Can you afford to retire if you want to travel overseas

Dear Ms Wise, I’m trying to work out when I can retire and whether I need to reorganise my finances before I stop work. I’m 60, single, have $700,000 in my super fund and $600,000 in savings and other investments. I own my apartment, earn $160,000 a year (including super) and spend $40,000 a year. I contribute about $1800 a month to super and estimate I’ll spend $50,000-$60,000 a year in retirement (including two annual overseas trips). I’d like to retire as soon as possible. – Catherine

A: While the experts say Catherine’s strong financial position means she can retire now, a key step is getting more of her savings and investments into superannuation.

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