How much will you need?


You know you need to set aside money for your retirement. But, how much is enough? The answer depends on many different things, such as how much income you want and the sort of retirement lifestyle you’re hoping for.

Living costs in retirement

The Age Pension pays $35,573.20 a year for couples, but a lot of us would like more than that to have the retirement lifestyle we want.

The Association of Superannuation Funds of Australia (ASFA) gives a useful benchmark for how much average Australians will need: A couple looking for a ‘comfortable’ retirement needs to spend $60,264 a year, while a ‘modest’ retirement lifestyle will cost $39,353 a year. These figures assume that you’ll own your own home and include costs for healthcare, bills and household goods.

Take a look at what a comfortable and modest lifestyle looks like.

Setting your retirement goals

When planning your retirement, think about:

  • when you plan to retire
  • how long you’ll be retired
  • whether you’ll have other income
  • what government benefits you could receive.

Also think about the sorts of activities you want to pursue, whether it’s spending time with family and friends, working around the house or garden, enjoying your hobbies, taking holidays or doing some further education.

Tools and resources

Use these tools and resources to help you make decisions and work out how much you’ll need:

You can also use the:

How to reach your goals

Once you’ve worked out the kind of lifestyle you’d like and how much you’ll need you can take steps to ensure you’ll have enough to achieve your goals.


In your budget, you might factor in paying off debts, increased health care costs as you get older, funding your hobbies and interests, making home improvements, and upgrading your car. Depending on your situation, some of the expenses that may decrease or disappear are mortgage repayments and school fees.

Save for retirement

There are plenty of things you can do to achieve the goals you’ve set for your retirement.

Read our tips for maximising your super or get some advice from a qualified financial adviser, who can help you plan your retirement based on your finances, needs and goals.