How much do I need each week for a comfortable retirement?

February 13, 2022

How much you'll need when you finish working is a personal figure which will vary from person to person. But to give you an idea, we've laid out the expenses you may need for a comfortable standard of living including a broad range of leisure and recreational activities. How much did you guess for a weekly budget? Have a look below to see how close you are.

 So, how much do I need?
Keep in mind the figures below assume that you own your home at retirement and are in relatively good health*. 

 House hold Expense Average weekly expense
comfortable couple		 Average weekly expense
comfortable single
 Housing - ongoing only  $129  $124
 Energy  $53  $43
 Food  $216  $124
 Clothing  $51  $27
 Household goods and services  $96  $78
 Health  $199  $106
 Transport $173  $160
 Leisure  $295  $196
Phone and internet  $29  $22

 Total per week

 $1,241

 $880

Will I always need this much?

It’s worth knowing that your living expenses tend to reduce as you get older. Your peak spending years are likely to be in early retirement when you might be travelling, socialising and taking on new activities. 

As you get older these costs tend to change as we are likely to spend less on transport, entertainment and travel but more on support and medical expenses. 

Worried your won't have enough money at retirement?

  1. Figure out how much is currently in your super savings and consider any other assets you might have. Check out your super balance in retirement in your SuperOnline dashboard which will show you whether you are likely to reach your retirement income goals.
  2. Budgeting for everyday life and saving for retirement can be challenging, but TelstraSuper Financial Planning can help you. They can sit down and go over the good and bad debt and how to get your finances sorted. If you'd like to speak to an Adviser call us on 1300 033 166 or fill in our online contact form.
  3. Consider topping up your super. Here’s five ways you can add more to your super.

 

 

*For retirees aged 65-84. ASFA Retirement Standard December 2021 2202-ASFA_Retirement_Standard_Budgets_Dec_2021_quarter (superannuation.asn.au)
Any general advice has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances. Before making any decision, you should obtain and read the relevant Product Disclosure Statement and Target Market Determination or call us on 1300 033 166 for copies of these documents. You may wish to consult an adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.