how to keep on track on with retirement at 30 40 50

What’s the average super balance by age, and is it enough to track towards a ‘comfortable retirement’? Tip: Try our handy Retirement Lifestyle calculator to see how spending money on different things can affect the cost of your lifestyle in retirement. A ‘modest retirement’ lifestyle for example, is considered better than the Age Pension, but still only enough to be able to afford basic activities.

When assessing your desired balance for retirement, a good idea is to think about what you want to spend money on. You may also want to consider what your life during retirement will be like, e.g., will you be in good health, how long might you live, and do you think you’ll need to pay for aged care? These figures presume you own your own home with no mortgage, and cover daily essentials, as well as spend on things like home improvements, dining out, exercise and leisure activities, and occasional holidays, among other things. How much super do I need for a ‘comfortable retirement’?Īccording to the Association of Superannuation Funds of Australia Limited (ASFA) Retirement Standard, for those wanting a ‘comfortable retirement,’ the average super balance at retirement should be around $640,000 for couples and around $545,000 for singles.

How to keep on track on with retirement at 30 40 50