There are a few retirement myths that seem to persistently buzz around, no matter how much we try to swat them away. Today, I’m tackling three of the biggest ones that keep cropping up in my retirement courses and events. It’s time to lay these myths to rest once and for all.

For ages, there’s been this overwhelming notion that a million-dollar superannuation is the ticket to a comfy retirement. But let’s set the record straight – this isn’t necessary for most people. Data shows that the median super balance for Australians between ages 65 and 69 is far less than a million. In fact, as of the last report in 2021, it was $213,986 for men and $201,233 for women.

Million-dollar superannuation isn’t necessary for most people.Credit:

The Association of Superannuation Funds of Australia says that the average Australian couple needs $690,000 in superannuation as they enter retirement, to be able to reach the level of income they declare will provide for a comfortable retirement of $73,337 a year. And a single person will need $595,000 in super for a comfortable retirement, allowing them to rely on an income of $52,085. These numbers assume that you retire at 67, own your own home outright, and you can access a part age pension and the pension concessions to help manage your cost of living. If you are ineligible for the pension, or you don’t own your own home, you’ll need to........

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