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The Association of Superannuation Funds of Australia (ASFA) Retirement Standard updates for the December 2016 quarter showed retiree couples in Sydney will need between $640,000 (if they own their own home) and more than $1 million (if they are renting) to retire in Sydney. With house prices in Sydney showing no signs of coming down to earth and continued strong demand for housing from young families to retirees, will retirees have enough to maintain a modest standard of living off the 9.5% Super Guarantee contributions alone?

 

Begs the question why the Government is reducing the contribution levels from pre-tax salary into super from 1 July 2017 when they would much prefer more self-funded retirees instead of those relying on the Centrelink Age pension.

See the article from Money Management: http://www.moneymanagement.com.au/news/superannuation/renting-retirees-need-1m-asfa