Written by:
Ben Marlow
Financial Adviser
For most Australians, superannuation is the backbone of retirement planning. But one of the biggest questions that keeps popping up — and understandably so — is how much super do you need to retire?
It’s not always a simple answer. We’re living longer, the cost of living keeps shifting, and the lifestyle you’re aiming for in retirement plays a massive role in shaping your target. Whether you’re planning for travel and leisure or just want to live comfortably and securely, having a ballpark figure in mind can really help with decision-making now.
The good news? You don’t need to have everything figured out at once. This guide is here to walk you through the key factors that influence how much super you might need to retire, how your retirement savings stack up against general benchmarks, and what sort of income your super could provide when the time comes.
Think of it as a starting point — not a requirement. No matter where you’re at today, it’s never too early or too late to start making a plan that feels right for you.
Not all retirements look the same — and that’s okay. But when thinking about how much super you’ll need, it helps to understand what’s considered a comfortable retirement income in Australia versus a more modest one.
The Association of Superannuation Funds of Australia (ASFA) regularly publishes benchmarks to guide Australians in planning for retirement. These figures estimate the annual income needed to support either a modest lifestyle (basic living with few luxuries) or a comfortable lifestyle (one with more room for travel, hobbies, and a few extras).
While it provides a safety net, the age pension falls short of providing a comfortable retirement — especially if you’re aiming for more than just the essentials. The current full Age Pension sits below the modest benchmark, which means it may not be enough to fund a comfortable lifestyle in retirement, particularly with ongoing inflation and rising living costs.
That’s why it’s worth thinking beyond just what you’ll receive from the government. Building your super over time can help close the gap and give you more flexibility and freedom later on.
If you’re curious, you can compare your own retirement expectations with the averages. The ASFA site has helpful resources, and Services Australia provides the latest pension payment rates.
Everyone’s retirement looks a little different, but one of the biggest factors that affects how much super you’ll need is whether you plan to retire as a single person or as part of a couple. Living costs can be shared between two people, which often means couples don’t need to double their super — but that doesn’t mean planning is any less important.
According to the ASFA Retirement Standard, a comfortable retirement income for a couple in Australia is around $70,000 per year. For a single person, that figure drops to around $50,000 per year. These estimates assume you own your home outright and enjoy a reasonably healthy lifestyle.
So, how much super does a couple need to retire? ASFA suggests a balance of approximately $690,000 per couple. For singles, it’s around $595,000. Again, these figures aim to support a comfortable income in retirement, not just covering the basics.
If you’re wondering how your current savings stack up, it’s helpful to look at the average household retirement income — but keep in mind that averages can be misleading. Many Australians retire with less than the “ideal” amount, but through careful planning and smart use of income streams, it’s still possible to live well.
In the end, the right number for you comes down to your lifestyle, spending habits, health, and any other sources of retirement income you might have (like property, shares, or part-time work).
One of the most common questions people ask is: “How much super do I need to retire at 60?” Or 65. Or even 55. The truth is, your ideal super balance will depend not just on your age, but also on how long you plan to spend in retirement, what kind of lifestyle you want, and how healthy your finances are overall.
Let’s take a look at a few common retirement milestones and how your super might line up with them.
In Australia, 60 is often the earliest age many people start seriously considering retirement — or at least reducing their work hours. So, how much super do you need to retire at 60? ASFA estimates that for a comfortable retirement at this age, you’ll need around $595,000 as a single or $690,000 as a couple.
But retiring at 60 usually means your super will need to stretch a bit further. You may be drawing down on your savings for longer, and you won’t yet be eligible for the Age Pension unless you meet special conditions. So, it’s wise to plan for a longer income stream and potentially factor in rising healthcare or living costs.
For many Australians, 65 is still seen as the “standard” super retirement age. You’re typically eligible for the Age Pension by this point, and your super has had a few extra years to grow. That means you may be able to retire with slightly less than if you’d stopped work earlier — although of course, the lifestyle you want still plays a big role.
How much super will I need to retire at 65? It’s similar to the 60 benchmark, but you may be able to draw less per year or top up with the pension to ease pressure on your balance.
How much super do I need to retire at 55? The answer is: a fair bit more than at 60 or 65 — simply because you’ll need it to last much longer. Also, under current rules, 55 is usually too early to access your super unless you’re part of a transition-to-retirement strategy or meet a specific condition of release.
The official retirement age for super access in Australia varies depending on your birth year, but for most people, it starts at 60. You can check your personal eligibility via the ATO or Services Australia.
