Read time iconReading time:

The main question really is: how much you will spend each year during retirement?

We all want to know, with as much certainty as possible, how we can best prepare for retirement by the time we reach a certain age – at 60? 65? 70? Your superannuation needs depend on your personal circumstances, the type of lifestyle you want to enjoy, and how long your money needs to last.

Here are the basics to help you figure out how much super you need to retire. Knowing what you're aiming for can help give you peace of mind as you take actions to build toward a comfortable retirement. Also, it can help you make the decisions to try increase your balance faster.

How much will you spend each year in retirement?

This table shows the estimated amounts that people will typically spend each year in retirement. Please note, the numbers in this table are for retirees who own their own home.

Modest lifestyle

Single Couple
$32,915.00 per year $47,387.00 per year

Source: ASFA Retirement Standard for around age 65-84, March Quarter 2024

The full Age Pension doesn't currently provide these modest amounts, but super can help bridge the gap.

Super and the Age Pension

Another crucial point is that super and the age pension are not necessarily alternatives to each other. This means that you may not have to choose between the two.

You may be able to have more income from super and still keep the full government Age Pension because Centrelink calculates income using a system called deeming.

General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at