FACT: Why Bundy people are more than $18k worse off
THE average superannuation balance for residents in the Hinkler electorate is just $114,112, shocking data released this week has revealed.
That's more than $18,500 than most other Aussies.
The average was lower than the remainder of the state average of $123,636, which itself is lower than the national average of $132,646.
ASFA CEO Martin Fahy said balances in coastal areas and inner-city suburbs were higher than outer suburbs of cities, suggesting geographical, lifestyle, occupational and income factors could be influencing the trends.
"Superannuation account balances are tied to income, so areas with a higher proportion of high-income earners tend to have higher average superannuation account balances," Dr Fahy said.
"We see this in more affluent suburbs, in major cities, and in some 'sea change' or 'tree change' destinations."
Dr Fahy said in regional areas such as Bundaberg, self-employed individuals and agricultural workers were more likely to have lower superannuation balances.
ASFA estimated couples aged about 65 should annually spend $61,522 and singles need to spend $43,601 a year in order to retire comfortably.
ASFA recommends people check super account balances and investigate ways to boost their retirement funds.
"The legislated increase in Superannuation Guarantee to 12 per cent of salary will play an important role in helping more people achieve this, however, if it doesn't reach 12 per cent, many Australians, including those from Bundaberg, risk missing out on the retirement lifestyle they had imagined," he said.
For more information or to access the ASFA calculator, visit superguru.com.au