One of the most common questions The Moreton Group receives is, “How much superannuation do I need?”. There is no easy answer but a healthy superannuation account is going to always be an advantage in retirement.
A recent study of our female teaching and nursing clients showed they are heading to retirement with a nest egg well above the averages recorded by the Australian Bureau of Statistics (ABS)*.
ABS figures show that in 2018 females between the age of 45 and 54 recorded an average superannuation nest egg of $129,100. The Moreton Group figures for our female nurse clients showed their average superannuation at the same age was $161,300 whilst female teacher clients of The Moreton Group averaged a $230,900 superannuation balance.
One reason behind these statistics could be that women in these professions are thinking about retirement planning relatively young, with the average age a nurse seeks professional retirement advice being 52 years of age, and teachers seeking this guidance from 50, both under the age recorded by The Moreton Group for most other professions.
The hard-working careers of nurses and teachers pays off well in the long run.
Having strong superannuation balances doesn’t mean you necessarily retire earlier, but it may open up a lot more opportunities you didn’t know were possible.
Sometimes planning retirement means enjoying your job more – because you are there by choice and not because you think you have to be there. Planning also helps people go to their employer and have conversations about retirement so both can plan better because they are more knowledgeable.