(1 min read time)

I read recently that 42% of Australian's don't know how much they will need to retire on.

I don't think that is a shock in itself as I think that they miss a key issue. When you add in the number of people that think they know, but are wrong, the percentage would be truly shocking!

I continually find when asking people if they know what they need, or even to 'estimate' or 'guess' what they need, they always substantially underestimate what income they will need annually and the lump sum required to generate that income.

Not knowing or getting it wrong is not the only problem. Gone are the days of relying on the Aged Pension, gone are the days of relying on selling your business or farm at the last minute and quietly retiring and gone are the days of "she'll be right mate".

You need to plan this stuff and make it happen. Especially for my fellow self-employed business owners who don't have the luxury of compulsory superannuation.

Remember, what we can measure, we can manage. Find out what you need, determine what you need to do to meet that need and start taking action today!

Have a great month.

Ben Law.