How much do I need?
Big ideas for retirement? See how you're tracking and find out how much it might cost to live your best life in retirement.
How much super do I need?
One of the most important steps in planning for your retirement is figuring out how much you'll need to spend each year to live a comfortable lifestyle. Developing a budget for future needs can be difficult, particularly when retirement is many years away.
This information provides some general insight into how much money Australian's need to finance retirement and our calculators will help you see how you're tracking. This information isn't tailored to your exact circumstances, but you'll get an idea of the income and standard of living to expect and an overview of likely expenses.
The modest retirement standard budgets for a retirement lifestyle that is slightly above the Age Pension and allows retirees to afford basic health insurance and infrequent exercise, leisure and social activities with family and friends.
*The following refers to information published in the Association of Superannuation Funds of Australia (ASFA) Retirement Standard (March 2023 quarter).
The comfortable retirement standard allows retirees to maintain a good standard of living in their post work years. It accounts for daily essentials, such as groceries, transport and home repairs, as well as private health insurance, a range of exercise and leisure activities and the occasional restaurant meal. Importantly it enables retirees to remain connected to family and friends virtually – through technology, and in person with an annual domestic trip and an international trip once every seven years.
Detailed budget breakdowns:
- ASFA produces detailed budgets of what singles and couples would need to spend to support their chosen lifestyle. It's updated quarterly to reflect inflation. Read more here.
For more information on how much super is enough:
How am I tracking?
Our Retirement Forecaster is a helpful tool which you can use to project your super balance and income in retirement. You can adjust the assumptions to suit your personal circumstances and see whether you're on track to a comfortable retirement.
Information and support - tailored to you
There's no one-size-fits-all when it comes to retirement savings. Everyone's path to retirement is unique.
Our Client Service team is on hand to offer personalised and tailored support to you. This is a complimentary service, our friendly team are Australia-wide and can meet you in-person or over the phone to help you to build a financial roadmap, and help you calculate how much super you will need.
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