How Long Until You Can Retire?
Assess your retirement readiness and timeline based on savings and lifestyle.
What You'll Learn
This quiz gives you a rough estimate of your retirement timeline based on your current savings habits and future goals. You will learn about the key factors that influence your retirement age and how to accelerate your journey to financial independence.
How Long Until You Can Retire?
Question 1 of 10What percentage of your income do you currently save for retirement?
💰 Ready to grow your money?
- 🔹 Raiz: Microinvest your spare change
- 🔹 Swyftx: Trade crypto with confidence
We may receive a commission from our partners if you sign up through these links. This helps us keep our tools free.
Explanation
Retirement planning can seem overwhelming, but it doesn’t have to be. This quiz breaks it down into simple, manageable steps. By understanding where you are now and where you want to be, you can create a realistic plan to reach your retirement goals.
Expert Insights
- The power of compounding is your best friend when it comes to retirement savings. The earlier you start, the more time your money has to grow.
- In Australia, your superannuation is a key part of your retirement savings. Make sure you are contributing enough and that your super is invested wisely.
- Financial independence is not about not working, it’s about having the freedom to choose work that you love, without being dependent on the income.
Actionable Tips
- Use a retirement calculator to get a more detailed projection of your retirement savings.
- Consider seeing a financial advisor to help you create a personalised retirement plan.
- Automate your savings so that a portion of your income is automatically transferred to your retirement account each month.
Example Results
Scenario 1: The Early Retiree
You are a diligent saver and a savvy investor. The quiz suggests you are on track to retire early. Action: Keep up the great work and consider what you want your early retirement to look like.
Scenario 2: The Traditionalist
You are on track to retire around the traditional retirement age of 67. The quiz confirms you are doing all the right things. Action: Continue with your current plan and make adjustments as needed.
Scenario 3: The Late Starter
You started saving for retirement later in life. The quiz suggests you may need to work longer or save more aggressively. Action: Look for ways to boost your savings and make your money work harder for you.
Glossary of Terms
Compounding
The process in which an asset’s earnings, from either capital gains or interest, are reinvested to generate additional earnings over time.
Financial Independence
The status of having enough income to pay one’s living expenses for the rest of one’s life without having to be employed or dependent on others.
Financial Advisor
A professional who provides financial guidance to clients based on their needs and goals.