This plan should include superannuation and investment strategies created specifically for your situation and financial goals

How much money you will need when you retire depends on the annual income you want to live on and the number of years that you will be relying on your own funds. The higher the income you want , and the longer you need it, the more money you will have to have to save.

If you are a 60 year old male and retire today, the general rule is that you should plan for your retirement funds to last you 20 years. You should plan longer if you are female.

With the right investment strategy, products such as allocated pension and annuities can make your money work for you. Advantages of investing in these products include:

• Tax-effective regular income
• Increased eligibility to potential Centrelink entitlements.
• Greater income via investment returns

What you need to consider

The earlier you plan to retire, the longer your money will need to last.

Whether your home and any other large debts will be paid off.
Whether you will work part-time or on a casual basis in retirement
What you want to do in retirement years and how much will this cost.
What capital expenses you will have in retirement (eg. a new car, house repairs), and how much you will need for these expected, as well as unexpected expenses.