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.

That sounds like a lot but with most couples with an SMSF aspiring to a retirement income of $140,000 according to the SMSF Association, it isn't nearly enough to reach that target. Experts estimate that a balance of $2,145,700 would be needed to fund this 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 $78,566 annually to achieve a comfortable retirement, while singles need $55,923 (assuming home ownership). This equates to $630,000 in superannuation savings for a single person retiring at age 67, and $730,000 for a couple retiring at age 67.