{"id":100588,"date":"2025-01-23T15:37:19","date_gmt":"2025-01-23T04:37:19","guid":{"rendered":"https:\/\/en.econostrum.info\/au\/?p=100588"},"modified":"2025-01-23T15:37:22","modified_gmt":"2025-01-23T04:37:22","slug":"surprising-superannuation-savings-aussies-need-to-retire-comfortably-closer-than-you-think","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/au\/surprising-superannuation-savings-aussies-need-to-retire-comfortably-closer-than-you-think\/","title":{"rendered":"Surprising Superannuation Savings Aussies Need to Retire Comfortably: ‘Closer Than You Think’"},"content":{"rendered":"\n

Rising cost of living<\/strong> pressures have increased the amount Australians need saved in their superannuation<\/strong> to retire comfortably, according to new data. However, despite these increases, many Australians may already be closer to their retirement savings goals than they realize.<\/p>\n\n\n\n

Updated Superannuation Targets for Retirement<\/h2>\n\n\n\n

Data from Super Consumers Australia<\/strong> shows retirees with medium or high spending needs now require 10 to 15 percent more in their superannuation savings <\/a>compared to last year. Encouragingly, super balances have grown by about 13 percent over the same period, helping to offset the impact of rising expenses.<\/p>\n\n\n\n

Super Consumers Australia CEO Xavier O\u2019Halloran<\/strong> stated that these targets serve as a useful \u201crule of thumb\u201d for retirees who own their homes, with benchmarks based on actual retiree spending patterns. For those planning for a comfortable retirement, these figures provide a clear savings goal.<\/p>\n\n\n\n

Comparison to Other Retirement Standards<\/h2>\n\n\n\n

Another widely referenced benchmark from the Association of Superannuation Funds of Australia (ASFA)<\/strong> offers a slightly different perspective. According to ASFA\u2019s standards:<\/p>\n\n\n\n

    \n
  • Singles need $51,814<\/strong> annually to retire comfortably, requiring $595,000<\/strong> in super savings.<\/li>\n\n\n\n
  • Couples need $73,031<\/strong> annually, requiring $690,000<\/strong> in super savings.<\/li>\n<\/ul>\n\n\n\n

    These amounts reflect assumptions about retirees\u2019 expenditure levels and the rising costs associated with maintaining a \u201ccomfortable\u201d lifestyle.<\/p>\n\n\n\n

    Tips to Boost Your Superannuation Savings<\/h2>\n\n\n\n

    For working Australians looking to enhance their superannuation, strategies such as salary sacrificing<\/strong> could provide significant benefits. A study by the Super Members Council<\/strong> found that a 30-year-old earning an average income could grow their retirement savings by an additional $67,000<\/strong> by salary sacrificing just $20 per week<\/strong>.<\/p>\n\n\n\n

    Julian Mauro<\/strong>, CEO and accountant at Mauro, emphasized the tax advantages of salary sacrificing. Contributions made to super are taxed at a concessional rate of 15 percent<\/strong>, compared to personal income tax rates, which can be as high as 47 percent<\/strong>, including Medicare.<\/p>\n\n\n\n

    \n

    \u201cIf someone\u2019s tax rate is only 30 percent, they\u2019re still saving 15 percent tax by salary sacrificing. For those on higher tax rates, the benefits can be even greater,\u201d Mauro explained.<\/p>\n<\/blockquote>\n\n\n\n

    While the rising cost of living has pushed savings targets higher, the growth in superannuation balances and accessible strategies like salary sacrificing can make a comfortable retirement achievable for many Australians. <\/p>\n","protected":false},"excerpt":{"rendered":"

    New data has revealed how much Aussies need in their superannuation to retire comfortably, and the figures might surprise you. While the rising cost of living has pushed savings targets higher, there\u2019s good news for many nearing retirement. Experts say you could be closer to your financial goals than you think. <\/p>\n","protected":false},"author":5,"featured_media":100592,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[],"class_list":["post-100588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/posts\/100588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/comments?post=100588"}],"version-history":[{"count":4,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/posts\/100588\/revisions"}],"predecessor-version":[{"id":100593,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/posts\/100588\/revisions\/100593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/media\/100592"}],"wp:attachment":[{"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/media?parent=100588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/categories?post=100588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.econostrum.info\/au\/wp-json\/wp\/v2\/tags?post=100588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}