Savings in super
The lump sums required for a comfortable retirement assume that the retiree/s will draw down all their capital and receive a part Age Pension.
The necessary savings for a comfortable retirement* at age 67 are:
Single $595,000 | Couple $690,000 |
These figures are in today's dollars, use 2.75% AWE as a deflator, and assume an investment earning rate of 6%. They don't take into consideration your personal needs or circumstances.
Need a more detailed budget breakdown?
ASFA produces detailed budgets of what singles and couples must spend to support their chosen lifestyle. It's updated quarterly to reflect inflation.
For more information on how much super is enough:
Plan your retirement finances with these insights in mind:
Modest lifestyle*
This budget slightly surpasses the Age Pension, covering basic health insurance, occasional exercise and leisure, and social activities with family and friends. These figures assume that the retiree(s) own their own home and relate to expenditure by the household. This can be greater than household income after income tax, where there is a drawdown on capital throughout retirement.
Household | (per year) |
Single | $32,417.48 |
Couple | $46,620.05 |
Comfortable lifestyle*
This standard provides a good post-work life, covering essentials like groceries, transport, home repairs, private health insurance, various activities, and occasional dining out. It also supports regular connections with family and friends through technology and periodic domestic and international trips.
Household | (per year) |
Single | $50,981.27 |
Couple | $71,723.56 |
*The following refers to information published in the Association of Superannuation Funds of Australia Ltd (ASFA) Retirement Standard (September 2023 quarter).