Quiz Question of the Month! (November 2019)

November 13, 2019

For a single person, what is the estimated superannuation balance needed to support a comfortable lifestyle in retirement, if you withdraw your Super as a lump sum and receive a partial Age Pension?

A. $545,000

B. $335,000

Show Answer

The answer is A!

The Association of Superannuation Funds of Australia (ASFA) estimates that to achieve a comfortable lifestyle in retirement, a super balance of $545,000 is needed for singles or $640,000 for couples.

While Answer B, $335,000, is around what the current average Super balance is for males aged 60-64 ($336,360 as of 2016-17). The average balance for females in the same age group was even less at $277,880. This means the average single 60-64 year old Australian has up to $267,120 less than what is recommended to live a comfortable retirement by the ASFA.

However, Australians are thinking about their retirement funds more, as the average Super balance grew by 11.4% for men and 15.4% for women over the two years to 2016-17. Additionally, it’s projected that 43% of Australians at retirement age will be self-funded by 2023, compared with 22% in 2000.

Reviewing your Super, consolidating into one account to remove extra sets of fees, and personal contributions may be ways to help reach your retirement goal, or at least ways to start thinking about it!

With Raiz Invest Super, you could sign up, roll over and view your Superannuation easily on your mobile phone within minutes.

Please read the product disclosure agreement to ensure Raiz Invest Super is suitable for you.

If you have answered this question from our “Chance to WIN – Quiz of the Month” email, you are now in the running to WIN one of 5 x $50 bonuses invested into your Raiz account. If not, simply check for an email titled “Chance to WIN: $50 bonus”, answer this question within the email and you will automatically be in the draw for the month!

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