How much super do I need to retire in Australia?

It’s the number one question members ask – how much money will I need when I retire? There’s a number of things to think about - and it’s different for everyone – but we’re here to support you to figure out how much super, and other retirement income, you should be aiming for. These handy tools and benchmarks can help you determine where you’re at, and what you’ll need to do to reach your goals in retirement so that you can thrive on your own terms. 

A comfortable retirement means you can look forward to a broad range of leisure and recreational activities, with a good standard of living. ASFA guidelines suggest you’ll be able to purchase things like private health insurance, a reasonable car, good clothes, and a range of electronic equipment. You’ll enjoy domestic, and occasionally international, holiday travel.

According to ASFA, you can expect a modest retirement to be better than living on the government Age Pension. However, you’ll only be able to enjoy a fairly basic lifestyle.

See the charts below to get a more detailed understanding of what sort of services and luxuries you might be able to enjoy, based on your retirement savings.  

Annual budgets for households and living standards for those aged 65-84 (March quarter 2023)

Source: ASFA Retirement Standard

This will come down to your personal circumstances, and what kind of lifestyle you’re hoping to enjoy when you retire.   

Planning ahead is a great idea if you want to supplement your super with additional streams of income. For example, you could: 

• build up your financial investments
• top up your super with salary sacrifice, or a personal super contribution 
• find part-time employment
• apply for the Age Pension.

If you’re not sure whether your current super savings can support your retirement goals, our retirement calculator can help you to understand where you stand. 

When you retire, you might be eligible for government benefits like the Age Pension or a concession card. This will depend on your age, your residency status, and your financial situation.  

As of 1 July 2023, the maximum age pension is:

• $1116.30 per fortnight for singles ($29,023.80 a year)
• $841.40 each per fortnight for couples ($21,876.40 a year)

If you’re eligible for the Age Pension, you may also be able to access additional government payments, such as: 

• Carer allowance: If you provide daily care to an elderly person or someone with a disability, or a serious illness.
• Rent assistance: To help cover your rent if you’re renting privately. 

If you’re receiving the Age Pension, the government will automatically send you a Pensioner Concession Card. Even if you’re not eligible for the Pensioner Concession Card, you might still be able to get a Commonwealth Seniors Health Card, subject to being eligible. 

Either of these cards will allow you to access:

• cheaper medicines on the Pharmaceutical Benefits Scheme (PBS)
• bulk billing for doctor’s appointments
• reduced out-of-hospital expenses through Medicare. 

Note that there may be additional concessions from state or territory governments, or from local councils and businesses. 

To learn more about the Age Pension and your retirement benefits, see our Age Pension guide. 

Your first step will be to create a clear vision for the retirement you want. Ask yourself: What type of lifestyle do you want to enjoy in retirement? Modest, comfortable, or would you like even more freedom? Use the table above to figure out what you’d like your retirement to look like.

Secondly, are you currently on track to achieve this goal? (You can use the retirement calculator below to help you understand).

If you’re not quite on track to reach your goal, you can start thinking about strategies to boost your retirement wealth. This might include topping up your current super savings, working part-time, or building up your other financial investments. 

If you’re unsure about the best way to set yourself up for a retirement which supports your personal goals, a financial adviser can help steer you in the right direction.   

Our retirement calculator helps you estimate how much money you’ll need for the retirement lifestyle you want – and how much money you might have when you retire, based on your super savings and other assets. 

This calculator will also show you the impact of potential investments, fees, and voluntary contributions to your super and your retirement wealth.  

Consider the ASFA benchmarks for a modest and comfortable retirement, other income streams like part-time work or investments, and your own financial goals when determining how much super you’ll need when you retire.