It's a big question, ‘how much super do I need'? Watch this short video for the factors to consider when calculating how much super you need for retirement.
When it comes to superannuation, size really does matter. Don't overcomplicate it, keep it simple. Think about the type of lifestyle that you want in retirement, the income you want, the amount of money that you want to spend in retirement, and the age which you want to retire.
How much are we talking about?
So let's talk about the numbers. The Association of Superannuation Funds Australia has a retirement standard and it gives you a rough guide as to how much you will need in retirement.
So, for a couple who are retiring at age 65 with a life expectancy of about 20 years. For a moderate lifestyle, this is covering the basic: you're looking at about $431,000 as a lump sum, and about $33,000 per year in income. For a slightly more recreational lifestyle in retirement, you're looking at about $744,000 as a lump sum, and that's going to give you about $57,000 a year.
You can jump online at ING and have a look at the retirement planner. If you're concerned at all about the questions you need answering, go and see a financial adviser, but remember these numbers are just a guide.