So how much superannuation do we need for a comfortable retirement? According to the ASFA Retirement Standard September 2020 report, a couple owning their own house should aim for $620k on retirement. 

They recommend a couple should have around two thirds, or 67% of their pre-retirement income to maintain a similar standard of living prior to retirement. The Association of Superannuation Funds Australia provides an industry retirement standard to estimate how much money you will need to survive on during retirement. 

This report assumes a partial age pension is available, this offsets some of the costs, not everyone is eligible. For people in my age bracket, the pension retirement age is 67. The aim is to be able to retire at age 60 and live off our superannuation earnings for seven years before the age pension kicks in. Every change of government begins with a cold sweat, this long-term investment is constantly exposed to short-term policy making. 

If you saved the money, you put the effort in and have earned the right to retire early. Likewise, if you spent your earnings in your younger years then you will have to delay retirement. Those who actually saved for their retirement should not be disadvantaged for those who failed to save. This is the fairness test, those who save should not subsidise who didn’t, of course, this is not how the system works.

Earn your early retirement and enjoy those early years whilst you are fit enough to travel and move about. You will be getting older, medical issues increasing and less able to do what you want. Retire early and enjoy the early years of retirement, don’t let a bunch of jealous public servants determine your future.