Naturally, what individuals need to live varies greatly according to their own standards and tastes but here are some general figures released in December 2013:

To live comfortably, a person needs $42,000 per annum and a couple needs $58,000.

In Australia, the aged pension is $21,913 for a single person and $33,036 for a couple. This amount is considered to supply a basic lifestyle.

So how much money is it estimated that you will need in superannuation as a lump sum at retirement to achieve a comfortable lifestyle. Here are the estimates:

Single $785,000

Couple $1,075,000

How is your Super looking? Are you on track for this?