Whether you’re planning to retire soon or have another 10 years or so before you actually do, you want to be prepared when the time comes. After all, having enough money to live a happy, comfortable retirement is essential.

But how much is enough?

The Association of Superannuation Funds of Australia (ASFA) says that a person aged 65-84 needs to have a yearly income of $30,063 to lead a modest lifestyle. For a single person within the same age range to live comfortably, they would need $47,383 per annum.

A couple comprising individuals aged 65-84 needs a yearly income of $43,250 to live modestly. If the same couple wants to live a comfortable lifestyle, an annual income of $66,725 should be enough to keep them happy.

Of course, the concept of comfort can be subjective. However, the aforementioned figures are helpful in giving you a general picture of how expenses pertaining to health, food, leisure, clothes and utilities can add up.

If you’re feeling somewhat insecure about your future, these three tips to retire comfortably can help.

1. Start saving (and investing) now

Don’t depend only on your super. Whether you’re in your 20s, 30s or 40s, the earlier you start saving in earnest, the better for you. You can also consider investing some of your money in real estate, stocks, bonds, etc. Do remember, however, that your risk tolerance will vary based on your age and status in life, so get professional advice from your financial advisor.

2. Plan for retirement

Take the time to sit down and put your retirement plan or strategy into writing. Set goals and be realistic about how much you intend to save and how you’ll go about accomplishing your objectives. Also, include the age you want to retire. Remember, people’s life expectancies have become longer, and how long you live can impact your retirement income significantly.

Are you making more than enough now but living lavishly? Remember, spending your days on a yacht partying like there’s no tomorrow may not be feasible for the long term if your idea of a comfortable retirement more or less requires you to live a similar lifestyle. So, take a pragmatic stance and see where your current spending will take you in terms of retirement.

3. Get insurance

Applying risk management principles to your personal finances involves purchasing insurance to protect your retirement plan. General insurances, life insurance, health insurance, and long-term care insurance are all important since they can spell the difference between a pleasant retirement and years of pain and regret.

Depending on your age and financial status, retirement may seem a long way off or feel like a looming disaster. Take the necessary steps to prepare for a comfortable retirement by following the above tips and speaking to your financial adviser.

If this article has inspired you to think about your own unique situation and, more importantly, what you and your family are going through right now, please contact your advice professional.

(Feedsy Exclusive)