Understanding how much you'll need
When you retire, you may rely on more than one source of income including super, personal investments and the government Age Pension.
The amount of annual income you'll need in retirement is completely personal. It depends on the lifestyle you want after you stop working.
To provide some guidance, your lifestyle in retirement could be categorised as modest or comfortable. According to The Association of Superannuation Funds of Australia (ASFA), a modest retirement lifestyle is described as better than the Age Pension, but you would still only be able to afford fairly basic leisure activities. A comfortable retirement lifestyle however, gives retirees the opportunity to enjoy a wide range of leisure activities as well as a good standard of living.
Is your super on track?
To live comfortably in retirement, ASFA believes a single person would need about $43,538 pa and a couple would need around $59,808* pa.
Do you have enough super? Use our super and retirement calculator to see how long your super will last in retirement.