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How much should I have in my superannuation at age 55?

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Superannuation

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  • At this age you're just five years from your preservation age, 10 years from accessing your superannuation regardless of whether you've stopped working or not, and 12 years away from the Age Pension.
  • The downsizer contribution rule, for example, allows Australians aged 55 or older to contribute $300,000, or $600,000 for a couple, from the sale of their home into super.
  • Assuming you have a $100,000 per year income and that you're aiming for a $630,000 superannuation balance, at age 55 Australians should have around $348,000 in their superannuation.

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At age 55, you're on the home stretch towards retirement.

At this age you're just five years from your preservation age, 10 years from accessing your superannuation regardless of whether you've stopped working or not, and 12 years away from the Age Pension.

You'll want to ensure your super fund is performing well, and that you're adding more contributions wherever you can.

You should start aiming to your debt, including your mortgage.

The downsizer contribution rule, for example, allows Australians aged 55 or older to contribute $300,000, or $600,000 for a couple, from the sale of their home into super.

The Association of Superannuation Funds of Australia calculates that a comfortable retirement will cost around $55,923 per year for singles and $78,566 for couples.

Assuming you have a $100,000 per year income and that you're aiming for a $630,000 superannuation balance, at age 55 Australians should have around $348,000 in their superannuation.

A superannuation balance of around $367,000 at age 55 should still put you on track to reach the $630,000 goal within the next 12 years.

Shortened to 1 minute of reading, this version reads 11.7 on the Niral Score.

You are reading our version, not theirs. This is The Motley Fool Australia's report shortened to its most important sentences, in plainer words, with verdicts and loaded words taken out. Plain description stays, and so do adjectives that carry a fact, such as "former" or "federal". The reporting, the facts and the quotations are theirs — quotations are never edited — and the indicators beside it measure this version. Hover or tap Adjectives to see every one left in the text.

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Outlet Niral ScoreAdjectivesSentimentHappiness
The Motley Fool Australiaas they published this story 16.3 5 0.3 50.9
Mundane Readneutralized from The Motley Fool Australia 15.8 5 0.3 50.9

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