I think a lot of people would be surprised if not shocked at how a 'modest' and 'comfortable' retirement are defined. I think the fact that it assumes home ownership shd be stated up front given that home ownership is dropping in younger generations

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Hi. I won't get pension due to high savings. How do I work out how much I need? Confused

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One wonders how these companies come up with these figures. Private health insurance is nearly $4000 per year (single, because singles subsidise multi-person households), then car insurance and registration about $2000, then council rates can be 3000 or more, then groceries (skyrocketing) say 150 per week (modest) is around 7500 or more. So just that is already at least $16,000. Add in basic home maintenance when tradies are hundreds per hour. Car servicing, fuel, utilities, medical 'gap' bills (alarming gaps, at times many hundreds if you have to see a specialist). Can easily push costs to 25k. That's before any 'emergencies' such as replacing expensive items. Do they even factor in replacing a car ? They don't seem to show the detail in these figures. And what about Aged Care? The costs are eye-watering, unless you want to sit in a years -long queue for public help, which may not even be available due to the massive pressure on the system and horrifying waiting lists, now. So it is no wonder people feel that they have to save more. And no one trusts that the government will not change the system again - given the massive change with CGT and a 30% minimum tax rate for pensioners!!

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Brad, start by understanding what you actually spend now in a year. If you don't know then just start recording it in your phone/ a basic spreadsheet. Once you understand what you spend per year now then think about how that may change once you retire (ie- no more work travel expenses, maybe higher hobby expenses etc). We retired early, understanding what we spent every year (over a ten year period in our case) gave us great confidence. Good Luck.

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Brad, read Bec Wilson's book Prime Time, you will find it useful. An easy read.

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thank you. very helpful

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thanks. have read this book and it is great

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