SMSF members reaching aspirational retirement lifestyles

Self-managed-superannuation-fund/SMSF/Association-of-Superannuation-Funds-of-Australia/ASFA/Accurium/

22 October 2019
| By Jassmyn |
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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.”

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