We take the guesswork out of planning, so you can enjoy a better quality of life. Book your no-cost consult and get expert, friendly advice tailored to your goals.
Knowing how much super you’ll need is one thing — but how do you actually work it out? That’s where a good super retirement calculator comes in. These tools help estimate how your current balance might grow, how long it could last, and what kind of retirement income it might provide over time.
A quality retirement super calculator will usually ask for a few basics: your age, current super balance, how much you’re contributing, your planned retirement age, and what sort of lifestyle you’re aiming for. From there, it will estimate your retirement income and give you a better idea of where you stand.
There are a few reliable options you can try:
It’s also worth checking out your own fund’s tools to calculate your super at retirement. Some even let you model different scenarios, like working part-time for a few years or changing your retirement investment strategy.
If you’re not sure how your balance compares, the average super balance at retirement for Australians aged 60–64 is around $332,700 for men and $245,100 for women (ABS data). That’s below what’s needed for a comfortable lifestyle, which is why planning ahead makes such a difference.
At the end of the day, a super calculator for retirement won’t give you a perfect number — but it will give you a helpful starting point for clearer, more confident planning.
When it’s time to access your super, you’ve got a couple of big decisions to make — and one of the most important is whether to take a lump sum, set up a retirement income stream, or do a bit of both.
There’s no one-size-fits-all answer. Some people prefer the flexibility of accessing a large amount at once — maybe to pay off a mortgage, do some travel, or help out the kids. But others opt for a steady, regular payment to help cover living costs, much like a wage. That’s where a super income stream comes in.
A retirement income stream (also known as an account-based pension) allows you to draw money from your super in regular instalments — monthly, quarterly, or annually — while the rest of your balance stays invested. It’s designed to provide income in retirement without eating through your super all at once.
You can also choose a transition to retirement income stream if you’re still working part-time and not quite ready to fully retire. This can be a handy way to ease into retirement while maintaining your income.
Before accessing your super, it’s important to understand the superannuation withdrawal rules. Generally, you need to have reached your preservation age and met a condition of release — like retiring, reaching age 65, or starting a transition-to-retirement strategy. You can find more about accessing your super once you reach your preservation age on the ATO website.
Whichever path you choose, make sure you’re factoring in how long your money will need to last, any tax implications, and the lifestyle you want to maintain over the years ahead.
If you’re still working and thinking about retirement, now’s the perfect time to look at ways of boosting your super balance and retirement savings. Even small changes in the final stretch of your working life can make a meaningful difference later on.
One of the most effective strategies is to make extra contributions — either by salary sacrificing through your employer or making personal after-tax contributions. These not only grow your super savings but may also come with tax benefits, depending on how they’re structured.
As you get closer to retirement, it’s worth checking if you’re eligible to make what’s called a “catch-up” contribution. This allows you to use any unused concessional cap space from the previous five years to top up your super for retirement — a handy option if you’ve had breaks in employment or lower contributions in the past.
Many people don’t realise that you can still contribute to super after retirement, in certain circumstances. It depends on your age and whether you meet a work test or qualify for downsizer contributions. These rules can change, so it’s always good to check the latest via the ATO or speak to a licensed financial adviser.
Wondering how much you can put into super after retirement? As of the 2024–25 financial year, the annual concessional (pre-tax) contributions cap is $27,500, and the non-concessional (after-tax) cap is $110,000 — but there are exceptions and special rules that can apply.
At the end of the day, building up your super is about creating options. More savings means more freedom in how and when you retire — and that’s something worth working towards, even if you’re starting late.
There’s no magic number that fits everyone when it comes to retirement — and that’s okay. What matters most is having a plan that reflects your lifestyle, your goals, and your personal circumstances. Whether you’re still building your super or just starting to think about what retirement might look like, taking the time to understand your options can go a long way.
Superannuation is just one part of the bigger picture, but it plays a vital role in shaping your retirement income and giving you more control over how you spend your later years. The good news? You don’t need to have it all figured out today. Even small steps — like using a retirement calculator, reviewing your current super balance, or boosting your contributions — can help set you up for a more comfortable future.
And if you’re not quite sure where to begin, don’t be afraid to seek help with getting your retirement on track. Trusted tools, factual resources, and professional advice can all help you make informed, confident choices. After all, retirement isn’t just about finishing work — it’s about having the freedom to live life on your own terms.
