How much super will I need?
Most of us daydream about the day we finally finish work and retire. Whether you dream of cruising around the world, fishing around Australia, or just pottering about in the garden, the magic question is: how much do you need to make your retirement dreams a reality?
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According to the Association of Superannuation Funds of Australia’s Retirement Standard,
To have a ‘comfortable’ retirement, single people will need $545,000 in retirement savings, and couples will need $640,000.
You can use this guide to estimate how much money you’ll need to have a ‘comfortable’ or ‘modest’ retirement.
The Standard is updated four times a year to take into consideration the rising price of items like food and utility bills,
As well as changing lifestyle expectations and spending habits.
The Standard includes the cost of things such as health, communication, clothing, travel and household goods.
To find out how much money you’ll need to support the lifestyle you want in retirement, use the ASFA Retirement Tracker tool.
For help saving more super, see the Grow your super section.
Many of us will spend more than a quarter of our life retired, as people are now living until an average age of 86 years (if you’re male)
And 89 years (if you’re female). Life expectancy is expected to rise to 91 for males and 93 for females by 2050.
So, you might need a lot more money for your retirement than you think.
Superannuation can help you enjoy your retired days by allowing you to maintain a good standard of living,
Which isn’t achievable by receiving just the Age Pension. For more information,
See the Super and the Age Pension page.
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