Most Aussie Self Managed Super Funds have a balance of nearly $1 million

The median 65 year old couple with a self-managed super fund (SMSF) had a balance of $1,162,000 sitting in their fund in the last financial year, according to data released by actuarial firm Accurium.

The median 65 year old couple with a self-managed super fund (SMSF) had a balance of $1,162,000 sitting in their fund in the last financial year, according to data released by actuarial firm Accurium.

That sounds like a lot but with most couples with an SMSF aspiring to a retirement income of $100,000 according to the SMSF Association, it isn't nearly enough to reach that target. Experts estimate that a balance of $1,842,700 would be needed to fund the magic six-figure annual income.

Still, look on the bright side. The latest data shows that in order to reach the ASFA Comfortable Standard, couples aged around 65 now need $73,077 annually to achieve a comfortable retirement, while singles need $51,805 (assuming home ownership). This equates to $595,000 in superannuation savings for a single person retiring at age 67, and $690,000 for a couple retiring at age 67.