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Australians can retire for far less than the retirement industry recommends – if they are prepared to forgo the flashy new car and regular holidays abroad. Financial advice writer Scott Pape, better known as Barefoot Investor, has suggested $250,000 is enough for retirement. That’s less than half the $535,000 that the Australian Pension Fund Association (ASFA) recommends for someone receiving a 67-year-old pension from July 2023. Pape recently endorsed a recommendation from Super Consumers Australia, who believe that $258,000 is enough for someone who has paid off their mortgage. Financial advisory writer Scott Pape, better known as Barefoot Investor, has suggested $250,000 is enough to retire at Director Xavier O’Halloran said the figure, based on a living of $38,000 per year, was designed to reflect someone who maintains an existing standard of living. Super-saving recommendations for homeowners SUPER AUSTRALIAN CONSUMERS : $258,000 savings on individual live f...

Barefoot Investor reveals the REAL retirement amount you need to retire comfortably – and that’s a lot less than you’ve been told Barefoot investors reveal super low amount needed to retire Scott Pape says workers don’t need to save the recommended half million He said the actual figure is far below as long as retirees own their own homes By Aidan Wondracz For The Australian Daily Surat Published: 7:59 p.m. EDT, 16 July 2022 | Updated: 8:39 PM EDT, July 16, 2022 The Barefoot Investor has revealed the staggering pension amount Australians need to retire comfortably. Scott Pape said the figure was much smaller than the nearly $550,000 workers had long been told they needed to save. The figure is based on the Australian Pension Fund Association standard which claims that one person needs $545,000 and a spouse $640,000. Mr Pape said workers could retire for hundreds of thousands of dollars less based...