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How much will I need?

Do you know how much you will need to retire comfortably? Doing the numbers now and implementing a sound plan can put you on the right track to securing your financial future.

What is a comfortable retirement?

According to the Association of Superannuation Funds of Australia’s Retirement Standard, a couple will need $640,000 in retirement savings and a single person $545,000 in super to afford a comfortable lifestyle in retirement. A comfortable retirement may enable a healthy retiree to be involved in a broad range of leisure and recreational activities and have a good standard of living*.

Will your super savings be enough to provide you with a comfortable retirement? Visit our calculators section, call us on 1300 LGSUPER (1300 547 873) between 8.30am and 5.00pm, Monday to Friday, or speak to your financial planner.

* ASFA Retirement Standard, September quarter 2016. 

Budgets for various households and living standards for those aged around 65 (June quarter 2017, national)

 Modest lifestyleComfortable lifestyle
  Single Couple Single Couple
Total per year $24,270 $34,911 $43,695 $60,063

Budgets for various households and living standards for those aged around 85 (June quarter 2017, national)

 Modest lifestyleComfortable lifestyle
  Single Couple Single Couple
Total per year $23,878 $35,369 $39,443 $55,382

Source: Association of Superannuation Funds of Australia’s Retirement Standard.

The figures in each case assume that the retiree(s) own their own home and relate to expenditure by the household. This can be greater than household income after income tax where there is a drawdown on capital over the period of retirement. Single calculations are based on female figures.


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