Will your super be enough?
While every individual’s circumstances and spending habits are different, an often used measure is ASFA's (Association of Superannuation Funds of Australia) Retirement Standard, which suggests that a retirement income of approximately $70,400 a year for couples, or $50,000 a year for individuals, will support a comfortable lifestyle*.
That equates to a superannuation balance of approximately $690,000 in super for a couple, and $595,000 for individuals. It also assumes you own your own home, and are not making any mortgage or rent payments. Of course, if you believe you'll need more for the lifestyle you aspire to, then your super balance will need to be higher on retirement.
While those numbers can provide a baseline figure, they don’t tell the whole story. Age pension entitlements and part time work can help top up your retirement income, and your investment choices can help your money last longer.
The retirement calculator can help you project your super balance at retirement, and what this translates to in annual income.
*ASFA Retirement Standard, December 2022