The Standard now pegs the amount retirees need for a comfortable retirement at $56,166 for a single person and $78,998 for a couple.
For someone earning $75,000 per year, their superannuation balance should be close to $146,000, ASFA says.
If a person contributes an extra $10,000 per year from the age of 40 to 60, the extra amount in superannuation at that time would be $230,089.
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The Standard now pegs the amount retirees need for a comfortable retirement at $56,166 for a single person and $78,998 for a couple.
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The article, shortened and in plain language
While the amount of superannuation you need for retirement depends on some factors, it's safe to assume most of us are aiming for a comfortable retirement.
The Standard now pegs the amount retirees need for a comfortable retirement at $56,166 for a single person and $78,998 for a couple.
Their definition of a comfortable retirement includes being able to afford top-level health cover, own and maintain a reasonable car, afford regular leisure activities and occasional travel, and maintain their home.
The Standard also assumes a retiree owns their own home and will draw a part pension from the age of 67.
For someone earning $75,000 per year, their superannuation balance should be close to $146,000, ASFA says.
Other figures published by ASFA show that men aged 40-44 had on average $140,680 in their superannuation, while women had $109,209.
A concessional contribution is the same, but paid as a lump sum.
If a person contributes an extra $10,000 per year from the age of 40 to 60, the extra amount in superannuation at that time would be $230,089.
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