How much super do I need?
Will you retire in comfort?
Everyone’s financial situation and retirement dreams are different, so this question can be hard to answer accurately.
What’s your vision for your retirement?
To give a ballpark figure, we can look at two types of retirement: modest and comfortable.
A modest lifestyle is restrictive and really only sees you enjoying the basic things in life. In fact, it’s only slightly better than living on the age pension.
A comfortable lifestyle, however, would see you eating out regularly, affording private health insurance and going on holidays.
The current, estimated yearly income for both a single person and a couple living modest and comfortable retirement lifestyles are:
|Modest lifestyle||Comfortable lifestyle|
|Total per year||$28,200||$40,719||$44,183||$62,435|
Source: ASFA Retirement Standard, March 2020
Get a better idea about what you’ll need
What if I don’t have enough?
If you’re worried about your super balance, there are a number of ways you can grow your super for retirement. It’s never too late to start.
It’s also handy to get personalised financial advice to help you reach your retirement goals. Your first session with a Statewide Super Financial Planner is provided at no cost and is obligation-free. Book an appointment or call 1300 65 18 65.