How much superannuation do I need?

How much super you’ll need to have saved by the time you retire will depend on:

  • your expectations for things like travel, eating out, and helping out children and grandchildren 
  • whether you’ll have any other income – such as if you plan to do part time or casual work
  • whether you have any debts that will continue after you’ve stopped working, such as still paying off your home loan.


To give a rough guide, the Association of Super Funds Australia (ASFA) has estimated that a comfortable retirement costs $41,169 a year for a single person and $56,317 a year for a couple.*

As a general guide, the table below estimates what approximate lump sum you would need to have saved to generate a certain level of steady income in retirement for 25 years from age 65 to age 90.^


Your annual retirement income target

Super lump sum target at retirement at age 65








In working out your super savings goal, don’t forget to add in any major one-off expenses such as extra money for aged care, a house renovation or a new car. (No allowance is made for such expenses in the lump sum targets above.) And if you think you’ll still have debt (like your mortgage) in retirement, factor in those payments too.

* ASFA Retirement Standard,, March Quarter 2013

^Uses MoneySmart retirement planner at Assumes a home-owning single person who retires at age 65 with funds invested in a ‘moderate’ option with an annual return of 6.40%. Retirement savings figures are rounded to the nearest $5,000. Annual income target includes the age pension. 


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