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Australia ranked one of the world’s most expensive countries to retire – here’s how much you need in your super to be comfortable

Australia is now regarded as the world’s seventh most expensive place to retire – with a consumer group warning superannuation savings are at risk of being stolen.


Swedish loan broking group Sambla calculated Australians needed $640,911 to retire comfortably, putting it behind only Switzerland, Monaco, Qatar, Singapore, Liechtenstein and Canada.

Australia’s 4.1 per cent inflation rate is also higher than most of the rich world, which meant a retiree would need $34,221 a year to survive, provided they aren’t renting and have paid off their home.


By comparison, Switzerland was the most expensive place to retire, requiring $927,034 in retirement savings to grow old in the Alps, translating into annual costs of $46,632.


Swedish loan broking group Sambla calculated Australians needed $640,911 to retire comfortably, putting it behind only Switzerland, Monaco, Qatar , Liechtenstein and Canada (pictured is a stock image)

Swedish loan broking group Sambla calculated Australians needed $640,911 to retire comfortably, putting it behind only Switzerland, Monaco, Qatar , Liechtenstein and Canada (pictured is a stock image)

Australia's 4.1 per cent inflation rate is also higher than most of the rich world, which meant a retiree would need $34,221 a year to survive, provided they aren't renting and have paid off their home (stock image)

Australia’s 4.1 per cent inflation rate is also higher than most of the rich world, which meant a retiree would need $34,221 a year to survive, provided they aren’t renting and have paid off their home (stock image)

Australia is also a target for scammers, having $3.6trillion in superannuation savings, or the fourth highest pool in the world.


A Super Consumers Australia investigation has revealed that since 2022 up to 178,000  superannuation members, with accounts in three super funds, have been placed at a heightened risk of phishing scams because of data breaches.


Super Consumers policy manager Rebekah Sarkoezy said super funds were refusing to implement even the most basic security features to prevent scams.

‘There are some super funds who refuse to take up even the most basic account security controls like multi-factor authentication,’ she said.


Criminals can obtain someone’s personal information by sending fraudulent emails or text messages designed to steal a person’s personal or financial information. 

Data breaches can also lead to an increased risk of phishing as scammers use stolen contact details and other information to target those who have had their personal information stolen.

A Super Consumers Australia investigation has revealed up to 178,000 superannuation members, with accounts in three super funds, have been placed at a heightened risk of phishing scams because of data breaches (pictured is a stock image)

A Super Consumers Australia investigation has revealed up to 178,000 superannuation members, with accounts in three super funds, have been placed at a heightened risk of phishing scams because of data breaches (pictured is a stock image)



More than 16million Australians have a super account. 

Super Consumers Australia has called for a mandatory industry scam code  to prevent, detect and disrupt scams.

It has made a submission to Treasury’s Scams – Mandatory Industry Codes consultation.


World’s most expensive places to retire in comfort

1. SWITZERLAND: $927,035 in retirement savings

2. MONACO: $795,431 in retirement savings


3. QATAR: $791,029 in retirement savings


4. SINGAPORE: $773,456

5. LIECHTENSTEIN: $772,984

6. CANADA: $665,752


7. AUSTRALIA: $640,911


8. ICELAND: $607,558

9. AUSTRIA: $598,434


10. FRANCE: $583,950

Source: Sambla calculations based on cost of living, life expectancy 



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