Recent research into self-managed superannuation funds (SMSFs) shows this type of retirement savings can provide Australians with enough money for a very comfortable - or aspirational - lifestyle worth over $100,000 per year.
The research was conducted by Accurium, an SMSF-actuarial certificate issuer, using data from 65,000 Australian SMSFs.
The research indicates:
Forty per cent of 65-year-old couples with SMSFs and 46 per cent of singles will have saved enough money for an ‘aspirational’ lifestyle in retirement
Couples aged 65 can fund a lifestyle worth just over $82,000 per year, while singles are on track for a lifestyle worth just over $65,000 annually
Those with SMSFs are enjoying a higher standard of living in retirement
A quarter of couples plan to spend over $100,000 per year in retirement, requiring $2 million in savings, while if a couple wants a comfortable retirement, they will need $750,000
About 75 per cent of 65-year-olds with SMSFs should be confident of reaching the ASFA comfortable standard of living in retirement