How much do I need to retire?

This is one of the most common questions we get asked at TelstraSuper. The answer however, is personal - what's enough for one person will differ for another.

A lady and a dog with illustration

The Association of Superannuation Funds of Australia (ASFA) provides a guide for how much a person needs for a modest or comfortable lifestyle in retirement. ASFA considers that a comfortable lifestyle in retirement means you can have an annual holiday in Australia, eat out, buy good clothes and own a reasonable car.

If this sounds like the future you’ve imagined, then it's a good starting point to working out what you'll need from your super. If you think you'll want to do more (such as travel overseas every year), you'll need to save more.

What does a comfortable retirement look like?

According to ASFA, a couple looking for a comfortable retirement will need $690,000^ saved in super and for a single person it’s $595,000. How much you’ll need will depend on when you want to retire and your annual income needs, as shown in the table below.  

ASFA comfortable retirement: age and annual income

Retirement age*

60 65
 Annual Income  
$25,000 $530,000 $465,000
$30,000  $635,000 $560,000
$35,000 $740,000 $655,000
$40,000 $850,000 $745,000
$45,000 $955,000 $840,000
$50,000 $1,060,000  $930,000
$55,000  $1,165,000 $1,025,000 
$60,000  $1,270,000  $1,120,000 

* Assumptions

  • single investor purchases a retirement income stream like TelstraSuper RetireAccess® and this is their only taxable income
  • investor doesn't convert any part of their income stream to a lump sum or make additional contributions after retirement
  • calculations are in year 2022 dollars based on a 'real' rate of return of 2.5% p.a. after 2.5% inflation (total return of 5% pa)
  • taxation has been taken into account on the basis that the payments from superannuation are not taxed after age 60
  • these amounts are within the annual income limits permitted by the Government
  • the figures in the table are based on a full financial year and are applicable at the commencement of an income stream
  • payments are indexed by 2.5% each year
  • Figures are rounded to nearest $5,000
  • lump sums represent amounts required today at these ages to provide the stated income to age 90 with no residual capital remaining. Future performance is not guaranteed. Figures are an estimate only.

Work out your super balance

See how your savings are tracking and get an estimate of your super balance at retirement.


Questions to ask yourself

Once you know how much money you'll need each year in retirement, you'll need to consider:

  • when you want to retire and how long your income needs to last
  • your tolerance to investment risk
  • whether you may be eligible for government assistance
  • other assets, and any lump sum withdrawals you are planning to take from your super.

3 ways to boost your balance

If you think you need to boost your super, there are a couple of simple things you can do:


Combine your money into one super fund

Investment Choice

Review your investment options

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^ASFA Retirement Standard –

Any general advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice on this website, you should consider whether it is appropriate to your individual circumstances. Before making any investment decision, you should obtain and read the relevant product disclosure statement which is available on the Website or by calling 1300 033 166 between 8.30 am and 5.30 pm (AEST) Monday to Friday. 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.