Everyone’s path to retirement is different — but you don’t have to figure it all out on your own. In this short video, Erin, one of our advisors, shares how we support our clients in growing their super, planning for the future, and retiring with more clarity and confidence.
Whether you’re just starting to think about retirement or you’re almost there, we’re here to help you make informed decisions that align with your goals and lifestyle.
This is one of the most common — and important — questions. The answer depends on your lifestyle, spending habits, and how long you expect to live in retirement.
A good starting point is to compare your balance to the average super balance at retirement and use a retirement calculator to get a personalised estimate of how much super you’ll have when you retire.
There’s no single number, but ASFA suggests that for a comfortable lifestyle, singles may need around $595,000 and couples around $690,000 in super. Your own figure might be more or less depending on your income needs and assets. For more on long-term strategies, check out our guide to turning a six-figure salary into lifelong wealth.
Yes — you don’t have to withdraw all your super at once. Many people choose to keep some or all of their super invested in an income stream to draw from gradually. This can help with budgeting, tax management, and longevity planning. Learn more about your options in our article on smart retirement investments.
Most experts recommend aiming for about 65–75% of your pre-retirement income. That said, it really comes down to your desired lifestyle. If you’re interested in financial freedom earlier in life, you might also enjoy our article on early retirement and lifestyle balance.
It depends. For most Australians aged 60 and over, super income streams are generally tax-free. However, tax may apply if you withdraw before age 60, or if your super includes untaxed elements. And if you’re relying on other income sources, it’s important to factor in how they’re taxed too. You can also read up on the Age Pension assets and income tests here.
It’s definitely possible, but it can be more financially challenging. One of the key assumptions behind the ASFA “comfortable retirement” figures is that you own your home outright.
If you’re renting in retirement, you may need to account for significantly higher living expenses — which means a larger super balance or alternative income sources. Downsizing, shared living, or accessing government rent assistance might also be part of the picture.
That depends on when you retire and how long you live — two things we can’t always predict with certainty. Many Australians spend 20 to 30 years in retirement, so it’s important to plan with that timeframe in mind.
A good rule of thumb is to assume your super needs to last until at least age 90. Tools like the retirement income calculator can help you model different scenarios and drawdown rates.
You’re not alone — lots of Australians reach retirement age with less super than they’d like. The important thing is not to panic. There are still ways to improve your financial situation, like delaying retirement slightly, reducing expenses, or taking advantage of government support like the Age Pension.
You can also read our guide on smart retirement investments to see how your remaining super can work harder for you.
This first step comes at no cost to you—just a quick, no-pressure chat to understand your financial situation and goals.
In just 10 minutes, we’ll answer your questions, explain how we can help, and outline the next steps.
No commitments, no sales pitch — just a friendly chat to see if we’re the right fit.
Fill out the form, and we’ll be in touch to book a time that works for you.
Read More
Planning for retirement doesn’t have to feel overwhelming. This guide walks you through how much super you might need to retire comfortably in Australia, how to work it out by age, and what income you can expect in retirement.
Wondering if a financial advisor is worth the cost? Learn how expert advice can help grow wealth, minimise tax, and keep you on track for retirement.
When it comes to investing, simplicity and cost-efficiency are key. That’s why index funds have become a go-to option for Australians looking to grow their wealth.
Imagine saving on taxes while funding your retirement, leasing a car, or even reducing your living expenses — all by making better use of your pre-tax salary.
Inheriting money, property, or investments can be life-changing. While it provides opportunities for financial growth, it can also feel overwhelming if you’re unsure of what steps to take. Whether you’re wondering what to do with an inherited house, how to invest inheritance money, or how to handle debts, this guide will provide practical, detailed advice to help you make confident decisions.
What’s keeping high-income earners from turning their salaries into lifelong wealth? And more importantly, how can you break free? Let’s start by understanding the challenges and then dive into practical steps to transform your financial reality.
This is a publication of Direct Wealth Pty Ltd, a wholly owned subsidiary of Direct Wealth Group Pty Ltd.
General Advice Warning – The information contained in this article is of a general nature and does not take into account your particular objectives, financial situation or needs. You should therefore consider the appropriateness of the advice for your situation before acting on it. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decisions regarding any products or strategies mentioned in this publication.
Disclaimer – While all care has been taken in the preparation of this blog, to the maximum extent permitted by law, no warranty is given in respect of the information provided and accordingly, neither Direct Wealth nor its related bodies corporate, employees or agents shall be liable for any loss suffered arising from reliance on this information.
