Australians assess retirement options amidst superannuation gaps

ASFA recommends $595,000 for singles and $690,000 for couples.

Around 4.3 million Australians, or 20% of adults, say they won’t have enough in superannuation or investments to get by in retirement, according to a Finder survey.

Another 20% expect to manage but will need to cut spending, whilst 27% are unsure if they’ll have enough saved.

ASFA recommends $595,000 for singles and $690,000 for couples for a comfortable retirement. 

Yet ATO data shows the median super balance is just $60,037—well below these targets.

Finder’s Pascale Helyar-Moray said many Australians may be underprepared and can’t rely solely on the Age Pension due to asset limits. 

She urged individuals to consider salary sacrifice contributions and regularly review fund performance, fees, and employer payments.