how much will I need in retirement?

How much you need in retirement depends on the lifestyle you want. The Government Age Pension for 2023-24 pays around $27,664 a year for singles*. Sound like enough? Most of us feel we need more than that to live. That's where super comes in.

Nobody can predict the future, but you can prepare for it

One study estimates that a single person needs around $50,004 a year to live comfortably in retirement. And for a couple, it's around $70,482 a year.^ You can see there's a gap between what you'll get from the Age Pension and living comfortably.

This is where your super savings fit in, as it can act as a supplement to the Age Pension.

Watch the video:
How much super I do need, and when can I get it?

calculators

ASIC'S Moneysmart calculators can help you work out what sort of income you'd like, and how much you'd need to save to get there.

Budget calculator

Work out where your money is going with ASIC's MoneySmart Budget planner. Calculate my budget now

Superannuation calculator

Estimate what your balance could be at retirement with ASIC's MoneySmart Superannuation calculator. Calculate your future super balance

got a burning question about retirement?

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* Figure includes the pension and Clean Energy Supplements. Department of Human Services, September 2022

^ ASFA Retirement Standard, March 2023

Know you need more?

Every dollar you contribute can make a big difference over time. And there are different ways you can boost your super, depending on what suits you.

See your options