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How much should I have in my superannuation at age 59?

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Superannuation

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  • At age 59, you're just one year from reaching preservation age, which means you can start drawing down on your superannuation if you've stopped working.
  • ASFA estimates this will cost single retirees around $36,434 per year, and closer to $52,473 for a couple combined.
  • Again, it assumes you'll receive a part Age Pension and that you own your home in full.
  • The catch is these figures assume that you'll be retiring from age 67 and that you'll need to fund around 10 to 15 years of retirement living.
  • At age 60, singles will need to have closer to $1 million in their superannuation.

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At age 59, you're just one year from reaching preservation age, which means you can start drawing down on your superannuation if you've stopped working.

According to the Association of Superannuation Funds of Australia figures, there are two main options for your retirement.

A modest retirement means you'd need to live on a tight budget after you quit working.

ASFA estimates this will cost single retirees around $36,434 per year, and closer to $52,473 for a couple combined.

A comfortable retirement is estimated to cost single retirees around $55,923 per year or $78,566 for couples. Again, it assumes you'll receive a part Age Pension and that you own your home in full.

ASFA has calculated that single Australians will need around $630,000 in their superannuation, and couples will need around $730,000.

The catch is these figures assume that you'll be retiring from age 67 and that you'll need to fund around 10 to 15 years of retirement living.

To be considered on track for this amount at age 59, you'd need to have around $481,000 in your superannuation.

Again, this is achievable if you have the funds to be able to support yourself for those more seven years until age 67.

At age 60, singles will need to have closer to $1 million in their superannuation. Couples will need a combined balance of around $1.3 million at the same age.

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