Use our quick ready reckoner to find out if you’re on track for a “comfortable” retirement.On track?
But what is a "comfortable" retirement?
The Association of Super Funds of Australia (ASFA) regularly produces information to help super fund members, like you, work out how much super they’ll need in retirement.
They call it The Retirement Standard.
There are 2 levels they use – one is for a modest lifestyle and the other is for a comfortable lifestyle.
A modest lifestyle is a lifestyle that is financially more than the age pension alone, but your income would be limited. For example, you might not be able to maintain your car, run the air-conditioning or heating at home, or buy new clothes and you might have to take a lower level of health insurance or opt out completely, you might have to buy home brand groceries and go without things like new appliances or a new phone when your current ones give up the ghost..
The comfortable lifestyle gives you more choice. You could reasonably expect to go to sporting games, have the streaming services you want, go out to dinners, replace household appliances and keep up with maintaining a car, as well as travel more often.
You can find out more about the Comfortable Retirement breakdown on the ASFA website.
Of course, there is also a third option – spending more in retirement than even the Comfortable Standard! If you have a high standard of living now, aiming for more than the Comfortable Standard could be a wise move.
Where are you now?
If you arrived in Australia later than others, your super balance might not be as high as you’d like. Find out more about ways to boost it.
Our Retirement Booklet
Want to read more?
There are plenty of resources available to help you find out how you’re tracking. Read our article “Am I on track?” for more.
It’s worth noting that a lot of people retire before the projected age of 67. How would that impact your retirement savings? Find out more in our article “When retiring early is the norm”
If you want to add money to your super
Putting money in to super is easy! You don’t need to make enormous contributions to make a difference.
In fact, modest contributions made regularly can have a huge impact on your final super balance at retirement.
You can choose to make your contributions in a few different ways, including setting it up with your payroll to make extra contributions for you each pay day or transferring a lump sum from your bank account every so often.
You can find more about different contributions on our Contributions webpage.
Or click these links to learn more about the upper annual limits that apply on the amount you can put into super and how contributions are taxed.
If you want to set up regular contributions with your payroll, complete the contribution form and send it to your payroll team for actioning.Contribution types
Are you in the right investment option for you?
Along with putting money into super, it’s important to know that it’s invested in the right investment option for you.
ElectricSuper offers you 4 different investment options, or you can split your money between the options to create your own mix.
Watch and learn more about investment options to help you make the right decision for you
Our article, “Your Investment Choice” will also give you some tips to think about when you’re considering your investment options.
Find out more about how different investments work and the kind of results you might expect.
Our investment webpages give more information about the options, including the returns that each option aims to deliver you and past performance.
Of course, past performance isn’t a guarantee of future performance.
Want to read more?
Whether you’re on track for the retirement you want, there are always steps you can take to improve things for Future You.
You can read more about growing your super in the Learning Hub. See these pages.
There are plenty of resources, including articles, videos and webpages to help you understand more.
Forms and resources
Here are some of the forms and other resources that might be helpful as you get started with ElectricSuper.
Want to access our other forms, pages and calculators? See the Resources/Forms page.
If you want to make a one-off transfer from your bank account, just complete this form.
Accumulation and Income Stream members can update your investment option online
Defined benefit members need to complete the paper form to request a change of investment option. See the form for details of restrictions that may apply.
Web pages and links
Come and talk to us
Get your super sorted with a face to face consultation.
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