How Much Super Do I Need To Retire?

How much is ‘enough’, is different for every individual. It's essential to recognise that each individual's financial needs and lifestyle aspirations are unique. What constitutes a comfortable living for one person might differ vastly for another. Guidelines can provide a foundational perspective, personalising your retirement planning based on your unique circumstances and aspirations is paramount.

Modest retirement yearly income

According to ASFA’s retirement standard “A modest retirement lifestyle is considered better than the Age Pension, but still only allows for the basics”. 

This translates into: 

Single income: $32,665.66 

Couple income: $46,994.28

Comfortable retirement yearly income

A comfortable retirement is described as follows:

“A comfortable retirement lifestyle enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.” 

ASFA description of comfortable retirement translates to:

Single income: $51,278.30

Couple income: $72,148.19

So how much super would you truly need to achieve these standards? 

Modest retirement

Singles: $100,000

Couples: $100,000

Comfortable retirement

Singles: $595,000

Couples: $690,000

It is worth noting that couples aged between 60-64 years old have on average a combined superannuation balance of $721041. 

The average balance is influenced by people with large balances, such as high earners and people who have simply contributed a lot to their superannuation fund.

Want to see how you super stacks up?
This article, comparing ASFA and ATO data will inform you of recommended superannuation balances based on your age group. 

What can you do if you are behind? 

If you’re looking at your super balance and think your balance could do with a boost, here’s some things you could consider doing:

• Regularly compare your superannuation funds performance with the market.
• Consolidate your superannuation accounts.
• Start contributing early, regularly and add more super if you can.
• Check in with your investment options over time.