The amount you need to save for retirement will depend on a variety of different factors, including your financial history, superannuation contributions, assets owned and much more. Everyone is different, which is why it’s important to seek  financial advice tailored to your unique situation.

The Association of Superannuation Funds Australia (ASFA) has released some estimate figures which give a general indication of funds needed. According to ASFA, for a couple to live comfortably they will need approximately $58,000 per year (or $42,000 for a single person). For a modest lifestyle, couples require $34,000 per year ($23,000 for singles).