How much Superannuation do I need?
Even though employer funded Superannuation has been effective in Australia since the Labor Party led Federal Government in 1992, Australian are under financing their retirements, leaving some with inadequate funding, through Super, to finance their retirements effectively.
So "How much superannuation" do we need to retire comfortably? According to Liberal Government estimates, you an I need to save 12 per cent of our annual income for the 36 to 40 years of our working life to giveourselves an income equal to 40 per cent of our before retirement salary. And most of us want more than 50%. So if you earn $50,000 now, a good starting point would be to think of a retirement income of about $30,000 a year.
Not bad if you want the easy life. But for those of us who want adventure and fun, $30,000 a year is not quite enough.
How much superannuation is enough?
There is no simple formula, but all the experts agree, the sooner you start your Superannuation Plan, the better.
Lets look at some considerations.
Lets have a look at the figures! These figures are based on the ANZ Bank Superannuation calculations as of the 4/5/2006.
The amount you would have to contribute towards a Superannuation Fund.
Figures are based on the above retirement lump sum amounts, the following table demonstrates the weekly income you'd receive in retirement and how long it will last if invested properly.
You can use this Superannuation Calculator to calculate how much Superannuation you will need to retire comfortably.
Adelaide Web Page Design | Unemployed Loans | Sitemap | My Sites | Other Resources
Resources and articles about how much superannuation are protected by their respective authors.