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Retirement In Port Macquarie

Tips for Achieving a Comfortable Retirement in Port Macquarie

Port Macquarie is a seaside town with a population of 45,000 located around four hours north of Sydney. Because of its large beaches, canals, and local koalas, Port Macquarie is a popular retirement area where you can finally enjoy every second of your retirement life. The thought alone of this idyllic town should excite you!

With so much to look forward to, the last thing you want to worry about is money. You want to retire knowing that your hard-earned savings, superannuation, and assets will last in perpetuity without having to forgo your existing lifestyle if you choose retirement in Port Macquarie. Thus, it’s time to get retirement planning!

What You Need to Prepare for Retirement in Port Macquarie

How much you need for retirement is determined by your lifestyle, future goals, and expected retirement years. Calculating retirement income also necessitates an understanding of your present salary, superannuation balance, and other assets. With so many variables, it’s easy to see why a retirement calculator is required.

According to the ASFA, an Australian individual in their mid-60s who own their own house and are in excellent health will need an annual budget of $46,494 if they expect to live a comfortable lifestyle including the ability to maintain a fair standard of living, participate in a wide range of leisure and recreational activities, and travel both locally and internationally.1

Another rule of thumb for Australians with above-average incomes is to plan on needing about 67% (two-thirds) of your pre-retirement income to maintain your current standard of living.2

Setting Your Retirement Goals

This all comes down to your position, goals, needs, and lifestyle expectations. Consider your daily spending patterns, leisure hobbies, and ability to retire debt-free. The living expense considerations in the table below are from the ASFA retirement standard.

AFSA Retirement Standard

SOURCE: AFSA Retirement Standard

The Possibility of Enjoying a Comfortable Retirement

Enjoying a comfortable retirement in Port Macquarie (or in general) involves a lot of decision-making and preparation. With these, you can have enough life left to appreciate the things you might have missed. Earning and saving enough money to live comfortably and not have to go back to work could, therefore, be within reach.

With this in mind, you might want to calculate how much money you need to save today to retire comfortably. That amount is unique to you because it is determined by your specific circumstances, including where and how you want to live, your assets and liabilities, whether or not you have dependents, and your way of life. It also varies depending on the performance of your investment portfolio.

The Association of Superannuation Funds of Australia (ASFA) has created a “Retirement Standard,” although a financial expert can help you figure out a more realistic figure. Some ballpark figures are as follows:

  • To live simply, a single person needs $29,632 per year.
  • To live simply, a couple needs $42,621 per year.
  • To live comfortably, a single person needs $46,494 per year.
  • To live comfortably, a couple needs $65,445 per year.

A comfortable lifestyle involves possessing decent household goods, private health insurance, nice apparel, a decent car, dining out twice a week, and semi-regular travel, according to the ASFA. You may have unpaid jobs in retirement, such as caring for grandchildren, as well as unpaid activities and social outings.

Living Your Dream Retirement in Port Macquarie

Perhaps the most beautiful thing in life is to reap the benefits of it in your golden years. As you make plans for retirement in Port Macquarie (or anywhere else), keep these tips in mind. Take note that you may also need the help of a trusted professional financial adviser who can understand your retirement dreams and make them happen!

If you’re looking into plans for retirement in Port Macquarie, Coastal Advice Port Macquarie has experience in successfully assisting clients to achieve their goals through customised financial advice. Call us or book online to secure your complimentary first meeting with our advice team today!



  1. https://www.superannuation.asn.au/resources/retirement-standard
  2. https://moneysmart.gov.au/grow-your-super/how-much-super-you-need
  3. https://www.superannuation.asn.au/ArticleDocuments/269/2109-ASFA-Retirement_Standard_Summary.pdf.aspx?Embed=Y


DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
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