'More payments needed' into superannuation savings accounts

Monday 17 August 2009

Article by Mozo

Those looking to compare savings interest rates with a view to putting something away for their retirement may be interested in a recent article to appear on news.com.au.

It suggested a high proportion of Australians could find themselves short of cash at the end of their working life if they do not increase their superannuation contributions.

The article stated there have been calls for contributions to be raised to a minimum of 12 per cent from the current nine to ensure a large-scale problem is avoided.

People looking to have a comfortable retirement are said to need around $400,000 to half a million put aside, according to the Association of Super Funds Australia and Westpac.

This equates to roughly $40,000 per year for a single person, the website revealed.

It suggested those who have not begun saving for retirement could find they struggle to catch up, with those in their mid-forties saving 12 per cent of their earnings potentially running out of cash by age 79.

Another recent article on the site How to Make your First Million may also interest those looking to compare home loans.

This article is brought to you by Mozo – Helping you compare savings accountsADNFCR-1761-ID-19315237-ADNFCR

Compare today's top savings accounts

Back to top