Million dollars not enough super
Staff reporter |
23 September 2013
Young workers will have on average $1.1 million in their superannuation by the time they retire but according to consultants Deloitte it will be insufficient.
But The Age reports that Deloitte superannuation lead partner Russell Mason believes it will only sustain a comfortable retirement until age 77."The million-plus balance will allow someone to live a modest life - devoid of such indulgences as overseas holidays, a nice car and regular eating out - till age 94.‘‘To afford a comfortable retirement standard covering life expectancy, a current 30-year-old male would need a retirement benefit in 2048 of $1.58 million and a female, $1.76 million,’’ Mr Mason said.
The Age is reporting that research by Deloitte has found a 30-year-old worker on an average salary of $60,000 a year will have an estimated $1.1 million in superannuation by the time they turn 65 in 2048.