Is your super on target?
Got enough super?
No matter how old you are or how much money you earn, now is the
time to build your super. Use the retirement planner to work out
what your retirement income could be and the small changes you can
make to build your super.
Use the retirement planner
The retirement planner shows you:
- your estimated super at retirement
- your yearly retirement income
- how fees, investment options and contributions affect your
The retirement planner will help you test out different
scenarios and work out how to grow and add to your super.
How much super will you need?
How much super you need will depend on:
- the lifestyle you want in retirement -
According to the Association
of Superannuation Funds of Australia (ASFA) a comfortable
lifestyle for a couple costs about $60,000 a year and a modest
lifestyle costs about $40,000 a year.
- how long you're likely to live - People are
generally living longer than previous generations. Retirees can
expect to live well into their eighties and this means if you stop
working at 65, you're likely to need retirement income for at least
20 years or more. Visit the My
Longevity website to explore your life expectancy.
- your big costs in retirement - Are you
planning any major spending after retiring? For example, you do you
want to pay off your mortgage, renovate your home, or travel? The
more money you spend early in retirement, the less you'll have to
live on later.
Boost your super savings
If you want to boost your retirement income you can:
Get financial advice
Planning for your retirement is complex and it's important to
get advice from people with specialist knowledge. See financial
advice for more information on how you can maximise your
It's never too early to start thinking
about your super. Take steps now to get the retirement lifestyle
Last updated: 14 Feb 2019