Superannuation. How much do you need to retire comfortably?

Retirement planning is crucial to ensure you can maintain a comfortable lifestyle in your later years. But how much superannuation is enough for a stress-free retirement in New South Wales?

How Much Do You Need to Retire Comfortably in 2025?

According to the Association of Superannuation Funds of Australia (ASFA), the estimated super balance required for a comfortable retirement in 2025 is approximately:

• Single: $595,000
• Couple: $690,000

This estimate assumes access to a full or part Age Pension as the superannuation balance is drawn down. The estimation is based on covering expenses such as health care, leisure activities, travel, and daily living costs. It does not account for unexpected costs and factors in modest spending.

The ASFA retirement standard assumes a modest annual income for or a comfortable retirement as

• Single: Around $50,000 per year
• Couple: Around $70,000 per year

Average Superannuation Balances by Age

Unfortunately, many Australians fall short of these benchmarks. In fact, on average, Australians have the following super balances, well below the ASFA ‘ comfortable’ estimate:

• Age 50:
  • Men: $180,000
  • Women: $150,000
• Age 65:
  • Men: $320,000
  • Women: $280,000

Where are you at with your super? Contact us and find out how Fincare Accountants Can Help You Grow Your Super.

At Fincare Accountants, we specialize in strategies to help you boost your superannuation and secure your financial future. Our expert services include:

• Superannuation contribution strategies
• Tax-effective investment advice
• Reviewing and optimizing your super fund performance

Don't leave your retirement to chance. Let let us help you build the retirement you deserve.