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 $1,769,000 would be needed to fund the magic six-figure annual income.
Still, look on the bright side. A balance of $1,000,000 in your self-managed fund is more than adequate to fund an income of $58,444 a year, the figure quoted by the Association of Superannuation Funds of Australia as being required in order to fund a “comfortable retirement”.
And it may be that those self –funded retirees are closer to their income target than they think. Once property and other savings outside superannuation are included, the median balance rises to $1,788,000.
Our H&R Block accountants are now working online. Book an appointment with an expert.