Superannuation how much do i need to retire

See the average super balance for your age group, so you can get an idea of how your super savings compare. How does your super stack up? What you could do if your super balance needs a boost? Review your investment options Depending on how far you are from retirement, you might think about switching to a more growth-focused super investment option. It does mean a reduction in your take-home pay.

Tax deductible contributions — These are voluntary contributions you may choose to make using after-tax dollars such as when you transfer funds from your bank account into your super , which you then claim a tax deduction for. These can be made by both self-employed people and employees. Other things to keep in mind The value of your investment in super can go up and down.

There are general rules around when you can access your super. Where to go for more information. Book now. See the box below for more information. The Standard is updated four times a year to take into consideration the rising price of items like food and utility bills, as well as changing lifestyle expectations and spending habits.

The Standard includes the cost of things such as health, communication, clothing, travel and household goods. For help saving more super, see the Grow your super section. Note that the amount of investment assets you have can greatly affect the amount of Age Pension you are eligible for. Inflation costs are a 2. You retire after you reach Age Pension age. All returns are net of fees. Calculations for couples assume both are same age and super balance is split evenly. We recommend you also review the assumptions that MoneySmart list below their calculator.

Calculations were made April Learn more about how much income your super could generate in the following SuperGuide articles:. April 21, Super to income Reckoner April 16, Learn more about how much super is enough in the following SuperGuide articles:.

Falling behind with your super? How your super balance compares October 2, Learn more about how much super you need for a particular income in retirement in the following SuperGuide articles:. Income from super Reckoner April 16, Learn more about retirement income in the following SuperGuide articles:.

How inflation affects your retirement income forecast November 2, Rules of thumb: Do these popular retirement planning hacks measure up? September 20, Which super funds offer income for life? July 4, What is the Pension Loans Scheme, and how does it work? June 9, Reverse mortgages: What are they and how do they work?

December 2, How to maximise your Age Pension September 17, How can you plan your income needs in retirement? April 1, Worried about your post-virus finances?

Is a bucket strategy the solution for your retirement income plan? March 23, Retirement income in Australia: An overview February 18, Related topics How much super do I need? Plan your retirement Related features Retirement planning strategies Women and super. Hi Judy — We recommend you review the following articles and calculator: Age Pension assets test rules July to September Age Pension income test rules July to September Age Pension calculator: How much could you be eligible for?

Best wishes The SuperGuide team. Leave a Reply Cancel reply Your email address will not be published. Footer Important: Disclaimer All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs.