HESTA CEO Debby Blakey says there’s no better time than right now to look at your super. (Source: HESTA\/Getty) <\/p>\n
January is nearly behind us and most Australians are now back into the work grind, with kids returning to school<\/a> to embark on another year. With things settling back to normal, it\u2019s prompted one big retirement question<\/a> to come to the minds of many workers.<\/p>\n Google Trends data shows searches for \u2018how much do you need to retire\u2019 surge as the school year begins. It\u2019s one of four major spikes, along with around the Easter holidays, end of the financial year<\/a> and the September school holidays.<\/p>\n Super fund HESTA has reported a surge in Australians using its retirement planning tool at the start of the school year, with activity increasing by more than 40 per cent in late January and early February in 2025.<\/p>\n RELATED<\/p>\n \u201cWe regularly see a jump in planning activity around this time of year after many members have enjoyed quality time with family and friends over the festive season \u2013 be it BBQs by the beach or relaxing by the pool,\u201d HESTA CEO Debby Blakey said.<\/p>\n \u201cAs Australians look ahead to the rest of the year, many ask one simple question: when can I retire?\u201d<\/p>\n Do you have a story to share? Contact tamika.seeto@yahooinc.com<\/a><\/p>\n There\u2019s obviously no one-size-fits-all answer to this question.<\/p>\n While there’s no set retirement age in Australia, to be eligible for the Age Pension<\/a>, you’ll need to be at least 67.<\/p>\n In terms of how much money you need, the Association of Superannuation Funds of Australia\u2019s standard estimates a single would need $595,000 and a couple $690,000 in their superannuation to retire comfortably at the age of 67. This assumes you receive a part age pension and own your home outright.<\/p>\n If you\u2019re one of the many Aussies dreaming about retirement, Blakey said now was the time to take action.<\/p>\n \u201cThe reality is there is no better time than right now to take action on your super and it\u2019s never too late to make a difference to your financial future,” she said.<\/p>\n \u201cThere are many small actions people can take to support their journey to a dignified retirement.”<\/p>\n To start with, Blakey said it was important to understand how much super you had, how much your employer was contributing, where your super is invested and how much it\u2019s grown over the long-term<\/a>.<\/p>\n The super fund\u2019s research found a third of people were only checking their balance once a year or less, while 43 per cent were more likely to check it in times of market turbulence.<\/p>\n Making extra contributions to your super could also make a huge difference at retirement, whether that\u2019s salary sacrificing or extra contributions.<\/p>\n \u201cOur modelling shows $10 a week extra could amount to tens of thousands of dollars at retirement for someone in their forties and hundreds of thousands for someone just joining the workforce,\u201d Blakey said.<\/p>\n Blakey also recommended checking your insurance coverage and ensuring you had a binding beneficiary nomination in place. Most super funds will offer advice at no extra charge.<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n