Retirement might seem far off for many, but the idea of a comfortable retirement looms large for those of us wondering whether we\u2019re saving enough. The good news? You might be closer than you think to your retirement target. A recent report revealed the actual superannuation balance most Australians need to retire comfortably\u2014and the number might surprise you. It\u2019s not as high as some may fear, but it does require some careful planning.<\/p>\n\n\n\n
If you\u2019re like most Australians, you\u2019ve probably heard all sorts of advice about how much superannuation you need to retire comfortably. The usual figures can feel overwhelming, especially considering the rising costs of living. But according to Super Consumers Australia, the amount you actually need isn\u2019t nearly as high as you might think\u2014at least, for a modest standard of living.<\/p>\n\n\n\n
For a single homeowner, the magic number is around $322,000 in superannuation by the time you hit 65. For a couple, you\u2019d need a combined $432,000 to live comfortably in retirement, explains Yahoo Finance<\/a>. Now, I know what you\u2019re probably thinking\u2014”Is that it?<\/em>” Well, it\u2019s not quite as simple as it sounds, but these figures do offer a light at the end of the tunnel. They\u2019re based on real spending data from the Australian Bureau of Statistics, and the calculations assume that you own your home outright and can receive the Age Pension.<\/p>\n\n\n\n