Australians are warned they may not have enough saved in their superannuation for a comfortable retirement despite mandatory employer contributions.
The Association of Super Funds Australia (ASFA) says single Aussies need $545,000 and couples need $640,000 to retire comfortably, if they own their own home.
UniSuper found the average Aussie aged between 25 and 29 has less than $30,000 in super. Men have an average of $25,981, and women have only $23,429.
By the time Australian men hit their sixties, they have over $400,000 in superannuation, but women only have $318,000.
This highlights a gender gap in superannuation savings, with women having significantly less than men by retirement.
Early investment paves the way for financial security
The article also features Natasha Etschmann, a young investor who has been focusing on saving for retirement since she was 18. She highlights the importance of starting early and investing outside of superannuation to achieve financial security in retirement.
Etschmann bought her first apartment at 22 and currently has nearly $300,000 saved for retirement, including superannuation and outside investments. She projects to have around $2.2 million in 30 years assuming a 7% annual return.
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