How Much Do I Need To Retire At 62 In Australia

An often quoted amount needed for retirement comes from the association of superannuation funds of australia asfa. But if you want to play it safe those seeking a comfortable retirement need roughly. Canstar data suggests many australians could be likely to suffer from a shortfall in superannuation savings when it comes time to retire if they want to retire comfortably.
how much do i need to retire at 62 in australia

This assumes a partial age pension.

How much do i need to retire at 62 in australia. Asfa estimates that a modest lifestyle is mostly met by the age pension. You can use this guide to estimate how much money youll need to have a comfortable or modest retirement. 545000 if single 640000 if in a couple whether you plan on living comfortably frugally or in total glutinous excess once you ditch the 9 5 make sure you do so without a mortgage hanging over your head no matter what. Independent property research company sqm shows that current weekly rental prices for houses are around the 672 mark in capital cities and 415 on average nationally.

For australians on above average incomes another rule of thumb to estimate how much money youll need in retirement is to assume you will require 67 two thirds of your pre retirement income to maintain the same standard of living 3. Asfa estimates that the lump sum required at retirement to support a comfortable lifestyle is 640000 for a couple and 545000 for a single person. The research shows that to be on track for this lifestyle 30 year old men and women would need to have around 61000 in their super account today but on average they are currently between 37000 and 41000 short. According to the association of superannuation funds of australias retirement standard to have a comfortable retirement single people will need 545000 in retirement savings and couples will need 640000.

Use our retirement calculator to determine if you will have enough money to enjoy a happy and secure retirement. It says a comfortable retirement for a couple who own their own home requires 60063pa and 43695pa for a single person. If you are renting your property into retirement this will also play a part in how much you need to save. To achieve a comfortable retirement income by the asfa standard a couple would need a combined superannuation balance of a little over a800000 argues nathan zahm senior investment strategist at fund manager vanguard.

When you start calculating how much money you need to retire at 60 or 40 or 55 the gap between the amount needed for retirement expenditure and that covered by your nest egg will vary depending on how much there is in each pot at retirement.