That's the finding of a survey in which about a third of respondents said they hoped to sail into the sunset with more than $1.25 million in superannuation.Â
About the same proportion of the 2500 people surveyed wanted between $750,000 and $1.25 million, and the rest aimed for up to $750,000.
"Australians have high expectations for a glorious retirement," said Renee Howie, chief customer officer at retail superannuation giant MLC, which commissioned the survey.
"What surprised us was how many people are aiming well beyond traditional retirement benchmarks."
The findings come as MLC released new modelling on Sunday to help savers understand if they're on track to meet their retirement goals.
The figures show a 40-year-old should have $174,400 in their super account if they want to retire at age 67 with $750,000, and $288,800 if they plan to retire with $1.25 million.
Someone with $750,000 in super at retirement should have modest expectations.
They would likely be able to afford regular leisure activities such as lawn bowls, golf, bridge club and the occasional meal out locally every few weeks, as well as an annual domestic holiday and a few overseas trips during their retirement.
A "luxe retirement" - on a super balance of between $750,001 and $1.25 million - might add on weekly meals out, more international travel and more financial freedom.
But those who retire with a super balance of more than $1.25 million could expect a "champagne retirement".
"Think champagne, clinking glasses, plenty of time overseas or travelling across Australia, the ultimate financial freedom," Ms Howie said.
Australians who look at these figures and feel they are missing the mark should know there are many ways to get back on track.
The easy, actionable measures super members could take include knowing their balance and making sure it was invested appropriately for their age, MLC head of technical services Jenneke Mills told AAP.
Many financial planners say younger super members should be in high-growth or growth funds, rather than the one-size-fits-all "balanced" MySuper offerings used by roughly half of all super providers.
For those who can afford it, making extra contributions via salary sacrifice can add up to a big boost at retirement.
"The intention of this isn't to set a target; it's giving context to an abstract concept," Ms Mills said.
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