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 considered the seventh most expensive place in the world to retire – with one consumer group warning that retirement savings are at risk of being stolen.

Swedish loan broker Sambla calculated that Australians needed $640,911 to retire comfortably, putting the country behind only Switzerland, Monaco, Qatar, Singapore, Liechtenstein and Canada.

Australia’s inflation rate of 4.1 percent is also higher than most rich countries, meaning a retiree would need $34,221 a year to survive, provided they are not renting and have paid off their house.

By comparison, Switzerland was the most expensive place to retire; it took $927,034 in retirement savings to grow old in the Alps, which translates to an annual cost of $46,632.

Australia’s inflation rate of 4.1 percent is also higher than most rich countries, which meant a retiree would need $34,221 a year to survive, provided he or she is not renting and has paid off their house (stock image)

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

A study by Super Consumers Australia has found that as of 2022, up to 178,000 superannuation members, with accounts in three super funds, are at increased risk of phishing fraud due to 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 a number of super funds that refuse to implement even the most basic account security measures, such as multi-factor authentication,” she said.

Criminals can obtain someone’s personal information by sending fraudulent emails or text messages designed to steal someone’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 study by Super Consumers Australia has found that up to 178,000 superannuation members, with accounts in three super funds, are at increased risk of phishing due to data breaches (stock photo shown)

More than 16 million Australians have a super account.

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

It has submitted a topic to the consultation on fraud – mandatory industry codes of the Ministry of Finance.