Almost one-fifth of the Australian population had 'no idea' how much money they would need to fund their retirement, according to the latest industry data from Mortgage Choice.

The survey found more than 50 per cent of Australians did not give their retirement 'serious thought' until they were in their 50s. Australians should be looking to boost their savings pool years before they actually retire.

For those Australians who not only want to retire comfortably, but on their own terms, they need to start planning early.