When retirement is years away, it can be hard to see how one lonely number on your annual statement equates to your whole lifestyle in retirement.
And while the Association of Super Funds of Australia (ASFA) publishes figures each quarter showing what your final super balance needs to be when you retire to live a ‘comfortable’ lifestyle, how do you know how you are actually tracking against achieving that figure (or whatever final figure you are aiming for)?
Luckily, finding out if you’re on track is easy!
Simply type your year of birth into the Super Balance Detective Calculator and see what your super balance should be today to reach a ‘comfortable’ retirement at age 67 (according to the ASFA quarterly Retirement Standards figures).
We’ve picked a few sample years below to show you.
Year of birth/age
Super balance you need now to achieve a “comfortable” standard of living at retirement at 67
|Born in 1996 (aged 25)||$17,000|
|Born in 1986 (aged 35)||$93,000|
|Born in 1976 (aged 45)||$195,000|
|Born in 1966 (aged 55)||$330,000|
|Born in 1956 (aged 65)||$503,000|
Please the Super Balance Detective Calculator page for the assumptions used to calculate these amounts.
What if you’re behind?
It’s never too late! The great news is that even small amounts contributed to your super now will boost your retirement balance.
Of course, the younger you start, the longer your money has to compound and grow but even if you are only a few years away from retirement, you could make a difference to your final balance by acting now.
What can you do?
There are quite a few options to help grow your super. You could consider:
- salary sacrifice
- making personal tax-deductible contributions
- making after-tax contributions
- your spouse can share contributions with you from their super.
On top of that, you can make sure you are well educated about your super and what it’s doing
- look at the investment option your super is in. Is it suitable for you and your aims? Try the online risk profiler to discover how much risk/return you can handle.
- Check if you have any lost super. You may have account balances in other funds that are being eroded by fees. Log into the member portal to view your other super accounts, or go directly to my.Gov.au to get started.
Other helpful steps you can try
While being on track is a good feeling, it’s nice to know what you’re on track for. The ASFA Retirement Standard shows you what retirement super balance you would need for a ‘comfortable’ retirement.
You can also try the Retirement Planner online tool. It will let you see what your final retirement balance will be if things continue as they are now, using your age, income, current balance and more. You can then play with the numbers and see what a difference extra contributions or retiring later could make.
If you want to speak to someone, call our Helpline on 1300 307 844 or make a time to speak to our Member Services team. We can’t give advice, but we can provide you with facts and information to help you make an informed choice.
You can also speak to your financial planner.