How much super do I need?
How much super you'll need in retirement depends on the lifestyle you want. According to the government's MoneySmart website, 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. This standard assumes that you retire at age 65, own your home (no mortgage), and are relatively healthy.
($ per year)
($ per year)
Couple $42,621
Couple $65,445
Couple $39,468
Couple $60,528
Source: ASFA Retirement Standard, based on the March 2022 quarter, if you own your home (no mortgage) and are relatively healthy.
What it's like to retire in Australia
Age Pension
The Retirement Standard says if you're on the Age Pension with no super, this means a budget lifestyle.
No budget to repair home or car
May need government help with electricity bill
Specials at the RSL club or cheap takeaway meals
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
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
How do I figure out how much super I need?
It depends on a range of factors, including:
- How long you expect to live
- Your financial situation
- Where you live
- Aged care
- Your and your family's health.
The MoneySmart retirement planner calculator can give you a rough estimate of how much super you would need to retire at the age you want. And you can also check how much super you should have for your age to give you a rough guide about how you're tracking.
What do I do if I don't have enough super to retire?
If you have a gap between your super balance and what you might need, there's so many ways you can grow your super before you retire.
Find any "lost" super that's been sent to the ATO, and combine all your super from multiple super funds into one super account.
Add extra money to your super if you can afford to.
Use a Transition to retirement (TTR) account to help you build your super balance in your last few working years.
Frequently asked questions
Why does the amount I need get smaller each year as I get older?
ASFA's (Spending patterns of older retirees report) found that as people age, they're often not able to keep doing the same types of travel and recreational activities, so they often pay a lot less for holidays, transport, and entertainment.
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Transition to retirement income account
You are: At the age you can get your super but not yet retired.
You get: Regular payments from your super while still working.
Retirement income account
You are: Aged 65 or over, or you've reached the age you can get your super and permanently retired.
You get: Regular payments from your super when you retire.
QSuper Lifetime Pension
You are: Aged from 60 up to your 80th birthday and permanently retired.
You get: Tax-free payments for the rest of your life, and you can combine with an income account.
How's my super tracking?
Check where your super is tracking now compared to how much super you'll need in retirement. Log in to Member Online now to find out your super balance.