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Everyone has a different vision of their ideal retirement, so there's no one-size-fits-all answer to this question.
To find how much you should aim for, work out:
It's important to think about this as early as possible in your retirement planning so that you've got time to do something about it.
Once you have your retirement goal in mind, find out some ways to boost your super and ensure you'll have a lasting retirement income.
Few of us know exactly how much money we'll need to spend each year to fund our chosen lifestyle in retirement.
To help overcome this problem, the Association of Superannuation Funds of Australia publishes the ASFA Retirement Standard. It's updated quarterly to reflect inflation, and provides detailed annual budgets so Australian couples and singles can see what they'd need to fund a comfortable or modest standard of living in the years after they stop working.
The most recent national figures released for the ASFA Retirement Standard are shown in the table below.
The figures in each case assume that the retiree(s) own their own home and relate to expenditure by the household. This can be greater than household income after income tax where there is a drawdown on capital over the period of retirement. Single calculations are based on female figures. Source: The Association of Superannuation Funds of Australia Ltd. For more details about the ASFA Retirement Standard, visit the ASFA website.
Once you’ve thought about how much you’ll need in retirement, take a good look at your current super balance:
If the answer's no, you’ll need to take steps to close the gap between your target and your actual savings.
See below for some straight-forward ways to give your super a boost.
Even though employers are required to pay 9.5% of your salary into super, the reality is that these contributions alone may not be enough.
Also, retiring before you qualify for any Age Pension or reach your preservation age, may require more super savings to fund your longer life in retirement.
If you can, the best way to ensure you'll have enough retirement funds is to start your own super savings plan early. This allows you to benefit most from the power of compounding returns.
But even if time's not on your side and you'll be retiring soon, it's never to late to look at other ways of increasing your balance.
Don't forget to regularly check how your savings are going! Simply login to Members online to review your account balance and member statements.
See Kay and Dean’s example below and learn how they’re working to achieve their dream retirement.
Then use our Super projection calculator to assess your own financial situation and find out:
Because there are so many things to think about when planning for retirement, like investment options, taxation, pension income, eligibility for government benefits and more, getting some expert financial advice is a smart move.
If you've decided it's time to take control of your finances, we're here to help you build, manage and protect your wealth.
Learn more about the different financial planning services we offer so you can decide which one is right for you.
Call us on 1300 658 776 if you have questions, or to make a financial planning appointment.
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School teachers Kay and Dean have started to plan for retirement. Will they be able to save enough and how long will those savings last?
See their story below