How much money will you need?


The answer isn't always clear-cut. Here are a few things you should consider.

The Association of Superannuation Funds of Australia (ASFA) is the peak policy, research and advocacy body for Australia's superannuation industry. Its quarterly Retirement Standard report details the annual budget needed by Australians to fund a modest retirement and a comfortable retirement.

A modest retirement is considered better than the Age Pension with provisions for basic activities only.

A comfortable retirement incorporates a broader range of activities and provides a good standard of living.

For more information, download the full report from the ASFA website or check out ASFA's consumer website, Super Guru.

You will also find a break-down in the table below.

ASFA Retirement Standard


Comfortable lifestyle Modest lifestyle
Single $43,901 a year
$844.25 a week
$27,987 a year
$538.21 a week
Couple $62,083 a year
$1,193.90 a week
$40,440 a year
$777.69 a week

Top tips


The MoneySmart website provides the following tips to help you save money and stay on track:

  • set goals to determine where your money should go
  • make a list of your regular expenses and spending habits
  • look for opportunities to save - and start saving now
  • set aside money for emergencies
  • contact a financial expert or counsellor.

If you are feeling overwhelmed by money or personal issues, MoneySmart has collated a list of resources to help you.

Read more here.

Are you retirement ready?


Knowing when to retire is a major life decision. Our retirement readiness quiz and library of resources can help you out.

Learn more here.

Other considerations


The ASFA Retirement Standard is only a guide. You may want to fund a more lavish lifestyle. 

In this case, there is a temptation to chase higher investment returns. This means higher risk. 

If you are close to retirement, you may decide to change your investment approach to something more conservative, or shift some of your money to a term deposit or similar product. This may help preserve your savings in the event of market instability or a crash (for example, the Global Financial Crisis or the COVID-19 Financial Crisis).

However, everyone has a different appetite for risk. We recommend talking to a qualified financial adviser before switching investments or making a financial decision.

National Seniors - advocating for all older Australians


We are calling for a retirement system that provides certainty for older Australians so they can plan for, and enjoy later life. That includes the establishment of an Independent Tribunal to set deeming rates and the Age Pension.

The question, "How much money will I need?" should not instil fear in any Australian. We want a retirement income system that is fair, sustainable and adequate for all. 

You can help out by joining our campaign.

Learn more

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