Australia: At least half of Aussies polled overestimate amount needed for retirement

| 13 Apr 2021

Almost half of Australians in a survey said that they would need more than A$1m ($762,000) for a comfortable retirement, but experts say that in reality, they might not actually need that much.

According to the latest Cost of Living Survey, which ran in February, asked readers to share their biggest household money worries.

More than 10,000 people responded to the survey, with retirement jumping to the top of the list of future costs respondents are most intimidated by, climbing from second position in 2019 and fourth position in 2017.

Half of the respondents said they will need upwards of A$750,000 to retire, with 29% believing they will need more than A$1m.

However, according to the Association of Superannuation Funds of Australia, if an Australian wants a comfortable lifestyle – with the occasional overseas holiday and the ability to dine at restaurants and buy nice things – they will need a lump sum of A$640,000 for a couple and A$545,000 for a single person.