Rising living costs have increased the superannuation required for a comfortable retirement, though many Australians still overestimate their target savings.
Key Points
- Single retirees now need $630,000 and couples need $730,000 in super by age 67 for a comfortable lifestyle.
- Four in ten Australians overestimate how much money they will need in retirement due to present-day cost of living pressures.
- Increasing housing insecurity and renting into retirement are forcing younger generations to plan for higher savings targets.
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