I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Planning on how you need in Your Super Fund for Retirement

You should know how much money you need for retirement and save enough sum to live a comfortable retirement lifestyle.

Put a Plan in Place

New and changing trends changed the so-called "it will take care of itself" principle anything but typical. People need to be more financially stable. Having a financial plan can help individuals into a comfortable retirement. Having that plan is critical. You need to know what you're working towards, how much you need to have during retirement and what age you are planning to retire, and working backwards for there will help you achieve your goal.

Your Income in Retirement

To determine how much money is needed for retirement, there some research conducted that gives us an indication. This will provide you with a foundation as you move through the superannuation funding process.

Each year, what happens is researchers conduct a benchmark or annual survey of all Australians that have retired and look at two standards of living in retirement. They are looking at living a comfortable and modest retirement.

A modest lifestyle would be slightly better than the age pension. It means that you can afford some simple basic activities and maintaining your living expenses. There isn't a lot more to living a modest lifestyle.

Comfortable lifestyle, however, has a much broader range of wager and recreational activities during retirement that provides a better standard of living. It allows the individual level of expenses, going out occasionally during your national holidays, living our overseas holidays and other levels.

For a modest lifestyle, a single person will need around $23,000 on average each year in retirement, whereas comfortable lifestyle would be around $42,100. For couples, the average amount required for a modest lifestyle during retirement is $33,000 and around $57,600 for a comfortable way of life.

Maximum Age Pension

Research reveal that even the maximum pension entitlement still doesn't meet the modest lifestyle expenses. A single person gets $21,912.80 pension on average. That's a couple of a thousand dollars short of meeting a small lifestyle requirement.

So what this is telling us is that you cannot bank solely on the age pension. You need to have more sum of savings that will help you top up that pension entitlement. And super is a great way to do that because it is taxed favorably.

You can find more tips on how to take advantage of your superannuation for retirement at www.australiansuperfinder.com.au

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