How much do you need to retire comfortably in Australia?

From a modest lifestyle to a comfortable retirement, learn how much super you need to retire your way.

How much super do you need to retire?

Determining the adequate amount for retirement hinges on various factors, including your desired lifestyle, future plans, and the duration of your retirement years. Additionally, forecasting your retirement savings relies on factors such as your current income, superannuation balance, and assets. Ultimately, the amount of superannuation required for retirement is tailored to the lifestyle you aspire to. Fortunately, there are multiple methods available to calculate this figure.

ASFA Retirement Standard

Use estimates provided by the Association of Superannuation Funds of Australia (ASFA), which outline the required retirement income for an average Australian seeking either a modest or comfortable lifestyle.

Source: ASFA Retirement Standard, based on the December 2023 quarter, if you own your home (no mortgage) and are relatively healthy.

What else affects how much super I need to retire?
Your health and preferred location significantly influence the amount of funds necessary for retirement in Australia.

How long you expect to live

If you retire at 60 and live the average lifespan in Australia, you’ll need money for around 25 years (ABS, 2022).

Housing needs

The amount of money required for retirement can vary depending on your preferred location, whether you own or rent your accommodation, and whether you plan to downsize.

Aged care options

One of the most significant expenses in retirement is the deposit for an aged care facility. Additionally, you may need to allocate funds for at-home aged care services.

The Age Pension and other income

Consider potential Age Pension or other government benefits, as well as income from investments, casual work, or other savings, when planning for retirement.

Medical costs

Ensure you’re financially prepared for significant health expenses that may arise during retirement, such as hip replacement surgery or other medical procedures.

Retiring early due to disability

Over 10% of Australians retire because they have an illness, injury, or disability (ABS, 2020-21). Having life insurance in your super can help protect your family’s finances.

Interested in learning more about SMSF loans to ensure a comfortable retirement in Australia? Speed Lending is dedicated to guiding you through the process every step of the way. To explore your options, feel free to contact us at 02 9758 2182, email us at, or simply fill out our online form.

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