Think you don’t have enough super to retire? You’re not alone

Worried you don’t have enough to retire? You’re not alone.

A recent survey from Finder of 1017 respondants revealed that 20 per cent (equivalent to 4.3 million people) don’t have enough money in their super fund or other investments to get by in retirement.

While the amount needed to fund your dream retirement lifestyle will vary from person to person, the latest ASFA Retirement Standard offers a helpful guide. According to ASFA, couples aged around 65 now require $75,319 per year for a comfortable lifestyle, while singles need $53,289.

But despite these benchmarks, many Australians remain uncertain about whether they’re truly on track for retirement.

Finder’s research paints a concerning picture:

• 1 in 5 (20 per cent) believe they’ll have enough to get by but will likely need to cut back on their spending.

• 1 in 10 (10 per cent) admit their superannuation balance is too low but expect other investments to see them through.

• And more than 1 in 4 (27 per cent) are unsure if they’ll have enough to survive once they reach retirement age.

Pascale Helyar-Moray, a superannuation literacy expert at Finder, says the findings highlight just how far retirement feels out of reach for many.

“Insufficient super or savings could see millions of Aussies facing financial strain in their later years,” she said.

“More and more people are worried that retirement will arrive before the money does, leaving them underprepared.”

While knowing you’re not alone may be somewhat comforting, taking proactive steps today can help you feel more confident about your finances in retirement. The good news is that even small changes can make a meaningful difference over time.

Chris Brycki, Founder and CEO of Stockspot, recommends three simple strategies to help strengthen your retirement savings:

• Start where you can – Even modest contributions or investments add up over time. Setting aside a little extra—even if it feels small—can grow into a meaningful boost by retirement.
• Keep an eye on fees – Super fees vary widely between funds, and high charges can quietly eat away at savings. Comparing what you’re paying and switching to a lower-fee option can make a real difference in the long run.
• Look for growth as well as income – When choosing investments, focus not only on steady returns like dividends but also on options that grow in value over time. This balance can help protect and grow your nest egg.

Another way to determine whether you are on track financially to retire is to make a habit of checking your annual superannuation statements.

Canstar’s data insights director, Sally Tindall says, “Your annual super statement isn’t a piece of mail you want to be filing away unopened. Instead, use it as your yearly reminder to check in on your retirement fund.”

“Superannuation is one of the most significant assets you will ever own, yet many Australians let it run unchecked without a second thought,” Tindall added.

When checking your annual statement, Canstar suggests sticking to the following checklist to understand how your super fund is performing:

1. Check details: Make sure your personal details are correct and your tax file number is recorded.
2. Review contributions. Check your employer has paid you the right amount of super over the year.
3. Assess your returns and fees. Understand how your fund performed over the last year, but also the longer-term returns. Compare this to the top-performing funds. Also, check the fees you’re paying are reasonable.
4. Size up your balance. Check your balance is on track for a comfortable retirement.
5. Assess your investment mix. Make sure it will deliver on your long-term goals but isn’t taking on an excessive amount of risk for your age.
6. Review insurance in super. This may include life, total and permanent disability, and income protection insurance to make sure it suits your needs.
7. Confirm beneficiaries. Review who is the binding or non-binding beneficiary.
8. Consolidate multiple accounts. Consolidating your accounts into one could save on fees and make it easier to track your retirement savings.

Preparing for retirement doesn’t have to feel overwhelming. By making small but smart adjustments — from reviewing fees and contributions to understanding your investment strategy — you can build confidence about your financial future.

And while the numbers might look daunting now, taking control today can help ensure you step into retirement on your terms, with the security and peace of mind you deserve.

Read more: New superannuation rule set to deliver more money in retirement

IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.