How much Super is enough?

That depends on whether you require a comfortable or modest lifestyle in retirement.

According to the latest “retirees’ costs of living” assessment conducted by the Association of Superannuation Funds of Australia, a couple would require a retirement income of $57,817 for a comfortable retirement while for a modest retirement a couple would require a retirement income of $33,509.

For singletons, a comfortable retirement requires an income of $42,254 while a modest retirement requires an income of $22,283.

Couples aspiring to a comfortable retirement will require a combined superannuation balance of $510,000.  The singleton wanting a comfortable retirement will require a superannuation balance of $430,000.

Couples and singletons who require a modest retirement will respectively require superannuation balances of about $295,000 (couple) and $227,000 (singleton).