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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.

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.

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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.

 


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