If you are thinking of retirement, you will be aware of your superannuation and perhaps questioning whether it will be enough for the rest of your life.

Over the year to June, the living costs of workers rose by 9.6% and those of self-funded retirees by 6.3% and age pensioners by 6.7%.

The latest revised figures from Super Consumers Australia, an independent organisation that has partnered with CHOICE, reflect the cost of living increases and higher rates of the Age Pension.

It states the amount of money Australians will need to retire to maintain their living standards has increased by as much as 8% in 12 months.

For pre-retirees aged 55 to 59 who are living on their own and would like to spend about $36,000 a year in retirement (a figure Super Consumers Australia has classified as ‘low”) they will need to have saved $91,000 in their super by the time they are 65 years old.

For singles who want to spend $47,000 a year (medium) they would need $317,000 in super, while those who would like to spend $59,000 (high) would need to have saved $777,000.

For pre-retiree couples who would like to spend a combined figure of $69,000 (medium) a year, they would need to have accumulated $425,000 in super.

Aussies aged 65 to 69, who Super Consumers Australia classifies as current retirees, looking to spend $41,000 a year (medium), would need to have saved $279,000.

To spend $55,000 (high) a year, a retiree living on their own would need $795,000 in their super.

The savings targets factor in additional income a retiree may receive from the Age Pension, and also assume the person will own their own home.

It’s not all bad news

The superannuation advocacy group said people who had super in a balanced fund would have seen their balances grow by about 9% over the past 12 months.

The super guarantee, the amount of super an employee has to pay their worker, has risen by 0.5% to 11%, another factor which should help retirees.

The Age Pension has also increased, with single Aussies now entitled to about $27,664 a year, while couples will receive about $20,852 each.