How much super do you need to retire?
How much super you'll need in retirement depends on the lifestyle you want. There are a few ways to work it out.
Two-thirds of your current yearly income
This is to maintain the same standard of living once you retire. It's a rough guide based on owning your home (no mortgage).
ASFA Retirement Standard
Use estimates from the Association of Superannuation Funds of Australia (ASFA). They show how much the average Australian needs for a modest or comfortable retirement income.
Retirement savings needed at 67
$100,000
for a modest retirement (singles and couples)
$595,000
for a comfortable retirement (singles)
$690,000
for a comfortable retirement (couples)
Source: ASFA Retirement Standard, based on getting the Age Pension.1
How much will you spend in retirement?
Planning a yearly budget is another way to work out how much you need to retire. Or use ASFA's yearly spending figures as a guide. They assume you'll retire at 65.
| 65–84 years ($ per year) | 85+ years ($ per year) | |
|---|---|---|
| Single | $32,915.00 for a modest retirement | $30,669.08 for a modest retirement |
| $51,630.00 for a comfortable retirement | $48,074.77 for a comfortable retirement | |
| Couple | $47,387.00 for a modest retirement | $43,890.54 for a modest retirement |
| $72,663.00 for a comfortable retirement | $67,049.86 for a comfortable retirement |
Source: ASFA Retirement Standard, based on the March 2024 quarter, if you own your home (no mortgage) and are relatively healthy.
How's your retirement in Australia shaping up?
Budget retirement (Age Pension only)
The Retirement Standard says if you're on the Age Pension with no super, this means a budget lifestyle.
- Limited or no budget to repair home or car
- No private health insurance
- Specials at the RSL club or cheap takeaway meals
Modest retirement
A modest lifestyle in Australia means you can afford basic activities. You have more money than just the Age Pension.
- Some money for home repairs, cheap car
- Basic private health insurance
- One holiday in Australia per year
Comfortable retirement
A comfortable lifestyle in Australia means you can afford a wide range of activities and services.
- Decent car, and can renovate kitchen and bathroom
- Top level private health insurance
- Restaurant dining, regular activities
What else affects how much super I need to retire?
Your health and where you want to live play a big role in how much money you need to retire in Australia.
Start your retirement budget by thinking about these things.
How long you expect to live
If you retire at 60 and live the average lifespan in Australia, you'll need money for around 25 years (ABS, 2022). Check how long you might live with our QSuper Life Expectancy Calculator.
Housing needs
You may need more or less money based on where you want to live in retirement, whether you own or rent, and whether you plan to downsize.
Aged care options
One of the biggest costs is the deposit for an aged care home. You might also need to budget for at-home aged care services.
The Age Pension and other income
What Age Pension or other government benefits could you get? Think about income from investments or casual work, or other savings, too.
Medical costs
Be prepared for any big health costs that might come up when you're retired, such as a hip replacement or other surgery.
Retiring early due to disability
Over 10% of Australians retire because they have an illness, injury, or disability (ABS, 2022-23). And nearly 1 in 20 women retire to care for an ill, disabled, or elderly person. Having life insurance in your super can help protect your family's finances.
Is your super balance on track?
If you're falling behind, we can help get your super growing. It's one of the reasons why over 2.4 million Australians choose us.
Start planning your retirement money
Learn how much super you need to retire comfortably and what you can do to make sure you have enough.
Retire with an award-winning pension
Make the most of your super with our range of pension options. They're outstanding value – check our awards and ratings from Canstar, SuperRatings, Chant West, and more. Mix and match to find the best combination for you.
Transition to Retirement Income account
Regular payments from your super while still working.
Retirement Income account
Regular payments from your super when you retire.
Lifetime Pension
Tax-free payments for the rest of your life, and you can combine with an income account.
FAQs about how much you need in super
Still wondering how much super do I need to retire? Check these frequently asked questions or our other FAQs.
