Will Your Super be Enough for Retirement?

Posted on Jun 3, 2013 | 0 comments

UntitledRecent research findings by the Association of Superannuation Funds of Australia (ASFA) show that a couple needs a superannuation balance of $510,000 to retire comfortably. A single person needs a balance of $430,000. How are you placed?

Other ASFA findings show that current retirement balances are generally inadequate. On present figures women have on average a superannuation balance of $112,000. Men are significantly better off, on average, with$192,000.

For those just starting a working a life the expectations are better … assuming constant relative prices against incomes. The table below provides indicative figures for those starting out – note that there are two income levels used and two different super contribution percentages.

Annual Income

Balance at Retirement with 9% contribution

Balance at Retirement with 12% contribution

$50,000

$183,000

$244,000

$100,000

$366,000

$487,000

Speak to us if you would like strategies on how to increase your super retirement balance.

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