Startling new findings released today in the Industry Super Australia’s submission to the Tax Review shows single women will be left the worst off — about 63 per cent will fall $15,000 a year below what is needed to comfortably retire.

ISA’s chief executive officer David Whitely said Australians were faced with the reality of having to work longer or retire with less, and face tight financial circumstances once they enter retirement.

The most recent national figures released for the Association of Superannuation Funds of Australia’s retirement standard show a couple looking to achieve a comfortable retirement need about $58,000 a year, and singles need a $43,000

These figures are for today, with inflation and you’re retiring in 20 years double these figures.

Eg a 40 year old today with $200,000 in super on 100k per year will accumulate about 1 million in superannuation by 65. In today’s dollars that’s about $490k…. How long is that going to last??