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Friends With Money #122: Super by the numbers

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How much money do you need to retire? It's a question we get a lot here at Money - I mean a lot!

The latest numbers are out from the Association of Superannuation Funds of Australia (ASFA) on how much you need in your super account to retire well.

This week on the Friends With Money podcast, Money's Michelle Baltazar speaks with Virgin Money Super's general manager, Christopher Sozou, about the facts and figures of retirement.

friends with money podcast 122 super by the numbers

They discuss:

  • Contributions vs earnings
  • Is super a good investment nest egg?
  • What's the magic number needed to retire?
  • What if I don't own a home?
  • Accumulation vs pension phase
  • Where to get advice?

Check out these links for more:

*Our thanks to Virgin Money Super for sponsoring this podcast

**Figures quoted in the podcast are updated frequently on the ASFA website

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Michelle Baltazar is editor-in-chief of Money magazine and an award-winning journalist, editor and publisher. She has worked at media companies including BRW, Shares Magazine (London) and industry newspaper Financial Standard, and has written about superannuation, wealth management, investment technology and financial advice.

Christopher Sozou is general manager of Virgin Money Super at Virgin Money Australia. He leads a team responsible for digital transformation and partnerships. Chris has more than 21 years of experience in finance, in particular in superannuation, insurance and investment fund management in both London and Australia. During this time he has continued to champion the best outcomes for customers, working in product development, platform development and customer experience.
Comments
John Venardos
October 26, 2023 5.10pm

A great, easy to understand, simplified version of what to consider approaching and in retirement. Thank you.

Sue Neame
October 28, 2023 11.42am

Why do they harp on about $ required to retire when any family of 2 reach retirement age and have $500k invested any which way ....virtually full pension with acceptable backup.....5 years later @ 72 one dies ......forget about $43000 annual pension .the lucky survivor loses not only the $800 a week but the remains of the $500k is immediately in decline because of the need to live off it with the abismal limited investment opportunities........so the survivor goes from being able to gift a miserable $ total to their grandchildren , children etc to not being in a position to gift anything to anyone....YET..... In NZ upon reaching pension age those that wish can throw their hats in the air and .....live like kings...help their family members into a home ....work full or part time for a even more meaningful life experience all without every $ earnt minimising the pension received ........please explain......and without the age old rubbish about how their pension rules aren't sustainable........another example is.....4or 5 years ago that same $500k brought a decent home now it would be lucky to cover the deposit so why hasn't the maximum allowed to receive a full pension increased accordingly.....eg full pension with $1 mil in investments.........really interesting to me as l have listened to the rubbish spread by so called experts for the last 40 years........