Have you ever wondered how much superannuation you will have and need in retirement? The answer is it depends on a range of factors, such as your lifestyle goals, whether you have paid off your mortgage, your financial situation, whether you live a relatively healthy lifestyle, your likely life expectancy, and so on.
How much will I spend in retirement?
According to the government’s MoneySmart website, the amount of money you will need when you retire depends on:
Your costs in retirement – for example, paying off your mortgage, rent, renovations, travel and medical costs, and
The lifestyle you want – for example, a modest versus a comfortable lifestyle (discussed below).