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

Superannuation for Your Retirement Needs

On a casual level, how much do you need to provide certain levels of income each year of your life until you reach the age of 90? It's not set in stone again, what it is assuming though is that if you have paid off your family home, mortgage or rent, an investment of 7%. And at 65, if you do qualify for the age pension, there are precise estimates of how much income you will-will need as well.

The Numbers

For a single person who wants to retire at age 55 with an annual income of around $41,000, the numbers that have been crossed reveal $570,000 in capital. That money could be made up of super and non-super investments, but its there for them to draw an income from. We also have levels of income needed for retirement at around 60 and 65 years of age. And it does significantly reduce the capital requirement the later that you retire.
So retiring at 65 means that you need to have $405,000 to provide $41,000 in income during your post-retirement years. If you are self-supporting yourself on an extra five years or ten years, that does mean that you will need less capital.

It is important to note that singles would typically require 75% of the income for a capital, and that's because they have fixed living expenses. For capital that goes around $60,000 a year, they usually need around $845,000 available for your income requirements. But that drops significantly upon reaching retirement and going to age 65. By then $520,000 would be the requirement.

These figures will give you a foundation of how much you will need for your retirement. You may not be sure if you can reach there but it is in doing the most of what you have at the moment that counts. You need to make every opportunity available for you.

Lost Super
You may have lost super, especially if you have various accounts. These lost super funds can add up to your savings if you find them and consolidate them into one account. For assistance in finding your lost super, go to www.australiansuperfinder.com.au and contact their administrators at 1300 252 167

Loading PLease Wait..