ASFA) calculates that a couple will need savings of $640,000 at retirement to maintain a ‘comfortable lifestyle’[1].) ASFA equates ‘comfortable’ to an annual income of $60,264.) How are we tracking as a nation? In 2015-2016, 50% of men aged 60-64 had super balances of less than $110,000. For women the figure was a more alarming at $36,000 – not even enough to provide a single person with a ‘modest’ lifestyle. (ASFA estimates that to upgrade from a ‘pension only’ to a ‘modest’ lifestyle would require a retirement nest egg of $70,000.) Last minute lift If your super is looking a little on the thin side there are a few ways to give it a boost before … Continue reading Super in your 60s. It’s not too late.