How much super is enough?
How much super is enough to set you up for retirement? It depends on what kind of retirement you want.
The Association of Superannuation Funds of Australia (ASFA) suggests that in order to have a ‘comfortable’ retirement – one in which you can afford an annual holiday, regular meals out, regular hair cuts and improvements to your home – single people will need $430,000 in retirement savings. Couples will need $500,000.
You may have different aspirations for your retirement. To find out how much money you’ll need to support your desired retirement lifestyle, you can use the ASFA Retirement Standard Calculator.
To work out how much money you’ll have when you retire, based on your current circumstances and estimated future contributions to super, you can use the ASFA Retirement Projector.
Advice you can trust
At First Super, we have a team of Financial Planners^ who can help boost your super savings and plan for tomorrow. Contact us to make an appointment today.
We’re here to help. So let’s talk.
If you have any questions, please call our Member Services Team on 1300 360 988, or email us.
^Financial Advice will be provided by Industry Fund Services Ltd (IFS) (ABN 54 007 016 195, AFSL 232514), or an IFS Authorised Representative.