It’s something everyone wants to know – how much super do I need? It depends on your personal circumstances, the type of lifestyle you want in retirement, and how long your money needs to last.

See how much you'll spend per year in retirement

When planning ahead, think about the lifestyle you want: flying cross-country or becoming a grey nomad? Running a small business, volunteering or learning new skills, or spending more time with family?

According to MoneySmart, if you own your 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.

Or you can use the Retirement Standard from the Association of Superannuation Funds of Australia (ASFA), which estimates how much the average Australian would need to retire.

Age Modest lifestyle
($ per year)
Comfortable lifestyle
($ per year)
Around 65 Single $28,254

Couple $40,829
Single $44,412

Couple $62,828
Around 85 Single $26,827

Couple $38,382
Single $42,470

Couple $58,930

ASFA Retirement Standard, based on the March 2021 quarter, if you own your home (no mortgage) and are relatively healthy.

Age Pension

Age Pension only

The Retirement Standard describes living on the Age Pension alone as allowing for a budget lifestyle.

Modest retirement

Modest retirement

A modest lifestyle in Australia is considered better than the Age Pension and allows for basic activities.

  • Repairs for a basic car and home, no renovations
  • Basic private health insurance
  • One holiday in Australia per year
Comfortable retirement

Comfortable retirement

A comfortable lifestyle in Australia allows you to be involved in a wide range of activities.

  • Decent car, and can renovate kitchen and bathroom
  • Can afford to run the air-con
  • Restaurant dining

Work out how much super you'll need to retire

The numbers below from the ASFA Retirement Standard assume you retire at age 65, own your home (no mortgage), and are relatively healthy.


Modest lifestyle Comfortable lifestyle
Super balance at retirement Single $70,000

Couple $70,000
Single $545,000

Couple $640,000

ASFA Retirement Standard, based on the March 2021 quarter. The modest lifestyle assumes you're eligible for the Age Pension to cover your basic living costs.

Tools to help you work it out

Use our calculators to see how much income you're likely to get from your super and the Age Pension when you retire.

Comfortable retirement

Super Projection Calculator

Check how much super you're on track to have when you retire.

Comfortable retirement

Retirement Calculator

See how using a combination of products may work for your retirement.

Comfortable retirement

Life Expectancy Calculator

Find out how long you're likely to live - this will affect how much super you'll need.

Decide when you can retire

There are a few things you should think about when choosing when to retire.

How long your super needs to last

The access age for super is 60 unless you were born before 1 July 1964, and the Age Pension is available from age 66.5 or 67 (if eligible - see Centrelink). But the life expectancy in Australia is 85 years for females and 80 years for males (ABS). Try our Life Expectancy Calculator to check what you can expect.

For a better chance of making your super last, combining our Retirement Income account with our Lifetime Pension can provide an income for life.

Other income and the Age Pension

If you're eligible for the Age Pension or other government benefits, get an estimate of how much you could receive through the Centrelink (Services Australia) Payment and Service Finder. You should also consider any other income sources, such as investment income, casual work, or other savings.

Housing

Where you want to live in retirement, and whether you plan to downsize, are important to think about. Our Super Projection Calculator can show how much super you would need if you're renting.

Aged care facilities

One of the biggest costs is the deposit to buy into a nursing home or other aged care facility, or budgeting for at-home aged care services.

Retiring early for disability

We don't always get to choose when we retire, depending on how healthy we and our family are. 1 in 5 Australians (21%) retire because they have an illness, injury, or disability (ABS), so having life insurance in your super can help. And nearly 1 in 10 females (8%) retire to care for an ill, disabled, or elderly person.

Contact

Want help deciding?

When it comes to making the most of your super, getting professional help makes all the difference.

How much do you need to retire?

Once you know how much industry experts say you'll need in retirement, you can budget for it and get your super on track to meet your retirement goals.

I don't have enough super - what do I do?

If you have a gap between what you'll have and what you might need, there are a number of ways you can grow your super before you retire.

Extra contributions

There are several different way you can add extra money to your super, including contributions from your pay, your employer, or the government.

Don't stop work all at once

A transition to retirement (TTR) strategy can help you build your super balance in your last few working years, using our Transition to Retirement (TTR) Income account. See the Getting Retirement Ready guide (pdf) for a case study on how transitioning to retirement might look.

Get more information

You can join other people in your situation at our member seminars/webinars, to get a complete checklist of what you can do now to be better off later.

Deciding how to grow your retirement savings will depend on your personal situation, so it's worth getting financial advice.


Retire with a fund you can trust

Our great range of award-winning retirement solutions is just one of the many reasons to retire with QSuper. Find out why thousands of Australians are enjoying retirement with us.

Transition to Retirement Income account

Ease into retirement and receive regular payments from your super while you're still working.

Find out more

Retirement Income account

Turn your super into a regular income, with the flexibility to make withdrawals when you need to.

Find out more

Lifetime Pension

Enjoy tax-free income payments for life and a potential boost to the Age Pension.

Find out more