How to manage retirement with a low superannuation balance

Let’s delve into how someone with the current median Australian super balance for individuals aged 65-69 can make ends meet and achieve a comfortable retirement and aim for a few epic experiences too.

This article is republished from my weekly column which appears in The Sydney Morning Herald and The Age.

Last week, my article on how much retirees live on in Australia sparked dismay and concern. This is because the median superannuation balance among over-65s right now is firmly below the level that the Australia Superannuation Funds Association (ASFA) declares as able to provide for a “comfortable” retirement. And the pension, well, it’s not enough to get by on, particularly if you have to pay rent. Less affluent retirees face a tough reality in this cost-of-living crisis.

So this week, let’s delve into how someone with the current median Australian super balance for individuals aged 65-69 can make ends meet and achieve a comfortable retirement and aim for a few great experiences too.

According to ASFA, the median superannuation balance for men aged 65-69 in 2019 was $189,856. For women, the median was $180,718. To enjoy a comfortable retirement, they say couples require an income stream of $70,482 and singles need $50,004.

Read the full article on the Sydney Morning Herald here.