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AIST report fires salvo at the 'million dollar super myth'

Retirement  |  3/08/2015  |   5 min duration

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The Australian Institute of Superannuation Trustees (AIST) has taken aim at claims you need $1 million in super to live a comfortable retirement.

Labelled Busting the $1 million retirement myth, the AIST report says super savings for most people are bolstered by the government aged pension. As a result, a superannuation balance of $150,000 can deliver $163 on top of the age pension, according to the report.

AIST Chief Executive, Tom Garcia, says workers on an annual median income of $55,000 could be on a tax-free retirement income of $34,000, or 79% of their current take home pay.

"Superannuation doesn't exist in a vacuum. Most people approaching retirement will draw an income that is a combination of both super and the age pension," Mr Garcia said.

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