Are You Saving Enough for Retirement?
Assess your retirement savings and see if you’re on track to retire comfortably. Get personalized tips to improve.
What You'll Learn
This quiz will help you assess whether your current retirement savings strategy is adequate for your future needs. You'll understand how your super contributions, investment choices, and timeline align with your retirement goals.
Are You Saving Enough for Retirement?
Question 1 of 10What percentage of your pre-tax income are you saving for retirement (including super)?
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Explanation
Retirement planning is highly personal and depends on factors like your desired lifestyle, expected longevity, and current age. This quiz evaluates your current savings rate, investment strategy, and timeline to help determine if you're on track for a comfortable retirement.
Expert Insights
- The earlier you start saving for retirement, the less you need to save each month due to the power of compound interest.
- In Australia, your superannuation is likely to be your largest retirement asset, so optimizing your super strategy is crucial.
- Most Australians underestimate how much they'll need for retirement, particularly healthcare costs in later years.
Actionable Tips
- Consider making additional voluntary contributions to your super, especially if you're behind on savings.
- Review your super fund's performance and fees annually to ensure you're getting good value.
- Create a retirement budget that accounts for different phases of retirement, from active early years to later years with potentially higher healthcare costs.
Example Results
Well on Track
You're making regular additional contributions to your super and have a diversified investment strategy. Action: Continue your current path and consider consulting a financial advisor to optimize your strategy further.
Catching Up Needed
You've started saving but are behind where you should be at your age. Action: Increase your super contributions and use our Superannuation Calculator to determine how much more you need to save.
Significant Gap
Your current savings rate will leave you with a substantial shortfall in retirement. Action: Urgently review your budget to find areas where you can increase your savings rate and consider seeking professional financial advice.
Glossary of Terms
Preservation Age
The age at which you can access your superannuation benefits in Australia, typically between 55 and 60 depending on your birth date.
Salary Sacrifice
An arrangement where you choose to receive less salary in exchange for your employer contributing more to your super fund, potentially reducing your tax.
Concessional Contributions
Contributions made to your super fund before tax, including employer contributions and salary sacrifice arrangements.