{"id":5553,"date":"2019-11-13T23:43:38","date_gmt":"2019-11-13T23:43:38","guid":{"rendered":"https:\/\/raizinvest.com.au\/investors\/?p=5553"},"modified":"2024-04-04T17:37:46","modified_gmt":"2024-04-04T17:37:46","slug":"quiz-question-of-the-month-2","status":"publish","type":"post","link":"https:\/\/raizinvest.com.au\/investors\/blog\/quiz-question-of-the-month-2\/","title":{"rendered":"Quiz Question of the Month! (November 2019)"},"content":{"rendered":"
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For a single person, what is the estimated superannuation balance needed to support a comfortable lifestyle in retirement, if you withdraw your Super as a lump sum and receive a partial Age Pension?<\/p>\n

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A. $545,000<\/h1>\n

B. $335,000<\/h1>\n

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Show Answer<\/a>
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The answer is A! <\/strong><\/p>\n

The Association of Superannuation Funds of Australia (ASFA)<\/a><\/span> estimates that to achieve a comfortable lifestyle in retirement, a super balance of $545,000 is needed for singles or $640,000 for couples.<\/p>\n

While Answer B, $335,000, is around what the current average Super balance is for males aged 60-64 ($336,360 as of 2016-17). The average balance for females in the same age group was even less at $277,880. This means the average single 60-64 year old Australian has up to $267,120 less than what is recommended<\/strong> to live a comfortable retirement by the ASFA.<\/p>\n

However, Australians are thinking about their retirement funds more<\/strong>, as the average Super balance grew by 11.4% for men and 15.4% for women over the two years to 2016-17. Additionally, it\u2019s projected that 43% of Australians at retirement age will be self-funded by 2023, compared with 22% in 2000.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Reviewing your Super<\/strong>, consolidating into one account to remove extra sets of fees, and personal contributions may be ways to help reach your retirement goal, or at least ways to start thinking about it!<\/p>\n

With Raiz Invest Super<\/strong>, you could sign up, roll over and view your Superannuation easily on your mobile phone within minutes.<\/p>\n

Please read the product disclosure agreement<\/a><\/span> to ensure Raiz Invest Super is suitable for you.<\/p>\n

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Tap to open Raiz Super on your Mobile<\/a><\/span><\/figcaption><\/figure>\n

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If you have answered this question from our \u201cChance to WIN \u2013 Quiz of the Month\u201d<\/strong> email, you are now in the running to WIN one of 5 x $50 bonuses<\/strong> invested into your Raiz account. If not, simply check for an email titled \u201cChance to WIN: $50 bonus\u201d, answer this question within the email and you will automatically be in the draw for the month!<\/p>\n

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___________________<\/span><\/h2>\n

Important Information<\/strong><\/span><\/em><\/p>\n

The information on this website is general advice only. This means it does not take into account any person\u2019s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the product.<\/em><\/p>\n

A Product Disclosure Statement for Raiz Invest and\/or Raiz Invest Super are available on the Raiz Invest website and App. A person must read and consider the Product Disclosure Statement in deciding whether, or not, to acquire and continue to hold interests in the product. The risks of investing in this product are fully set out in the Product Disclosure Statement and include the risks that would ordinarily apply to investing.<\/em><\/p>\n

The information may be based on assumptions or market conditions which change without notice. This could impact the accuracy of the information.<\/em><\/p>\n

Under no circumstances is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.<\/em><\/p>\n

Past return performance of the Raiz products should not be relied on for making a decision to invest in a Raiz product and is not a good predictor of future performance.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

For a single person, what is the estimated superannuation balance needed to support a comfortable lifestyle in retirement, if you withdraw your Super as a lump sum and receive a partial Age Pension?   A. $545,000 B. $335,000     Reviewing your Super, consolidating into one account to remove extra sets of fees, and personal […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1],"tags":[],"yst_prominent_words":[]}