Superannuation is setting current generations up for a comfortable retirement, according to the Association of Superannuation Funds of Australia (ASFA). Though a faster increase to the 12% Super Guarantee rate wold make this even more likely.
For people who own their own home, ASFA calculates that a couple needs $60,063 a year to be comfortable in retirement and a single person needs $43,694. After age 85 this drops to $55,382 for couples and $39,443 for singles.
This equates to $640,000 in super at retirement for couples and $545,000 for singles, assuming drawing down on capital and receiving a part pension.