You're bound to have thought about the sort of income and lifestyle you'd like when you retire, but working out how much money you'll actually have is even more important.

A good way to start doing so is to take a look at your current net wealth - that is to say the value of your assets minus your liabilities.

From there it is easy to get a feel for how much you'll need to save.
 
For the purpose of this snapshot, your assets are things you own, such as:

• a house or other property 
• shares
• cash
• your superannuation (very important as it is likely to be your biggest asset after your home)

Your liabilities are what you owe, such as:

• your mortgage
• loans from banks, friends or family
• HECS or other debts
• credit card debt