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Increasing retirement income - Investments & advice
Increasing retirement income
Will your retirement savings last long enough?
The chart below shows how the return on your savings can increase your long-term wealth.
| Age | Monthly contribution (save $250,000 by age 65) | Monthly contribution (save $500,000 by age 65) | Monthly contribution (save $750,000 by age 65) | Monthly contribution (save $1,000,000 by age 65) |
|---|---|---|---|---|
| 40 | $394 | $788 | $1,182 | $1,577 |
| 45 | $576 | $1,151 | $1,727 | $2,302 |
| 50 | $892 | $1,784 | $2,675 | $3,567 |
| 55 | $1,546 | $3,092 | $4,638 | $6,183 |
| 60 | $3,553 | $7,106 | $10,659 | $14,211 |
These figures are based on a constant return of 8.00% p.a. gross less tax 33%, compounded annually.
Retirement example
If you're 40 and want $250,000 as a retirement lump sum, you'll need to start contributing $394 each month. However if you're 45 you'll need to contribute $576 each month to earn that $250,000. Time makes a huge difference to the growth of an investment!
Regularly increasing the amount you contribute to your retirement fund is a smart way to increase the amount you'll have when you retire.
The graph below shows how the return on your savings can increase your long-term wealth.
More information
For more information or to arrange an appointment with an ANZ Private Wealth Adviser:
Call 0800 ANZ ADVICE (0800 269 238)
A copy of the Bank's General Disclosure Statement and the Bank's Disclosure Statement prepared under the Securities Markets Act 1988, and a Private Wealth Adviser’s Disclosure Statement is available from a Private Wealth Adviser, free of charge.
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