Your 2023 Superannuation Checklist
How healthy is your superannuation?
You’ve worked hard to earn every dollar and you deserve a comfortable retirement. But do you know how much you’ll need to retire comfortably in Australia? And what should your superannuation fund look like to ensure you can enjoy the retirement you deserve?
The Association of Superannuation Funds of Australia (ASFA) suggests that a couple looking for a ‘comfortable’ retirement needs to spend about $62,828 per year, while single people will need around $44,412 annually.
This means, to retire at 65 and live a comfortable lifestyle for 20 years, you would need a superannuation balance of approximately $875,000 for a couple and $620,000 for a single person. Remember, these figures are an estimate and the actual amount can vary depending on various factors such as your lifestyle, medical expenses, and the cost of living in your area.
Now, take a moment to consider – are you on track to reaching these numbers?
Remember, a healthy superannuation fund isn’t just about the balance, it’s about regular, consistent contributions. Your employer is legally obligated to contribute 10.5% of your salary into your super fund. From 1st of July 2023, super contributions will increase to 11%. These super contributions can significantly boost your savings over time.