We see and hear a lot of discussion in the press and elsewhere about how much money you need to retire. A popular method to help estimate this amount is the ASFA Retirement Standard.
For 20 years now, the Association of Superannuation Funds of Australia (ASFA) has been publishing a breakdown of the annual budget for a ‘comfortable’ or ‘modest’ retirement and the estimated super balance required to achieve it. This standard is widely used by super funds as a guide for their members, and by commentators more generally.
But in recent years the retirement landscape has changed significantly with new retirement income products emerging. In this article we explore whether the new ‘lifetime’ income products can achieve the same comfortable retirement with less money.
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