How much super do I need to retire?
How much super do I need to retire?
It’s one of the most common questions people ask when planning for retirement – and while there’s no single ‘magic number’ that suits everyone, you don’t have to work it out on your own.
The amount of super you’ll need depends on the kind of lifestyle you want, how long you plan to be retired, and what other financial resources you have. We’re here to support you with information, tools, and resources to help you make informed decisions.
Questions to ask yourself
- When do I want to retire?
- How long do I expect to be retired?
- What does my ideal lifestyle look like?
- What other assets or income sources do I have?
‘Comfortable’ vs ‘Modest’: What’s the difference?
Once you’ve thought about the lifestyle you want in retirement, it helps to understand what that might cost. A common belief is that you’ll need one million dollars in super to retire comfortably – but for many Australians, that may not be realistic or even necessary.
According to the Association of Superannuation Funds of Australia (ASFA), Australians around the age of 65 who own a home and are in relatively good health will need the following amount of money each week and year in retirement.
| Lifestyle | Single | Couple |
| Comfortable |
$50,004 per year or |
$70,482 per year or |
| Modest |
$31,785 per year or |
$45,808 per year or |
A comfortable lifestyle means enjoying a broad range of leisure activities, travel, a reliable car, and private health insurance.
A modest lifestyle covers the basics, offering a standard slightly above the Age Pension.
A simple rule of thumb
Following MoneySmart’s rule of thumb may be helpful: If you own your home, you’ll generally need around two-thirds (67%) of your pre-retirement income to maintain your current lifestyle in retirement.
So, if you earn $75,000 a year before retiring, you’ll likely need about $50,000 a year in retirement. If you’re happy to live more modestly, you may not need as much as this rule of thumb requires.
How much super will you have?
Your future super balance depends on a few key things:
- Your current super balance – Check your latest statement or log in to view your account.
- Super contributions – Employer contributions (usually 12%) plus any extra you add can continue to grow your balance.
- Investment choices – Your selected options can impact how your super grows.
- Retirement age – The longer you work, the more time your super has to grow.
Other factors like fees, market performance, and inflation also play a role.
Want a clearer picture?
Use our Retirement Income Calculator to estimate your retirement income and see how small changes today can make a big difference later.
Ways to boost your super
If your projected balance isn’t quite where you’d like it to be, the good news is there are simple ways to grow your super over time.
Need help planning?
Everyone’s situation is different. If you’re unsure where to start or want to explore your options, talking to a licensed financial planner can help you make confident decisions.
Want to learn more about retirement planning?
Are you thinking about retirement? Whether the big day’s five years or one year away, it’s time to take action to get yourself on the right track for a well-planned, comfortable future.
