How much income is enough in retirement?

To achieve the retirement lifestyle you want, it's important to plan early, but figuring out how much income you will need in retirement will depend on specific wants and needs.


 Working it out

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  1.  How much is enough?

    The Association of Superannuation Funds of Australia Limited (ASFA) has a retirement budget guide, which is designed to help you figure out how much you may need to fund either a comfortable or modest standard of living in the post-work years.

    What is a 'modest' retirement lifestyle?

    Slightly better than the Age Pension, but still only able to afford the basics.

    What is a 'comfortable' retirement lifestyle?

    A 'comfortable' lifestyle is the retirement many of us wish for when thinking about our retirement. It enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasional international travel.

    learn about detailed budgets of what singles and couples would need to spend to support their chosen lifestyle ASFA Retirement Standard budget guide.

    While this budget guide is helpful, it’s important to remember that it’s designed to be a guide only, and you’ll need to consider your own needs, now and in the future.

    The Telstra Super Simulator can also help you estimate your total retirement income, including benefits you may receive from the Age Pension and any other investments or assets you may have outside of super.


    How does this compare to the Age Pension?

    The Age Pension provides income support for eligible older Australians, and while it can be a helpful supplement to your income in retirement, relying solely on the Age Pension is a big risk.

    learn more about Centrelink and retirement
    find how much Age Pension you may be eligible to receive.

  1.  Have you considered these?

    Once you know how much money you'll need each year in retirement, you can see what your end super balance might need to be and whether you are on track to meet your goal




    You should consider:

Do you have questions?

We'd love to hear from you! If you have questions or think you may need advice on how best to plan for your retirement, please call 1300 033 166 between 8.00am and 5.30pm (Melbourne time), Monday to Friday.