Planning for retirement is something we all need to think about. Here are some simple first steps to get the ball rolling.

Figure out what savings you will need to retire

Step 1: Get a ball park figure of your required retirement income

You are likely going to need about 70% of your current income for every year of retirement.

Use Sorted’s Quick Retirement Calculator to work it out.

Step 2: take a look at your monthly spending

Reduce your monthly outgoings to make room for saving for retirement.

Take a look at your budget with our budget calculator

Reduce your bank account costs –  check out our tips here.

Reduce the interest costs on your home loan – read about some steps that could take here.

Step 3: let us help you choose the right retirement plan for you

Our specialist investment advisers are here to help you.

Find a Westpac Financial Adviser near to you