Saving for super on hold as the cost-of-living crisis rages on

Older lady has her hand on a cracked piggy bank

New research from Aware Super indicates that to enjoy a comfortable retirement lifestyle Aussies may need to retire with $595,000 in their superannuation fund.

This seems like a high figure, especially when you consider the average super balance as reported by the Australian Taxation Office is $287,777 for women aged between 60-64 and for men in the same age bracket, it’s $357,963.

Aware Super suggests that a lower balance may be for a reason, with 65% of Aussies stating that they are more worried about their day-to-day finances than their superannuation balance.  

In fact, only 8% of Australians surveyed said they have the intention to set aside some money in their super fund this year.

Peter Hogg, Head of Advice, Experiences and Enhancements at Aware Super said that with the current economic climate, it’s easy for super to slip from your radar but it’s probably more of a reason to give it a little attention.

“A small investment now can have profound effects on how much you love your retirement,” he said. 

By setting aside a small amount of money into your super fund, you might notice a huge long-term difference in your super balance. 

In addition to making voluntary contributions, employer contributions have recently gone up with the super guarantee rate now at 11%. 

It’s never too early to start thinking about your retirement and planning for your future. If you’re interested in learning more about superannuation, check out our super guides hub.