How Much Super You’ll Need When You Retire
SUPERANNUATION
How Much Will You Need?
Work out how much super you may have when you retire—and whether it could be enough to support the lifestyle you want.
You probably know how much super you have today, but have you thought about how much you may need when you retire? It’s never too soon to start planning for your financial future.
The amount of super you may need in retirement depends on several factors, including:
- Your living costs: Consider the expenses you may have during retirement, such as housing, food, utilities, healthcare and transport.
- The lifestyle you want: Think about whether you plan to travel, enjoy hobbies, spend time with family or keep your retirement lifestyle relatively simple.
- Your housing situation: Owning your home, paying off a mortgage or renting can make a significant difference to your retirement expenses.
- How long your retirement may last: You may need retirement income for 20 years or more, depending on when you retire and how long you live.
Many Australians plan for retirement around age 65 or 67, but your own goals and circumstances may be different.
Understanding these factors can help you start estimating how much super you may need and whether you are on track for the retirement you want.
ASFA RETIREMENT STANDARD
How Much Could You Need for Retirement?
The ASFA Retirement Standard provides a guide to the annual and weekly costs of maintaining different lifestyles in retirement. It compares the estimated expenses of a modest and comfortable lifestyle for single people and couples.
These benchmarks can help you begin thinking about the retirement lifestyle you want and the income you may need to support it.
Estimated Retirement Living Costs
Household
Single
Couple
Comfortable Lifestyle
$56,166 a year | $1,080 a week
$78,998 a year | $1,519 a week
Modest Lifestyle
$36,548 a year | $703 a week
$52,690 a year | $1,013 a week
Comfortable Lifestyle
A comfortable retirement budget allows for a broader range of leisure activities and a good standard of living. This may include private health insurance, a reasonable car, regular social activities and holidays.
Modest Lifestyle
A modest retirement budget covers basic living needs, with some room for limited leisure activities and occasional extras. It is generally above the basic level of support provided by the Age Pension alone.
What Super Balance Might You Need?
ASFA also estimates the superannuation savings required to support different retirement lifestyles. For homeowners retiring at age 67, its current estimates are:
- Comfortable retirement: $630,000 for a single person and $730,000 for a couple.
- Modest retirement: $110,000 for a single person and $120,000 for a couple.
These estimates assume that retirees draw down their savings over retirement and may receive a part Age Pension. Your own retirement needs may be different depending on your circumstances, housing situation, lifestyle and eligibility for government support.
Source: Association of Superannuation Funds of Australia (ASFA), Retirement Standard — June quarter 2026.
Build up your super
Many factors can contribute to your retirement income, including your super, investments outside super and other assets. If you expect your retirement savings may not be enough to support the lifestyle you want, there are steps you could consider to help build your super over time.
Think About:
- Bringing your super accounts together: If you have multiple super accounts, consolidating them may reduce the fees you pay and make your super easier to manage. Before transferring, check whether you could lose valuable insurance cover or other benefits.
- Making additional contributions: If your budget allows, adding extra money to your super may help increase your retirement savings over time. Contribution limits and tax rules may apply.
- Reviewing your investment options: Check whether your current investment option aligns with your goals, time until retirement and comfort with investment risk.
- Checking your super regularly: Review your balance, contributions, fees and insurance to make sure your super arrangements continue to suit your circumstances.
If your super balance is not where you would like it to be, it may not be too late to take steps towards strengthening your retirement savings. Even small, regular actions may make a difference over time.
If You Need Financial Advice
Planning for retirement can feel complex, and everyone’s financial situation is different.
Whether you’re estimating how much super you may need, reviewing your retirement savings or considering ways to prepare for the future, personalised financial advice can help you understand your options.
Speak with a Meezan Wealth financial adviser to discuss your goals and explore strategies that may be appropriate for your circumstances.