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How Much Should You Contribute? Statistical evidence presents the reasonable probability that to maintain your current lifestyle purely via superannuation, you will need to contribute at least 15% of your salary over your working life. This is much higher than the superannuation guarantee contribution paid by your employers. According to results released from the Westpac-ASFA Retirement Living Standard Benchmark released in February 2004, a single person needs about $420,000 to live comfortably in retirement. This in itself is not surprising. What is, however, is that the current average amount saved at retirement is only around $70,000. The Association of Superannuation Funds of Australia (ASFA) reported "Younger people will have the benefit of the 9 per cent SG throughout their working lives, achieving savings of about $170k (for someone on average weekly earnings and assuming a working life of 30 years)." ASFA is an industry body which was established to promote and advance the interests of super funds and its members. ASFA's comment supports the predicted shortfall to fund a person's retirement comfortably.
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