28 Aug How Much Super Do I Need To Retire Comfortably?
A general rule I like to use when I think of my own Super and how much I will need is this:
How much money each year will I need to live the lifestyle I want?
Then I times that by 20. this gives you the total amount of superannuation needed to fund your lifestyle assuming a 5% annual income.
As an example if we take someone who wants to have $50,000 a year to live on in retirement. They will need to times that by 20. In this case they will need $1 million for their retirement. Of course, at this stage we haven’t added inflation so just to be safe you would want to add on another 25-50% to that amount to make sure depending on your age.
In the end how much Super you will need depends on you and what you want to do, consider your situation and how you want to live in retirement. There is no one size fits all approach to Super because everyone has different ideas on what it means to be comfortable in retirement.
If you would like to learn more about how to build your Super, you can register here for one of our upcoming SMSF Information Nights or book a one-on-one appointment with a SMSF Coach.