You’ve heard that you need $1 million in super savings to live on when you retire. But do you? Given that everyone has different ideas and means for retirement, how much money you need to retire on really does depend on your personal situation. And with many older Australians receiving either a part or full Government Age Pension, it’s unlikely that super will be the only source of retirement income. Instead of looking for a magical figure, we encourage members to start planning for retirement by first preparing a budget, thinking about the kind of lifestyle they want to live when they retire and how long they are likely to spend in retirement. More information is available at australiansuper.com