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So can you live on $28,000 a year? That’s the real question here. And this is a question that very few people know the answer to because, when you sum it up, how much you need to save for retirement depends entirely on how much you want to spend in retirement. If you want overseas trips, luxury cars, golf club memberships, and regular trips to the theater, then yes, you probably almost need the “comfortable” standard of annual income the super industry suggests. After tracking my own expenses for the past two years, I know that I cover about $88,000 in annual living expenses. However, smash my mortgage ($31,000) and private tuition ($11,000) and I’m already banging on super industry standards for a “comfortable” retirement. For context, I’m a high earner who spends about $6000 a year on vacations and pays about $4000 a year for gym memberships. Suggesting this is an appropriate standard of retirement living for most Australians sounds a bit r...

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...