How Much Super Should You Have?

To see how much you need to retire and have in super, this is dependent on what you need, what you want to do in retirement. You may need to adjust your expense, adjust your expectation, or increase what you are doing before retirement to be successfully financial independent or retired through your superannuation.

According to the website called The Motley Fool, the norm seems to you would need about 80% of the income they are on right now to successfully retire.

An example might be if you’re on $100,000 per annum, you would need $80,000 in today’s dollars. Keep in mind the cost of living will increase over time and this needs to be taken into consideration. It is also important to remember medical expenses increase as you get older.

What if you don’t have enough money or Superannuation when you are closer to retirement?

We all have circumstances that are sometimes out of our control or limit our chances of getting ahead. Some examples include

  • Having a baby

  • Being self-employed. You don’t pay yourself initially when you start a business as there is typically no income.

  • Not being the main “breadwinner”

  • Losing your job and being unemployed for a while

  • Being sick or injured.

Below we have listed some standard questions financial planners get asked below. Click on each option that is relevant for you. The best idea is to Get Matched Now as this will help you get on track with your life and future.

When Do I Have Enough Super

If you are coming to the point where you would like to stop work and retire and know that you don’t have enough in superannuation, here are some things that you may want to consider with your financial advisor:

  • See a financial planner through Find Financial Advisors
  • Listen to suggestions through investment podcasts and successful people. The run in past an expert financial planner through
  • You may need to work for longer, work part-time or have your significant other start work.
  • Could you downsize your house or cars or sell off any assets that are not necessary to fund your retirement?
  • Look at what you are spending now and what you need in retirement. Typically, as we get older our medical expenses increase. Is there anything you are spending that you could reduce?
  • Are you eligible for any government benefits or could your financial adviser provide strategies to get you more income?

How Much Super Should I Have? – Find out If You’re on Track

According to Canstar, they have indicated an income, retirement age and how much you would need to retire on.

Of course, at all stages, you should check this information with a qualified and verified financial planner like the ones we can help you access.

Annual Income* Retirement Age
50 60 67
$50,000 $873,590 $743,409 $610,373
$70,000 $1,223,026 $1,040,773 $854,522
$90,000 $1,572,462 $1,338,137 $1,098,671
$100,000 $1,747,180 $1,486,818 $1,220,746

How Do You Find the Best Superannuation Fund?

There are many different super companies, and a good financial planner will not “flog” one onto you but provide a superannuation fund that you need and is appropriate and cost-effective for you. You need to check the fees, performance over time and reviews to see which is the best. Then check any data you get through a reputable financial planner. Here are some of the superannuation companies that you could use. There are others:

  • Sun Super
  • UniSuper
  • QSuper
  • Aware Super
  • AMP Limited
  • Australian Super.

To see who you should have your super with, book a matching appointment here:

How do I Transfer My Super to Another Fund

It is important to decide what superannuation account is okay for you. To do this with your financial advisor check the performance and investment returns which can help you clarify if the super is best for you.

Further, know what type of investor you are. Do you want safe investments or some risks is okay? “I want to invest in shares only” or “I want ethical investments” are some statements and questions you might ask.

Finally, and most importantly know what fees your planner or the super fund are going to charge. Please refer to the article of combining your super here as it explains and clarifies if the fees are too high in your super fund or several of your super funds, it can cost you more in time and income eventually. Get a clear picture of the fees you will pay…

Make sure you have the right super. The easiest way is to book yourself in with a financial planner for a matching appointment here. This will take 2 minutes.

In summary, the most important thing is, is the super you want or are with, appropriate, relevant, cost-effective and going to help you achieve your goals and needs.