How much super do I need?
People may assume that the super contributions from employers is enough, but in some cases it isn’t. The amount of super needed really depends on the individual and the type of lifestyle they seek. According to the ASFA Retirement Standard, to retire modestly as a couple you will need a lump sum of $431,000 and to retire comfortably you will need $744,000. Single people, on the other hand, need a lump sum of approximately $300,000 for a modest retirement and $544,000 for a comfortable retirement. A financial advisor will help you determine how much you need for your particular circumstances and formulate a practical plan for reaching your target.