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Find out if you'll have enough for a financially secure future
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.
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.
ASFA Retirement Standard, based on the March 2021 quarter, if you own your home (no mortgage) and are relatively healthy.
The Retirement Standard describes living on the Age Pension alone as allowing for a budget lifestyle.
A modest lifestyle in Australia is considered better than the Age Pension and allows for basic
A comfortable lifestyle in Australia allows you to be involved in a wide range of activities.
The numbers below from the ASFA Retirement Standard assume you retire at age 65, own your home (no mortgage), and are relatively healthy.
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.
Use our calculators to see how much income you're likely to get from your super and the Age Pension when
Check how much super you're on track to have when you retire.
See how using a combination of products may work for your retirement.
Find out how long you're likely to live - this will affect how much super you'll need.
There are a few things you should think about when choosing when to retire.
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.
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.
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.
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.
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.
When it comes to making the most of your super, getting professional help makes all the difference.
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.
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.
There are several different ways you can add extra money to your super, including contributions from your
pay, your employer, or the government.
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.
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.
Our great range of award-winning retirement solutions is just one of the many reasons to retire with
QSuper products. Find out whether you're eligible to become a QSuper member.
Ease into retirement and receive regular payments from your super while you're still working.
Turn your super into a regular income, with the flexibility to make withdrawals when you need to.
Enjoy tax-free income payments for life and a potential boost to the Age Pension.