How much do I need to retire in Australia? trends now
Middle-income workers in their twenties, thirties and forties need to have much higher super balances to have a comfortable retirement if they remain single.
The Association of Superannuation Funds of Australia recommends $595,000 for a comfortable retirement by the time someone turned 67 and qualified for the age pension.
This would be enough for an occasional overseas holiday or a new car every few years for someone who has paid off their home.
To get there, someone on a median income of $65,000 before tax needs to have $220,000 in super savings by age 45.
But someone on $90,000 a year - a level slightly below the average, full-time salary of $95,581 - is only required to have $176,000 in retirement savings.
That's a 25 per cent difference in required super between a middle and an average-income earner.
Middle-income workers in their twenties, thirties and forties need to have much higher super balances to have a comfortable retirement if they remain single (pictured are young women at Sydney's Royal Randwick Racecourse)
The requirement to have a lot more in super is even more pronounced at age 30.
A middle-income earner needs $68,000 in super savings, compared with just $8,000 for someone on a $90,000 salary.
That means someone on $65,000 needs to have eight-and-a-half times the level of