IT'S YOUR FUTURE, SO WHY NOT CONNECT WITH IT AND GROW IT.
How much super?
The exact amount you need to fund your retirement depends on how long you live (a little hard to predict) and the lifestyle you want in retirement.
People are generally healthier and living longer than previous generations. Retired men can expect to live to 86, and women a little longer to 90. If you stop working at 60, you may need retirement income for about 30 years, if not more. For a bit of fun visit the My Longevity site to explore your life expectancy.
As we're only looking at your super here, we aren't taking into account the income you might get from other sources, like investments outside super or any age pension (if eligible).
If you'd like to know more about what income you might have in retirement, check out the Retirement income goal.
What’s the difference between a modest lifestyle, a comfortable lifestyle and the age pension?
A comfortable lifestyle will let you upgrade your car every few years, take a few overseas holidays, and regularly eat out at good restaurants, enjoying a bottle of fine wine or two.
A modest retirement will give you occasional short breaks, driving an older car, and the opportunity to eat out now and then at a local BYO restaurant.
The age pension is a basic retirement income stream paid for the rest of your life - if you're eligible. One of eligibility requirements is that you don't have sufficient means to support yourself.
Living on the age pension means your holidays might involve camping, not flying overseas. If you have a car it’s likely to be old. You would also find you have to watch your weekly spend carefully at the supermarket, and if you’re also paying rent it could be a real challenge.
Use the super scenario tool to see how changes to things like your before tax salary and making additional contributions can change what you might have in retirement.
Any age pension?
If you only have super at age 65, we estimate you might get $0 per fortnight from the age pension. Your home and partner's included (if you gave us info about them*). Any amount paid tops up your desired retirement income and gets you the Pensioner Concession Card.
Changing how much super you have impacts what payment you receive. Use the super scenario tool to see the effect.