The Association of Superannuation Funds of Australia publishes a “retirement standard” that indicates a 65-year-old couple could have a “comfortable” lifestyle on about $61,800 a year, or a “modest” lifestyle on $40,200. If you plan for your super assets to produce an untaxed $70,000 a year, you would need about $1.5 million in super. But perhaps Millennials can learn from the generation before them that has already done it. Baby Boomers have many years of experience when it comes to saving and planning for retirement. It stands to reason they can offer some good advice for youngsters trying to set themselves up for the years ahead. We asked three Baby Boomers to share some of their best money tips, as well as the biggest thing they would tell their 21-year-old self, knowing what they do now. The results are enlightening.

Michael Weadon. Credit: MICHAEL WEADON Age: 58 Location: Ballarat, Victoria Career: Secondary school teacher Work status: Full-time What steps have you taken to set yourself up for retirement? I’ve been making voluntary contributions to my super account since my late 20s.

In the past couple of decades I’ve been taking advantage of the benefits of salary sacrificing these contributions. My contributions have been at least 10 per cent of my annual salary. This wasn’t always easy, as it was tempting to use the money for treats, such as holidays. What advice would you give your 21-year-old self about setting yourself up for retirement? Consider the long term. We’re in the midst of a multi-faceted revolution. Artificial intelligence, climate change, etc means what were sound investments in your parents’ time may no longer be so. In addition, it’s not worth having a lot of money if the world is in a state that you can’t live a good life, so invest ethically. What advice would you offer Millennials about setting themselves up for the future? The super guarantee (SG) employment contribution – currently at 9.5 per cent – means that most Millennials will have larger super account balances than their parents at the same age.

Most of your parents did not get the benefit of the SG until they were midway through their working lives and, therefore, either had to make their own contributions or rely on the government’s age pension. The casualisation of the workforce, the gig economy, gap years and self-employment mean that you will have to be aware of whether your employer is making contributions to your super. If not, I would encourage you to do something about it. Even a small contribution when you are 25 will compound into a tidy sum over 30 years. Retirement planning also should not only be about money. Quality of life depends on good health, good relationships, a fair and just society, and a healthy environment, so do what you can to maintain and develop these important non-fiscal parts of your life. FRANCES WHITE Age: 69 Location: Perth, WA Career: Accountant Work status: Part-time

Frances White. Credit: What steps have you taken to set yourself up for retirement? Unfortunately, I can't say that I actively took steps to set myself up for retirement throughout my working life. I was a single mother and money in very much equalled money out for many years. After I turned 50, I began to invest whatever was surplus to my requirements. My first investment was into shares and I was lucky enough to choose a company with strong price growth that paid good dividends.

I also bought a residential investment property and was able to use negative gearing for a while during those last years of my working life, when I was in a higher tax bracket. I later sold one of the investment properties and contributed a lump sum to my super. As super had been around only the latter part of my working life, I didn't have much in there. Putting in a lump sum and setting up a self-managed super fund, which I manage quite actively, has meant I now have three streams of income in retirement – super pension, dividends from shares and rental income. What advice would you give your 21-year-old self about setting yourself up for retirement? Make sure you consider whether your beliefs about money fits well with the partner you choose.

If you’re a fanatical saver and the person you fall in love with is a fanatical spender, then there's a likelihood there will be some friction about money in the relationship. You can work around it by keeping accounts separate, but financial issues are the cause of a high percentage of marriage breakdowns. What advice would you offer Millennials about setting themselves up for the future? Start your journey to financial independence NOW, don't wait until you've saved enough for a deposit on a house. There are ways to invest small amounts. Perhaps buy a small share pack or put a few dollars extra dollars after tax into your super.

I would also suggest to add some diversity on investing over your lifetime. You don't want all your eggs in the one basket that collapses the year you retire. Janet Hardman. Credit: JANET HARDMAN

Age: 62 Location: Tanunda, SA Career: Office duties Working status: Disability support pension

What did you do to set yourself up for retirement over the course of your working life? I began working part-time while still in high school and then went straight from school into the workforce. I was always pretty good at saving but, unfortunately, the company I worked at for the longest had an old-fashioned view that women would leave to marry, have babies and not re-enter the workforce. Because of this, women weren’t allowed to join the super scheme until they had turned 25. I had been working for eight years before I became eligible. I’d always had an interest in real estate, so I purchased my first negatively geared property, a unit, when I was in my early 20s.

I continued to save and put as much as I could into paying off the unit. I also lived at home, which helped immensely. Several years later I sold the unit and purchased my first 'live-in' home. That was when I really pumped as much of my income as I could into the mortgage. In just over three years I had paid it off. Despite the good job positions I never earned more than $35,000 a year during my whole working life, therefore the opportunity to amass much super wasn’t achievable. What advice would you give your 21-year-old self? Make better use of sharemarket opportunities and managed funds at an early age. Do some salary sacrificing to super because it is a perfect method of self-regulated retirement saving.

What advice would you offer Millennials about setting themselves up for the future? The most important thing is not to assume that you will still be working at normal retirement age, so set yourself up from an early age. I never expected my health to deteriorate to the point that it made it impossible for me to return to the workplace. This can happen to anyone – illness or accidents – that cut short your working career. Decide how aggressive (i.e. balanced, growth, etc) your investments should be. Think longer term. Seek out a good financial planner and get your finances organised correctly.

Think about the possibility that a marriage or a long-term relationship may end in divorce. Many a person is now struggling financially because they had assumed a scenario of joint assets in retirement. Along comes the 'D' word, assets are split and both parties are left trying to make the most of what they have been left with financially. Another consideration is the possibility of a second marriage and the effect on one partner if the other dies before them. If that person has children to be taken into account with the estate, the remaining partner can find themselves severely disadvantaged financially. A good estate planner is essential, as is the need to have a Will drawn up as soon as you begin earning income.