Grow your super
Top up while you're earning, to enjoy more in retirement. Adding extra to your super while you're working can help boost your income when you retire. One way to top up your super is through voluntary super contributions.
How much super do I need to save for retirement?
According to The Association of Superannuation Funds of Australia (ASFA), two-thirds of your current income (or 67%) is a general rule of thumb to maintain your lifestyle in retirement, assuming you own your home and are in reasonable health. You’re likely to need less money than you need now because when you retire, you’re not paying tax on your income or making super contributions, and you might have paid off your mortgage and other debt.
The ASFA retirement standard has a handy breakdown of expenses for a comfortable and modest retirement lifestyle (assuming you are getting the Age pension) and an estimate of the income needed to achieve this.
Superannuation balances required to achieve a comfortable retirement at age 67
| Couple | Single |
|---|---|
| $730,000 | $630,000 |
Superannuation balances required to achieve a modest retirement at age 67
| Couple | Single |
|---|---|
| $120,000 | $110,000 |
Want to crunch the numbers?
Use our retirement income needs calculator to guide you.
How should I budget for retirement?
The ASFA retirement standard estimates you’ll need between $35,503 pa for a modest retirement to $54,840 pa for a comfortable retirement income if you are single. For couples, they suggest $51,299 pa for a modest retirement to $77,375 pa for a comfortable retirement income*.
*as at December quarter 2025.
Are you on track? Use our calculator to see.
What’s the difference between a modest and comfortable lifestyle?
The ASFA Retirement Standards says that a modest retirement lifestyle is considered better than the Age Pension, but still only allows for the basics. 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.
| Comfortable lifestyle | Modest lifestyle | Age Pension |
| Own a reasonable car, car insurance and maintenance/ upkeep | Owning a cheaper, older, more basic car | Limited budget to own, maintain or repair a car |
| Home repairs, updates and maintenance to kitchen and bathroom appliances over 20 years | Limited budget for home repairs, household appliances | Struggle to pay for repairs, such as leaky roofs or major plumbing problem |
| Confidence to use air conditioning in the home, afford all utilities | Need to keep a close watch on all utility costs and make sacrifices | Limited budget for home heating in winter |
| Occasional restaurant meals, home delivery meals, take-away coffee | Limited meals out at inexpensive restaurants, infrequent home-delivery or take-away | Only local club special meals or inexpensive take-away |
Are there other ways to fund my retirement?
The money you’ll have at retirement is usually made up of a mix of your super, other investments and income you have, and for more than 60%* of us, the Age Pension.
Check to see if you’re eligible because it may help bridge the gap between what you have and the income you need.
*https://www.aihw.gov.au/reports/australias-welfare/income-support-older-australians
Let's look at your situation
Start your retirement planning in Australia with our retirement needs calculator. It can help determine your own budget and how much super you’ll need to achieve this lifestyle. Regularly keep track of your super to see how you’re tracking. If your super could do with a little TLC, it’s better to get onto it sooner rather than later. You can also consider adding extra to your super through concessional and non-concessional contributions or salary sacrifice while you’re still working to help boost your income when you retire.
Need a super health check? Book a chat with our super specialists.
Regularly keep track of your super to see how you’re tracking. If your super could do with a little TLC, it’s better to get onto it sooner rather than later. You can also consider adding extra to your super through concessional and non-concessional contributions or salary sacrifice while you’re still working to help boost your income when you retire.
Need a super health check? Book a chat with our super specialists.
More retirement needs explained
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How much super should I have at my age?
The amount of super you should have depends on your age and retirement goals. As a rough guide, ASFA data (October 2025) shows average super balances of: $55,690 (male) / $46,586 (female) at age 30–34; $193,501 / $147,146 at age 45–49; $395,852 / $313,360 at age 60–64. These are averages – the median is lower. Use our retirement needs calculator to see if you're on track for your target retirement age.
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Can I retire at 67 with $1 million in super?
Yes. According to the ASFA Retirement Standard, a comfortable retirement for a single person requires around $630,000, and for a couple around $730,000.
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What is a comfortable retirement income in Australia?
ASFA estimates that a comfortable retirement income is $54,840 per year for a single person and $77,375 per year for a couple (as at December quarter 2025). A comfortable retirement allows for things like a reasonable car, regular home maintenance, occasional dining out, and the confidence to use air conditioning. A modest retirement ($35,503 single / $51,299 couple) covers the basics but requires more careful budgeting.
Still have questions?
Retirement is different for everyone.
For confidence planning your retirement, book a chat with our super specialists.
Where to next?
Thinking about retirement?
Whether you plan to keep working or retire one day make sure you’re geared up to make the most of your super. We’re here to support you to prepare for the next phase with confidence and help you with any questions.
Be financially prepared for retirement
We all have grand dreams of retiring by the beach, seeing family more, or travelling around the world once we hang up our working boots for good. But, for most, retirement sneaks up on us.