Over the year to the December quarter, the increase was 0.70% for comfortable and 0.50% for modest, compared to the general Consumer Price Index (CPI) increase of 0.7%.
For a modest lifestyle (better than a Government pension but fairly simple living), the annual guidelines are now $26,570 for a single or $37,977 for a couple. For a more comfortable lifestyle, the estimates are $41,910 for a single and $58,069 for a couple.
So how much do you need?
If you take the relevant annual figure and multiply it by the number of years* you expect to be in retirement, you will get a rough idea of how much super you need to have when you retire.
What does this mean for you?
It may mean you need more super than you thought – this could be a good reason to contact our Member Advice Consultants for personalised advice about how to maximise your savings.
*You can use the Australian Bureau of Statistics life tables for an idea of your life expectancy.