You need to consider the age you want to retire, the income you would like in retirement and how long you might need that income to last. However, how much super you require in retirement will depend on your chosen lifestyle. Obviously, if you have grand plans you will need to save substantially more than if you plan to live modestly.

According to the Association of Superannuation Funds of Australia Limited (ASFA)'s research, to have a 'comfortable' retirement lifestyle requires approximately $36,000 for a single person and $48,000 for a couple. A 'comfortable' budget allows you to maintain more aspects of your lifestyle that you currently enjoy. This could include up to 10 domestic trips each year and one overseas trip every five years. A comfortable budget could also allow you to purchase items such as a computer, mobile phone and entertainment system and eat out up to three times a week.

Please do not hesitate to contact Intellichoice on 1300 55 10 45 and one of our financial planners will be able to provide you with more details on planning for retirement and how much money you will need in order to live 'comfortably.'