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AUD Australia Market Retirement

How much super you need at your age

Sumary of How much super you need at your age:

  • A huge portion of Australians don’t have enough in superannuation, which could leave them falling behind by the time it comes to retirement…
  • The Association of Superannuation Funds of Australia recommends a single Australian needs more than half a million dollars ($535,000) tucked away to live a reasonably comfortable life, while couples need $640,000 for a decent lifestyle in retirement…
  • Many Australians are falling far behind that savings goal with the latest research showing average super balances are at just $286,800 as Aussies approach retirement age…
  • Aussies approaching middle-age in their 40s need to have at least $164,000 in super while Australians aged 35 should aim for $112,000, while 30-year-olds need $68,000…
  • Workers should aim to reach at least $285,000 by age 50, $360,000 by 55 and $449,000 by 60, according to ASFA Canstar released data in December 2019 showing the balance for 30-year-olds to be at least $61,000, $154,000 by the time you’re 40, $271,000 by 50 and $430,000 by 60…
  • Ms Stoykov said the average couple needs around $40,000 and a single needs $28,000 for every year of retirement, but added “that modest”..
  • If Aussies want to retire comfortably and not be destitute later in life, they need to be putting more away in their super account, Ms Stoykov said…
  • She recommended putting around 10 per cent of your income in superannuation, stressing that if you’re self-employed it really important to be putting this money aside for retirement…
  • “Put 10 per cent of everything you earn into your super straight up – 9.5 per cent is what most employers pay…
  • and asking yourself, ‘Do I want the money now or do I save for later?’ From July 1 this year, compulsory employer superannuation contributions are rising from 9.5 per cent to 10 per cent for adults who earn at least $450 a month….

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