Find out how much you might need for retirement

Planning your post-work life can raise many questions. One of the most common is ‘How much do I need for retirement?’

It would be helpful if there was a single dollar figure that applied to everyone, but the reality is it’s not that simple.

With the rising cost of living, many Australians are feeling unsure about whether they’ll have enough super to maintain the lifestyle they want.

We’re here to help you understand the latest estimates of how much you might need, check if you’re on track, and explore steps you can take to feel more confident about your super balance – and your future.

The results are in: retirement costs are rising

The Association of Superannuation Funds of Australia (ASFA) has a guide that estimates how much money Australians need to retire comfortably.

Known as the Retirement Standard, the latest figures released in June 2026 show that the super balances needed for a comfortable retirement have risen. For example, a single homeowner aged 65 and over may need almost $56,000 a year to support a comfortable lifestyle. This reflects increasing costs across everyday expenses, especially electricity, fuel, food, insurance and property costs.

For many Australians, this means needing more savings over time to maintain the same standard of living in retirement. The Age Pension alone may not keep pace with these rising costs, so super can play an important role in funding life after work.

Read our Cost of living in retirement page for the latest ASFA Retirement Standard estimates – showing how much a couple or single person might need for a modest or comfortable retirement, and details of expenses.

Why your retirement income needs might be different

As you start thinking about your ideal retirement, reviewing the Retirement Standard can give you a useful starting point. It can give you an idea of how much you might spend and on what.

But it’s a guide, not a rulebook. Your actual retirement budget will depend on what a comfortable lifestyle looks like for you. This is different for everyone. For example, while one retiree might plan an international holiday each year, that might not be a priority for you – so you don’t need to budget for it.

Your retirement budget, and the super balance you need to support it, will also be unique to your:

• Housing and related costs
• Health and age care needs
• Age and life expectancy
• Retirement plans – whether you keep working and for how long
• Other income and assets
• Relationship status

How to check that your retirement plans are on track

Regularly checking your position can help you understand where you stand and if there are opportunities to adjust your plans.

Retirement income calculator

If you’re retired or planning to retire in the next two years, you can use our Retirement income calculator to understand how long your super and other income sources could last, and how much you might be able to spend each year.

The calculator uses the modest and comfortable lifestyle budgets from the Retirement Standard to estimate how different expenses could impact your retirement income.

You can also create your own budget. As the Retirement Standard doesn’t reflect individual circumstances, creating your own budget can help you better understand your expected expenses in retirement.

Go to Retirement income calculator

Moneysmart’s budget planner can help you review your current spending and estimate future costs – but keep in mind that your budget is likely to change over time.

Retirement planning calculator

If you’re further from retirement, you can use our Retirement planning calculator. This calculator can help you estimate:

• How much super you could have by the time you retire
• How long it might last
• Whether you’re on track to achieve your desired income
• How changes, such as contributions or investment options, could affect your balance

Use our Retirement planning calculator

Another helpful resource is ASFA’s Super Detective showing how much super you should have today based on your age – but keep in mind that, like the ASFA Retirement Standard, this resource is best used as a general guide rather than a target.

What to do if you don’t have enough

If you’re not on the path to achieving the retirement you want, there are things you can do to help grow your super. You could:

• Make extra contributions to your super – there are several options for adding money to your super, each with their own benefits and eligibility requirements
• Attend a Retirement planning seminar to learn about your retirement options, including accessing your super and the Age Pension
• Book a Retirement Options Service appointment to speak with a retirement expert and get information that’s relevant to your specific situation

Next steps

Aside from using our calculators, it’s a good idea to log in to Member Online at least once a year to check your super balance, investment options and insurance cover.

Your super can play an important role in funding your lifestyle after you stop working. By staying engaged and reviewing it regularly, you can feel more confident about making the most of your retirement.