![\"Sarah](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/09\/b8c37be3d8b23a7dac605963f8a0966481d1d107.jpeg\")
<\/p>\nAn AFCA determination can give investors access to the government\u2019s Compensation Scheme of Last Resort (CSLR). Investors can also lodge a unit holder claim form with liquidators to recover remaining funds.<\/p>\n
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Sarah Abood, chief executive of the Financial Advice Association Australia.Credit: Dominic Lorrimer<\/p>\n
Step two: take 15-30 minutes to assess your retirement trajectory. Now comes the brutal part: doing a rough assessment of where your retirement savings might be at for your age. You will need:<\/p>\n
Your most recent estimated superannuation balance (some investors in failed funds may have to take their best guess).Your expected annual income in the years ahead (it will help if you have a job where your employer needs to contribute the mandated 12 per cent to super).Your age.Your planned retirement age (there is no official retirement age in Australia, but Australians can claim the age pension from age 67).<\/p>\n
Open up ASIC\u2019s online Moneysmart Superannuation calculato<\/a>r and punch in your details. Your projected super balance \u2013 or your \u201cretirement number\u201d \u2013 is only a forecast. It becomes the income you live off in retirement, usually via an account-based pension, lump sum, or annuity.<\/p>\n If you need a new superannuation fund, read Moneysmart\u2019s advice and use the Australian Tax Office\u2019s (ATO\u2019s) Super Fund Lookup tool<\/a> to check if the fund is regulated.<\/p>\n Step three: think about retiring later or salary sacrificing. With the Moneysmart Superannuation calculator still open, find the \u201cdo you make additional contributions box\u201d and select yes. Add in a 3 per cent before tax contribution \u2013 also called salary sacrifice.<\/p>\n Most superannuation funds offer some form of financial advice and can deduct the cost from your super balance – just ask them.<\/p>\n This can increase your retirement number by thousands. Increasing salary sacrifice to 10 per cent or 20 per cent can make even more of a difference. Then delay your retirement age by five years. Watch what that does.<\/p>\n Your retirement number is a trajectory or a forecast that you can change with a range of different contribution strategies which (ironically) can be offered by a licensed financial adviser or even from your new regulated superannuation fund.<\/p>\n Most superannuation funds offer some form of financial advice and can deduct the cost from your super balance \u2013 just ask them. Remember, most Australians will also qualify and rely on the pension.<\/p>\n Loading<\/p>\n Australians over the age of 67 can apply for the Age Pension, which provides up to $29,874.00 (single) and $45,037.50 (couple) per year, along with concessions and supplements like a health care card. Around 63 per cent of older Australians<\/a> rely on a part pension, even if they have large superannuation balances.<\/p>\n Step four: learn about retirement income guides. Two simple tools can help you ballpark whether your retirement number will translate into enough income to support your lifestyle in retirement.<\/p>\n Firstly, the Association of Superannuation Funds of Australia\u2019s (ASFA\u2019s) Retirement Standard, which is a benchmark for how much income you\u2019ll need to spend each year in retirement. For a \u201ccomfortable\u201d lifestyle that\u2019s around $51,278 (single) or $72,148 (couple) per year, and it assumes you own your own home.<\/p>\n If you don\u2019t own a home and need to rent in retirement, then ASFA says you\u2019ll need a retirement number of $385,000 for a couple and $340,000 for a single \u2013 and that offers only a \u201cmodest\u201d lifestyle, with minimal health insurance or travel.<\/p>\n