The Age Pension pays just over $19,468 a year, but most of us feel we need more than that to live. Boost contributions now to maximise super for your retirement.
How much super will I need?
The Age Pension pays just over $19,468 for singles. Most agree that’s not enough to live on. A recent study estimated that a single person needs around $40,407 per year to live comfortably in retirement.
Doesn’t sound like enough? Let’s say you want a yearly retirement income that’s around 75% of what you earn now. This table shows the after-tax percentage of your salary you may need to contribute to super yourself.
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Starting age
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Years to retirement at age 65 (pension age to increase to 67)
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Extra contribution rate above employer Superannuation Guarantee contributions
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25
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40
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8%
|
|
35
|
30
|
17%
|
|
45
|
20
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37%
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How can I afford to save more?
Finding money to save to super can be tough. The good news? Your super earns compound interest, so every dollar you save could make a big difference over time.
Our budget calculator can help you find a few extra dollars to save to super each week.
Our super calculator shows how any super you've already saved – and extra contributions – might affect your super balance.
How can I maximise my super?
There are many ways to maximise super savings. The government also wants to help you get the most out of your super.
- Make after-tax contributions. If you're eligible you may also get the government co-contribution, a government payment to help boost your super.
- Make salary sacrifice super contributions. They can be a tax-effective way to boost your super.
- Give us your TFN, and cut tax. If we don't have your TFN, you may need to pay 31.5% extra tax on employer super contributions.
It’s never too early – or late – to put a super savings plan in place.