SMSF
SMSFs can meet aspirational lifestyle: Research

Latest research shows a significant proportion of Australians with self-managed super funds are set to retire with enough savings to fund lavish retirement lifestyles.

SMSF actuarial certificate supplier Accurium claims many retirees with self-managed super funds are set to land on a retirement windfall, with enough in savings to fund "aspirational" lifestyles worth $100,000 a year.

Accurium general manager Doug McBirnie said the firm estimates around 40% of 65-year-old SMSF couples and 46% of singles have saved enough to be confident of achieving an aspirational lifestyle.

According to him, the numbers justify the decisions of thousands of Australian's to manage their own retirement savings.

"This demonstrates that people who take control of their superannuation with an SMSF are well placed to enjoy a higher standard of living in retirement," McBirnie said.

McBirnie also said Accurium data shows typical 65-year-old SMSF couples should be confident of funding a lifestyle worth $82,400 a year, while singles in SMSFs are on track to achieve lifestyles worth $65,300, easily clearing ASFA's comfortable retirement standards.

"However, our previous research has shown that many SMSF trustees are hoping to achieve more affluent lifestyles in retirement, with around a quarter of couples planning on spending over $100,000 per annum in retirement," McBirnie said.

"Based on this aspiration, we estimate couples will need around $2 million in savings at the point of retirement. The good news is that 40% of 65-year-old SMSF couples and 46% of singles have saved enough to be confident of achieving an aspirational lifestyle."

The firm added its research estimates around 75% of Australia's 65-year-old SMSFs should be confident reaching the ASFA comfortable standard.

Read more: ResearchAccuriumASFADoug McBirnie
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