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How much superannuation do I need?
How much super you’ll need to have saved by the time you retire will depend on:
- your expectations for things like travel, eating out, and helping out children and grandchildren;
- whether you’ll have any other income, such as part-time or casual work; and
- any debts that will continue after you’ve stopped working, such as your mortgage.
The Association of Super Funds Australia (ASFA) has estimated that a comfortable retirement costs $44,412 a year for a single person aged 65 and $62,828 a year for a couple ages 65*.
* ASFA Retirement Standard, www.superannuation.asn.au, March Quarter 2021.