Will your retirement savings last long enough?
The chart below shows how the return on your savings can increase your long-term wealth.
|Age||Monthly contribution (save $250,000 by age 65)||Monthly contribution (save $500,000 by age 65)||Monthly contribution (save $750,000 by age 65)||Monthly contribution (save $1,000,000 by age 65)|
These figures are based on a constant return of 8.00% p.a. gross less tax 33%, compounded annually.
If you're 40 and want $250,000 as a retirement lump sum, you'll need to start contributing $394 each month. However if you're 45 you'll need to contribute $576 each month to earn that $250,000. Time makes a huge difference to the growth of an investment!
Regularly increasing the amount you contribute to your retirement fund is a smart way to increase the amount you'll have when you retire.
The graph below shows how the return on your savings can increase your long-term wealth.
For more information or to arrange an appointment with an ANZ Investment Specialist:
A copy of the Bank's General Disclosure Statement under the Reserve Bank of New Zealand Act 1989 is available on this website or on request from any ANZ branch, free of charge. A copy of your ANZ Investment Specialist Authorised Financial Adviser’s Disclosure Statement prepared under the Financial Advisers Act 2008 are available on request and free of charge by contacting your ANZ Investment Specialist Authorised Financial Adviser.