Would $641,223 be enough super for you to retire?
And will you actually have that much?
We recently surveyed 1,000+ Australians and asked them how much superannuation they thought they'd need to comfortably retire.
The answer? An average of $641,223.
But there were big differences depending on how old people are, as you can see.
|Gen Z (aged 25 or under)||$594,909|
|Gen Y (aged 26-42)||$628,191|
|Gen X (aged 43-58)||$751,813|
|Baby boomers (59 and over)||$545,548|
Generation X had the highest total, which isn't surprising. I sit in that group myself, and I'm very aware that retirement potentially looms in just over a decade.
But just how accurate are our guesses? Not very, it turns out.
That average amount is close to double what the typical Australian aged 60-64 will have in their superannuation balance, according to Finder analysis of ATO data.
The average male in that age group has $402,838 in super, while for women it's just $318,203.
Assuming you retire in that amount at 64 and live until 83, you'll have $33,397 in income each year.
That's just $642 a week.
Good luck living on that if you've got rent to pay.
As I wrote recently, a quarter of us don't think we have enough superannuation to retire on. But it doesn't have to stay that way. Follow these simple tips to get your super into better shape:
- Make sure you're in just one fund. If you're in more than one fund, you're paying multiple fees. That money would be better off going into your balance. Check out Finder's detailed guide on how to consolidate your superannuation to get that sorted.
- Make sure you're in the right fund. The fund needs to meet your objectives, not anyone else's. You also don't want to pay too much in fees. Use our comparison tool and check to make sure you're not paying excessive fees.
- Make additional super contributions Putting more into your super can be a tax-effective way to secure your future. Again, we have a complete guide to how to make extra super contributions.
Compare super funds and see if you're getting the best results to fund you in retirement.