How much do you need for your retirement?

There are a number of things to think about when it comes to answering the question ‘how much super do I need to retire?’.  These things can include:

  • What are your lifestyle expectations in retirement?
  • When do you want to retire?
  • What are your sources of income?

Everyone has different needs in retirement, so it is important to consider your needs and start to plan for your retirement.

The Association of Superannuation Funds of Australia (ASFA), has recently released updated figures that estimate that an Australian around the ages of 65 and 85 who own a home and are in relatively good health will need the following amount of money each year in retirement.

Annual Budgets for various households and living standards for those aged around 65*


Annual Budgets for various households and living standards for those aged around 85*


* ASFA June 2023 quarter

The modest retirement standard budgets for a retirement lifestyle that is slightly above the maximum Age Pension and allows retirees to afford living essentials, as well as basic health insurance and infrequent exercise, leisure and social activities with family and friends.

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

It is important to note, that both the comfortable and modest lifestyles are above the maximum income generated by the age pension.

These figures have increased from those released in June 2022 by around 6.1%.  The rising cost of living pressures are having a direct impact on retirement income needs and make it more important than ever for you to think about your retirement income needs.

For detailed information on what an individual or couple with a ‘modest’ and/or ‘comfortable’ income in retirement can afford, download the ‘Detailed Retirement Expenditure Breakdowns’ document from the ‘ASFA Retirement Standard’ page.


Everyone has different needs and requirements, so retirement will look different for different people. 

The important thing is to plan for your retirement so you are able to have the lifestyle that you want in retirement.  The sooner you start planning the better.

Our retirement planner calculator can help start you on the journey of planning for your life in retirement.

Issued by Diversa Trustees Limited (ABN 49 006 421 638), (AFSL No 235153).

This article is general advice only and does not take into consideration your personal objectives, financial situation or particular needs. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.