Can you afford a comfortable retirement? Few Australians enjoy a comfortable retirement. In fact, most retirees can only rely on the basic retirement benefits provided by the Age Pension. The Association of Superannuation Funds of Australia (ASFA) regularly estimates the annual income required to provide for either a modest or a comfortable lifestyle in retirement on a national basis.

A modest lifestyle is slightly better than the Age Pension, but you would still only able to afford fairly basic activities while a comfortable lifestyle would enable a good standard of living, for example a reasonable car, private health insurance, leisure and travel.

In June 2008 ASFA put the figures at approximately:

Are YOU on target?

Try the Australian Securities and Investments Commission's (ASIC) superannuation calculator to see if you are on target.

• Yes, I’ll be able to afford a comfortable retirement. That’s great, now you need to make the most of your super.
  
  
• I’m not really sure. That’s okay. Most people need help to work out whether or not they can achieve their retirement goal. An IFFP financial planner can help you!
  
  
• I have a long way to go. You’re not alone. The good news is that there are many things you can do to improve your situation by accelerating your savings.