How Much Super Should I Have By Age?
|Age||Balance for Comfortable Retirement*|
How Much Super Do I Need?
The balance required at each age is an estimate of how much is needed to be on track for the end figure.
How Much Super Do I Need To Retire?
According to ASFA, to live a comfortable lifestyle in retirement, a single person needs $44,818 and a couple $63,352 per year. For a more modest lifestyle, a single person needs $28,514 and a couple $44,170 per year.
This means you would need to draw this amount per year from your super. To do this sustainably, ASFA have calculated you need $545,000 as a single and $640,000 as a couple to meet the comfortable lifestyle income.
‘A modest retirement lifestyle is considered better than the Age Pension, but still only allows for the basics. A comfortable retirement lifestyle enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel. Both budgets assume that the retirees own their own home outright and are relatively healthy.’
The below ‘Retirement Income & Expenses’ table illustrates examples of expenditure under a budget for a comfortable lifestyle, modest lifestyle and the age pension.
About These Figures
How to Boost Your Super
Are you in a Top Performing Fund?
The difference in investment returns between the best and worst performing funds is considerable. Just a 2% per annum higher investment return could result in hundreds of thousands more in super over the course of one’s career. See the best performing funds here.
How Much Are You Paying in Fees?
Excessive fees will reduce the growth of a super fund. It’s important to make sure you’re not paying too much. Check out your fund in our fund profiles tab to see what you’re paying. See the lowest fee funds here.
How Much Super Can I Contribute?
See here for information on making contributions to super. Salary sacrifice, government co-contribution and non-concessional contributions can all be effective ways to boost your super. If you’re unsure about what the best type of contribution is for your circumstances, then you can consult a financial advisor.
Retirement Income & Expenses
|Comfortable Lifestyle||Modest Lifestyle||Age Pension|
|Single||$44,818 per year||$28,514 per year||$21,222 per year
($25,155 with supplements)
|Couple||$63,352 per year||$44,170 per year||$31,995 per year
($37,924 with supplements)
|Healthcare||Top level private health insurance, doctor/specialist visits, pharmacy needs||Basic private health insurance, limited gap payments||No private health insurance|
|Internet/Phone||Fast reliable internet/telco subscription, computer/android mobile/streaming services||Basic mobile, modest internet data allowance||Very basic mobile and limited internet connectivity|
|Vehicle||Own a reasonable car, car insurance and maintenance/upkeep||Owning a cheaper, older, more basic car||Limited budget to own, maintain or repair a car|
|Leisure||Regular leisure activities including club membership, cinema visits, exhibitions, dance/yoga classes||Infrequent leisure activities, occasional trip to the cinema||Rare trips to the cinema|
|Maintenance/Repairs||Home repairs, updates and maintenance to kitchen and bathroom appliances over 20 years||Limited budget for home repairs, household appliances||Struggle to pay for repairs, such as leaky roofs or major plumbing problem|
|Personal Grooming||Regular professional haircuts||Budget haircuts||Less frequent haircuts, or self-haircuts|
|Utilities||Confidence to use air conditioning in the home, afford all utilities||Need to keep a close watch on all utility costs and make sacrifices||Limited budget for home heating in winter|
|Meals Out||Occasional restaurant meals, home-delivery meals, take-away coffee||Limited meals out at inexpensive restaurants, infrequent home-delivery or take-away||Only local club special meals or inexpensive take-away|
|Clothing||Replace worn-out clothing and footwear items, modest wardrobe updates||Limited budget to replace or update worn items||Very basic clothing and footwear budget|
|Travel||Annual domestic trip to visit family, one overseas trip every seven years||Annual domestic trip or a few short breaks||Occasional short break or day trip in your own city|