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How much super is enough?
Most people save for their retirement, but only a few actually have any idea how much money they’ll need to live comfortably when they retire one day.
Working out how much you will need when you retire all depends on the sort of lifestyle you want to enjoy, and the things you would like to do.
Some people’s idea of a comfortable retirement is living by the sea, with an overseas holiday every two years, while others may be happy to enjoy a cup of tea in the quiet of the back-yard, with a good novel. We’re all different.
In 2004, the Association of Superannuation Funds of Australia Ltd (ASFA), in conjunction with Westpac, conducted major research in order to determine adequate retirement incomes for both ‘modest’ and ‘comfortable’ lifestyles.
The following information from this research will hopefully give you a better idea of your income requirements in retirement so you can plan for your future better.
To see what sort of income your current super is likely to provide in retirement, check out the Tasplan Super Calculator
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