I suppose it’s good that I have confirmed my suspicion that I won’t have enough to retire. I’m 40 and have been working since I was 15 but lost most of my super during the Global Financial Crisis when I had it released to catch up on mortgage payments.
Only to lose our home anyway.
Now I have a small sum left and I’ve been diligently trying to contribute to it ever since. But I’ve left it way too late.
Using the ASIC Money Smart Superannuation Calculator I’ve figured out that I won’t have enough money to retire at all, let alone in style. Unless I work until I am 90. Then I might just be able to cover expenses.
When calculating how much superannuation you'll need to retire you can calculate for a "modest" life or for a "comfortable" life. Leaving my husband out of it for now because he is 12 years older than me and has less super than I do, if I were to only aim to have enough for myself to live modestly at 65, and I only want to live until 85, I'd have to save $475,340.