NATION Chance to nail super targets

WORKERS who fear they will have insufficient funds once they retire can check for the first time if their superannuation is on track.

The Association of Superannuation Funds of Australia ( ASFA) has released new figures to show people exactly where their retirement balance should be sitting at 30, 40, 50 and 60.

To achieve a comfortable retirement, singles need $ 545,000 in superannuation and couples require $ 640,000 by 67, while also owning home outright and having good health. These balances presume retirees are drawing down on their super and receiving a part- age pension.

The data has revealed for singles earning $ 70,000 a year they should have $ 50,000 at 30, while for Australians earning $ 100,000 they could reach these balances for a comfortable retirement by having no super savings at that age.

By 60, a person earning $ 70,000 per annum should have $ 425,000 tucked away, while that late starter on $ 100,000 should have accumulated $ 410,000.

ASFA chief executive Dr Martin Fahy urged Australians to check to see if their balances were on track or “take action now.”

“You have got to start WHAT you need in superannuation now for a comfortable retirement? thinking about extra contributions, but with more and more broken patterns of employment people should start to accumulate a bit quicker more than the default 9.5 per cent of compulsory super,’’ he said.

“There’s this sense that we might all be able to work as long as we want whenever we want but we need to be careful that we are not overconfident in that assumption.”

A comfortable retirement will enable retirees to be involved in leisure activities, have a good standard of living by being able to freely purchase household goods, private health insurance, drive a good car and take both domestic and international holidays.

The superannuation guarantee, compulsory employer super contributions, has remained at 9.5 per cent but is planned to reach 12 per cent by 2025.