Is your super on track?
While most people have a rough idea of how much super they currently have, knowing what that will look like in 10, 20 or even 30 years is another matter.
If you’d like to know your future super balance, and what that potentially means for retirement, we can help.
How much is enough?
How much super you need for a comfortable retirement will depend on various factors. While the age you want to retire and how much income you will need are the most common questions, there are plenty of other things to consider.
You also need to factor in whether you own your own home, your relationship status, your eligibility to the Age Pension and whether you have other assets or investments.
The Association of Superannuation Funds of Australia (ASFA) Retirement Standard estimates that a couple retiring today needs a retirement super balance of $640,000 to provide a comfortable standard of living. That works out to be about $62,000 in annual income.
Singles need a lump sum of $545,000 to provide a comfortable income of $44,000 a year. These figures assume people own their home and will receive a part Age Pension.
Of course, everyone’s idea of comfort is different. Annual overseas trips or expensive hobbies will require greater savings, but if you’re more likely to be looking after grandkids and staying local you may need less.
Where can I check my future balance?
So, that’s how much you need for a comfortable retirement. But is your super on track to meet it?
The best place to start is our retirement calculator. It enables you to enter your current details and get an estimate on your future balance.