K Point Wealth outlines how much super you need before settling into retirement.
To enjoy a comfortable retirement, many Australians rely on building their superannuation over time and drawing on it once they stop working. This raises an important question: how much super do you actually need?
As experienced financial advisers in Brisbane, we outline the key considerations to help you determine what’s right for your situation.
How much super do I need to retire?
According to the Association of Superannuation Funds of Australia’s Retirement Standard, individuals may need around $595,000 and couples around $690,000 in super to retire comfortably.
However, the amount you personally need will depend on your desired lifestyle, expected expenses, and other sources of income in retirement.
How much super should I have at my age?
Your super balance at any given age will vary depending on your income, savings habits, and long-term goals. As a general guide, the following benchmarks are often referenced:
- 25 years old – $18,500
- 30 years old – $59,000
- 35 years old – $101,500
- 40 years old – $156,000
- 45 years old – $213,000
- 50 years old – $281,000
- 55 years old – $361,000
- 60 years old – $453,000
- 65 years old – $549,000
How can I grow my super?
To maximise your super, consider making additional contributions where possible, such as salary sacrificing. It’s also important to regularly review your fund’s performance and fees, and ensure your investment strategy aligns with your long-term goals.
A disciplined, long-term approach is key. Avoid making reactive decisions based on short-term market movements.
For tailored advice, contact K Point Wealth to speak with an adviser about your super strategy.
Calculate your super
The Australian Government provides a helpful calculator to estimate how much super you may need, based on your current financial position. It can also show how contributions, fees and investment choices may impact your retirement income.
You can access the calculator here.
Get expert advice
If you want to maximise your super and build a retirement plan with confidence, get in touch with K Point Wealth. Our team can help you create a strategy aligned to your goals and lifestyle.
Secure Your Financial Future
Contact us on 07 3891 5666 or email admin@kpointwealth.com.au to start planning for your future today.
