SMSF members reaching aspirational retirement lifestyles
Around 40% of self-managed superannuation fund (SMSF) couples and 46% of SMSF singles are on track to affording an aspirational retirement lifestyle, according to Accurium.
Pointing to Association of Superannuation Funds of Australia (ASFA) figures that suggest a 65-year-old couple needed to spend $100,000 per annum and $70,000 for singles to achieve an aspirational retirement lifestyle, and $61,522 per annum for couples and $43,601 for singles to achieve a comfortable lifestyle, Accurium said SMSF member figures were well above the comfortable standards.
Accurium general manager, Doug McBirnie, said: “However, our previous research has shown that many SMSF trustees are hoping to achieve more affluent lifestyles in retirement, with around a quarter of couples planning on spending over $100,000 per annum in retirement.
“Based on this aspiration, we estimate couples will need around $2 million in savings at the point of retirement. The good news is that 40% of 65-year-old SMSF couples and 46% of singles have saved enough to be confident of achieving an aspirational lifestyle.
“This demonstrates that people who take control of their superannuation with an SMSF are well placed to enjoy a higher standard of living in retirement.”
Recommended for you
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
