Is your nest egg big enough?
New research has revealed a shocking 75 percent of Queenslanders didn’t understand how much superannuation they would need for retirement.
RACQ spokesperson Lucinda Ross said while many Queenslanders were focused on the here and now, it was important they took the time to plan for the future to ensure they had sufficient funds when they finished working.
“We’re probably all guilty of putting off thinking about how much we’ll need for retirement”, Ms Ross said.
“The cost of mortgages, cars, kids and holidays weigh heavy on your mind while you’re working and it can sometimes be hard to see past the current expenses in your daily life.
“But, while it might seem a long way off, if you leave it too long before making retirement plans a priority, you may get caught short.
“Current estimates from the Association of Superannuation Funds of Australia (ASFA) show single people will need $545,000 in savings, while couples aiming for a ‘comfortable’ retirement will need $640,000 in the bank.”
Ms Ross said Queenslanders should consider their personal circumstances and determine how they could maintain their current lifestyle while also preparing for the future.
“There’s two sides to the coin. Making additional payments on your mortgage can help you be debt free sooner but putting more into your super can help you build a bigger nest egg for a more comfortable retirement.”