If you’re thinking about what annual retirement income you’ll need, remember that there are three phases of retirement over which the amount you’ll need to live off will reduce:
- Active lifestyle, healthy, lots of travel and treats
- Slowing down
- Twilight years.
In other words, you’ll generally spend more in the early years of retirement than the later ones.
Remember too that even after you convert your super to an account-based pension or similar income stream, your pot of money is still invested and will keep growing on its own, assuming investment returns are positive.