This has been the lingering question for retirees – how much do I need on my super to retire comfortably? Do I have to rely on aged pension?
A study by Deloitte gives us an overview of how much retirees from the different generation group will get from their super upon retirement. According to the research, in order for a retired Australian to live a sufficient lifestyle, current male retirees need a total of $330,000 in superannuation to support themselves at $22,654 annually. For female retirees the numbers are slightly higher at $360,000. Living a comfortable lifestyle requires almost double those values, $590,000 and $660,000 for men and women respectively.
For Generation X, the numbers are promising. A 30 year old working on the annual average income of $60,000, the study forecasts that they will retire with $1.1 million in superannuation funds.
Read more about this on the Property Observer website.