Consumer advocate Super Consumers Australia has updated its home-owner retirement savings targets to reflect changes in the cost of living and the Age Pension.

In light of the findings in the Intergenerational Report released today, these updated targets are designed to encourage individuals to spend their savings in retirement and not leave behind large unused amounts in their superannuation accounts when they pass away.

Savings targets for pre-retirees (aged 55-59) 

Savings targets for current retirees (aged 65-69)

Source: Super Consumers Australia

The retirement targets provide home-owning Australians with a “rule of thumb” for what is needed to maintain living standards in retirement.

The new figures show the need for higher savings for most Australians, reflecting the cost of living pressure people are currently facing.