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Retirement |
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Superannuation What you need to retire: the latest numbers Have you ever wondered how much superannuation you will have and need in retirement? The answer is it depends on a range of factors, such as your lifestyle goals, whether you have paid off your mortgage, your financial situation, whether you live a relatively healthy lifestyle, your likely life expectancy, and so on. |
How much will I spend in retirement? |
According to the government's MoneySmart website, the amount of money you will need when you retire depends on: |
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| • | Your costs in retirement – for example, paying off your mortgage, rent, renovations, travel and medical costs, and | | • | The lifestyle you want – for example, a modest versus a comfortable lifestyle (discussed below). |
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MoneySmart suggests that if you own your home, a general rule of thumb is that you'll need two-thirds (67%) of your current income each year to maintain the same standard of living. The Retirement Standard budget for individuals aged 65 to 84 who retire at age 67, who own their home (no mortgage), and are relatively healthy are as follows: |
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| ASFA Retirement Standard | Modest lifestyle | Comfortable lifestyle | | Single | $36,434 a year | $55,923 a year | | Couple | $52,473 a year | $78,566 a year |
Source: ASFA Retirement Standard, March quarter 2026 |
How much superannuation will I need? |
As a rough estimate, the superannuation balances required to achieve a modest and comfortable retirement (assuming retirement at age 67) are as follows: |
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| Category | Modest lifestyle, savings required at retirement | Comfortable lifestyle, savings required at retirement | | Single | $110,000 | $630,000 | | Couple | $120,000 | $730,000 |
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Reduce the gap and build your superannuation You may find that the amount of superannuation you'll have when you retire may not be enough to fund the lifestyle you want in retirement. But don't worry too much, as it's never too late to build up your superannuation to boost your retirement savings. Make extra contributions to grow your superannuation. Change your investment option within your superannuation account. Consolidate your superannuation funds into one account so you pay less fees. |
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Talk to us about your super → |
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Disclaimer: Blue Chip Admin provides factual information only and does not provide financial product advice or legal advice. Should you need Financial Advice, you should seek advice from a qualified Financial Planner.
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