How much super is enough?
The amount of super you’ll need depends on what you want to do in retirement. Even if you want to live a modest lifestyle, you’ll still need to make day-to-day purchases and have enough money for entertainment and the occasional holiday.
The compulsory super contributions your employer makes on your behalf are unlikely to be enough to live a comfortable lifestyle, especially if you plan on taking overseas holidays or refurbishing your home.
So how much super is enough?
As a general estimation, you’ll need up to 67 per cent* of your pre-retirement salary to maintain your lifestyle and fulfill some of your retirement dreams. While this may seem a lot, it can be achieved if you plan ahead.
* Source: ASIC Money Smart “How much is enough?”