Super – have you got enough?

Super ATO Adelaide

Have you ever considered how you will fund your retirement? Like many Australians you may contribute regularly to your superannuation fund, but have you actually determined how much you will need to survive once you stop working? Waiting until you retire to do the sums is leaving it too late. There are a few questions you can ask yourself to help decide how much you are going to need to have in your super account.


A general rule of thumb is that when you retire, you will need about 2/3 of your current income to be able to comfortably make ends meet. Will your current super arrangements meet this requirement, or will you need to make extra payments or consider other investment options?

Think about your debts – will these all be discharged by the time you retire, or will you still need to service them? Make sure any future repayments are factored into your calculations. You might want to pay off your home once you are retired, which will mean a large one off payment.

What kind of lifestyle are you going to want when you retire? Where are you planning to live? Are you hoping to travel or buy a boat? Make sure your retirement income is enough to fund your ideal retirement, including any recreational pastimes you are planning to be involved in.

It is a good idea to get financial advice when you are planning for your retirement. Superannuation is only one source of retirement income – there are other options that could help you enjoy your dream retirement.

Source: Money Smart –

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