Indi residents are, on average, better prepared for retirement than their Farrer counterparts, superannuation data suggests. Research from the Association of Superannuation Funds of Australia, shows the average super balance in Farrer is $126,300, compared to Indi's average of $139,048. Residents in Mulwala were found to have $170,397 in super on average, while the average superannuation fund in Urana has just $79,320 in savings. ASFA chief executive Martin Fahy said rural and regional areas have a relatively high level of self-employed people, especially in the agricultural industry, which could help explain the variations. He said self-employed people tend to have lower super balances because contributions aren't mandatory. IN OTHER NEWS: Both Farrer and Indi's average super balances were lower than their respective state average. In Victoria the average super balance is $142,412, more than $3000 higher than the average Indi superannuation account balance of $139,048. While the average Farrer super account, $126,300, is $7000 less than NSW's average of $133,643. Dr Fahy said geographical areas could strongly influence super balances, especially if an area has a lot of people working in a particular industry. "Superannuation account balances are tied to income, so areas with a higher proportion of high income earners tend to have higher average superannuation account balances," he said. Dr Fahy said couples aged 65 need about $61,061 a year for a comfortable retirement while a single person needs about $43,255 a year. Receive our daily newsletter straight to your inbox each morning from The Border Mail. Sign up here
Indi residents are, on average, better prepared for retirement than their Farrer counterparts, superannuation data suggests.
Research from the Association of Superannuation Funds of Australia, shows the average super balance in Farrer is $126,300, compared to Indi's average of $139,048.
Residents in Mulwala were found to have $170,397 in super on average, while the average superannuation fund in Urana has just $79,320 in savings.
ASFA chief executive Martin Fahy said rural and regional areas have a relatively high level of self-employed people, especially in the agricultural industry, which could help explain the variations. He said self-employed people tend to have lower super balances because contributions aren't mandatory.
Both Farrer and Indi's average super balances were lower than their respective state average.
In Victoria the average super balance is $142,412, more than $3000 higher than the average Indi superannuation account balance of $139,048. While the average Farrer super account, $126,300, is $7000 less than NSW's average of $133,643.
Dr Fahy said geographical areas could strongly influence super balances, especially if an area has a lot of people working in a particular industry.
"Superannuation account balances are tied to income, so areas with a higher proportion of high income earners tend to have higher average superannuation account balances," he said.
Dr Fahy said couples aged 65 need about $61,061 a year for a comfortable retirement while a single person needs about $43,255 a year.
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