Print PageHow much super is enough?
How much super you need depends on the type of lifestyle you’d like after you stop working.
The Westpac-ASFA Retirement Standard objectively outlines how much Australians need to fund a modest or comfortable standard of living after they stop work.
The Retirement Standard states that as at November 2011 Australians need the following amounts for retirement:
- Modest lifestyle: $21,957 pa single, $31,767 pa couple. Allows for basics, but little else.
- Comfortable lifestyle: $40,412 pa single, $55,316 pa couple. Adds enjoyment, comfort, style, travel and health insurance.
Find the amount that’s right for you.
Work through our Saving enough super workbook or use the government’s MoneySmart retirement planner calculator.How much super do you need to achieve your
preferred income?
The following table roughly sets out how much super you need to achieve a particular retirement income.
To find how much you should aim for, first find how much income you’d like in retirement and then how long you’re likely to be retired for. Once you have your retirement goal in mind, find out some easy things you can do to get there.
Estimated yearly retirement income |
Expected number of years in retirement |
||
| 15 years | 25 years | 35 years | |
| $30,000 | $339,623 | $477,194 | $570,131 |
| $50,000 | $566,039 | $795,323 | $950,219 |
| $70,000 | $792,455 | $1,113,452 | $1,330,306 |
| $90,000 | $1,018,870 | $1,431,581 | $1,710,394 |
| $120,000 | $1,358,494 | $1,908,775 | $2,280,525 |
| $160,000 | $1,811,325 | $2,545,033 | $3,040,700 |
The amounts are calculated assuming investment returns exceed inflation by 4% pa. The calculations don’t allow for investment returns on your current balance. Investment returns may be positive or negative. Source: Mercer, March 2008
Getting advice
Sorting out your money for retirement can be hard. AUSCOAL Advice can help you work out the best options for you from just $110.
Call 1300 AUSCOAL (1300 287 262) for an obligation-free chat.
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Our members say...
‘When I retire I want to travel and relax and not worry about money.’
Kaitlyn Spark, AUSCOAL Super member from Slade Point QLD
