How much super do you need to retire?

Whether you’re nearing retirement or just starting to plan for the future, knowing how much super you need to retire can be challenging.

For many it’s a tricky question with 55% of Australians not sure they will have enough set aside for their retirement.¹

Everyone has a different idea of what they want to do when they retire. For some, it's about action, adventure, and travel. For others, it's about relaxing, reconnecting, or spending time with grandchildren.  

So it’s important to think about the kind of lifestyle you'd like when planning for your retirement. 

How much super do you need? 

The Association of Superannuation Funds of Australia (ASFA) has created a Retirement Standard to help give you a clearer understanding of what retirement lifestyle your savings may give you.

It's updated quarterly to reflect inflation and provides detailed budgets of what singles and couples would need to spend to support their chosen lifestyle.

ASFA’s June quarter 2024 figures suggest that single people will need $52,085 in retirement savings per year for a 'comfortable retirement', and couples will need about $73,337 per year.²

To retire modestly, the ASFA June quarter 2024 figures suggest that single people aged about 65 will need about $33,134 a year and couples will need about $47,731 per year. 

To achieve a comfortable retirement, ASFA calculates the amount of savings required by retirement at age 67 are around $595,000 for a single person and $690,000 for a couple. 

To work out whether the ASFA Retirement Standard is a good benchmark for your personal goals, check the detailed budget breakdowns on their website.

How long your super needs to last 

You also need to consider how long your super might need to last. The access age for super is 60 and the Age Pension is generally available from age 67 (if eligible - see Centrelink).  

But the life expectancy in Australia is 85 years for women and 81 years for men (ABS). So try our Life Expectancy Calculator to check the potential duration of your retirement. 

If you're already enjoying life after work, or plan on retiring in the next few years, it's a good idea to assess your current situation to estimate how long your retirement savings will last. 

Other income and the Age Pension 

If you're eligible for the Age Pension or other government benefits, you can get an estimate of how much you could receive through the Centrelink (Services Australia) Payment and Service Finder.   

Planning for retirement

No matter what life after work holds, your superannuation will probably make up a large part of your retirement income.  

According to Moneysmart, if you own your own home, the rule of thumb is that you'll need two-thirds (67%) of your current income each year to maintain the same standard of living.  

Remember, it's never too early (or late) to make a difference to your super.  

We’re here to help

Login to Member Online to check if your super is on track.

Find out more about our advice options. Advice about your account with us is included with your membership.³

 

1. Survey of 1000 Australians carried out by IPSOS on behalf of Australian Retirement Trust, September to November 2023.
2. ASFA Retirement Standard, June quarter 2024, accessed 24 September, 2024.
3. Employees in the Australian Retirement Trust group provide advice to members and employers as representatives of QInvest Limited. QInvest Limited (ABN 35 063 511 580, AFSL 238274) is wholly owned by the Trustee as an asset of Australian Retirement Trust. QInvest Limited is a separate legal entity responsible for the financial services it provides. Eligibility conditions apply. Refer to the Financial Services Guide at qsuper.qld.gov.au/disclosure for more information.