Today's young Australian workers can expect to have an average A$1.1 million ($1.23 million) in their superannuation by the time they retire but it won't be enough to maintain a comfortable post-work lifestyle.
Research by Deloitte has found a 30-year-old worker on an average salary of A$60,000 will have an estimated A$1.1 million in superannuation by the time 65 arrives, in 2048.
However, Deloitte superannuation lead partner Russell Mason said, that sort of money will only sustain a comfortable retirement until age 77.
The million-plus balance will allow someone to live a modest life - devoid of such indulgences as overseas holidays, a nice car and regular eating out - till age 94.
"To afford a comfortable retirement standard covering life expectancy, a current 30-year-old male would need a retirement benefit in 2048 of A$1.58 million and a female, A$1.76 million," Mason said.
