How much you'll need depends, and it will be different for everyone.
To start working out how much will be enough for you, think about what your ideal retirement looks like, and at what age you think you’ll retire. Having a good idea about when you plan to retire and setting a realistic date can help bring things into focus and identify what actions you can do between now and then to make sure you’re properly prepared to end up having the retirement lifestyle you want. To help you with this consider:
- Day to day expenses
How much do you spend on groceries and everyday items? Do you eat out regularly, take holidays? Are there any renovation plans? What hobbies do you have, or plan on taking up?
- Govt entitlements
The Age Pension is a government entitlement and is available to any Australian who meets the age and residency requirements. The amount you receive depends on a range of factors such as your assets, how much super you have and any other income you may receive in retirement such as rental returns.
- How long you’ll spend in retirement
When you retire will play a big part in how much super you'll need. People are generally living longer, and retirees can expect to live well into their eighties, so if you plan to retire at 65 you're likely to need a source of income for at least 20 years.
Getting your super on track
Our calculators can help you work out how much super you may end up with, how long your super may last, and how extra contributions could make a difference. Once you've tried our handy calculators and you want to give your super a boost than there are some strategies that may help:
- Consolidate your super into one account
- increase your super contributions
- change investment options (we recommend seeking advice before you do this)
- work part-time before retiring.