How much super do you need to retire comfortably?
It depends on whether you own your home, what pension you’ll get, and how you want to live. The actual numbers are below. Your number will be different from the benchmarks.
You are not alone. A recent survey found that 21% of Australians say they will worry about retirement later, and 19% admit they have no idea where to start. Meanwhile, headlines regularly declare that you need $1 million in super to retire comfortably. The reality is far more nuanced, and for many Australians, the number is lower than you might expect.
This guide breaks down the latest retirement benchmarks, explains how the age pension interacts with your super, and outlines practical steps you can take right now to strengthen your position.
“You need $1 million to retire.”
For many Australians, the real number is lower.
How much super do the experts actually say you need?
$322,000 to $730,000
depending on whose yardstick you use and how you want to live.
ASFA Retirement Standard and Super Consumers Australia, February 2026. Single and couple, homeowners.
Two key organisations publish retirement income benchmarks in Australia, and they paint quite different pictures.
ASFA Retirement Standard
The Association of Superannuation Funds of Australia (ASFA) estimates the annual income and lump sum super balance needed for either a modest or comfortable retirement. These figures assume you own your home outright and are in good health at age 67.
A comfortable retirement under ASFA includes top-level private health insurance, a newer car, regular dining out, domestic travel each year, and an overseas trip roughly every seven years.
Homeowners with a part Age Pension. ASFA Retirement Standard, February 2026; Super Consumers Australia, medium spending.
Super Consumers Australia
Super Consumers Australia, a consumer advocacy group, takes a different approach. Rather than describing an aspirational lifestyle, they base their numbers on what Australian retirees spend, using Bureau of Statistics data.
Their finding sits well below ASFA’s comfortable number: a single homeowner retiree spending at a medium level needs much less in super than the comfortable benchmark suggests, with the couple figure higher again. The figure above sets the two approaches side by side.
How much will the Age Pension actually do?
About two-thirds of a medium retirement income, if your assets stay under the cut-offs.
Super Consumers Australia, medium spending level, single retiree.
Many Australians underestimate how much the age pension contributes to retirement income.
At the medium spending level estimated by Super Consumers Australia, roughly 67% of a single retiree’s income comes from the age pension. Your super supplements the pension rather than replacing it entirely.
At the medium spending level, two-thirds of a single retiree’s income comes from the Age Pension, with super topping it up. Super Consumers Australia.
However, eligibility depends on both income and asset tests. If your combined assessable assets (excluding your home) exceed these lines, you will generally not qualify for any pension in 2026:
Small differences in how you structure your assets, the timing of your retirement, and how you draw down your super can mean thousands of dollars a year in pension entitlements.
Why does the number keep going up?
Retirement is long. Retiring at 67 can mean funding income for 25 to 30 years, while the costs that hit retirees hardest rise faster than CPI.
Four forces, below.
Several factors are pushing recommended super balances higher than they were even five years ago.
Retire at 67 and your savings may need to produce income into your early or mid 90s.
Longer life expectancy
Australians retiring at 67 may need income for 25 to 30 years. Compared with a few decades ago, people are less likely to die in their 60s and 70s and more likely to live well into their 80s and 90s.
Rising living costs
The costs that hit retirees hardest, including insurance, utilities, council rates, healthcare, and groceries, have been rising faster than general inflation. The age pension is indexed to CPI, but retiree-specific costs have outpaced it.
Higher deeming rates
Recent increases to deeming rates mean your assessed income can rise even if your actual investment returns have not changed. This can reduce your age pension entitlement without your circumstances changing at all.
Housing uncertainty
All major benchmarks assume you own your home outright. The share of Australians aged 55 to 64 still carrying mortgage debt has tripled since 1990. If you are renting or carry a mortgage into retirement, you will need significantly more.
Where do real Australians actually stand?
$355,451
the average super balance at ages 60 to 64, among people with super. Below the benchmarks, on average.
ATO Taxation Statistics 2022-23, people with super.
The latest ATO data shows the average super balance for Australians aged 60 to 64 is $355,451 among people with super, and half hold less than $189,618. Most people approach retirement with less than the comfortable benchmark.
Black tick: the median, $189,618. Half of people hold less. ATO Taxation Statistics 2022-23, people with super.
The gender super gap remains significant at approximately 25%, driven by the pay gap compounding over a working lifetime and career breaks. Women also live longer on average, meaning their savings need to stretch further.
If your balance is below the comfortable benchmark, that does not mean a good retirement is out of reach. It means having a clear strategy is essential.
What can you actually do about it now?
Six things worth doing before the next financial year closes.
Work down the list. Most take an afternoon.
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Map your real spending.
What you spend now, minus work costs, is the real starting point. The free MoneySmart Retirement Planner helps.
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Find and combine lost super.
Multiple accounts can mean multiple sets of fees and insurance premiums. Consolidate through myGov.
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Top up before 30 June.
The 2025/26 concessional cap is $30,000. Unused caps from past years can be added if your balance is under $500,000, and 2020/21 amounts expire 30 June 2026.
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Check your Age Pension position.
Structure and timing can be worth thousands a year. Try the Age Pension Self-Check.
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Factor in your home.
Mortgage repayments belong in the retirement budget. Downsizing at 55 or older can add up to $300,000 per person into super.
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Get a personalised plan.
A personalised plan is worth more than any benchmark. The right strategy can make the difference, even if your balance stays the same.
There is no single number that works for everyone.
What matters most is not where you are today, but whether you have a plan to make the most of what you have.
in super with a well-structured drawdown strategy will likely live very comfortably.
faces different challenges that require different solutions.
Common questions
How much super do I need to retire comfortably in Australia?
ASFA’s February 2026 standard says about $630,000 for a single homeowner and $730,000 for a couple, both assuming you’ll get a part Age Pension. If you do not own your home, you will need significantly more, in the order of $300,000 extra to cover rent. Your actual number depends on what comfortable looks like for you.
Can I retire on $500,000 in super?
Yes, if you own your home and qualify for at least a part Age Pension. The combination of $500,000 in super and a top-up pension can produce around $50,000 to $55,000 a year for a couple. It gets tighter for singles or non-homeowners.
Is $1 million in super enough to retire?
For most Australians, yes, comfortably. $1 million invested in a balanced pension can generate roughly $50,000 to $60,000 a year over a 25-year horizon. You will often still qualify for a small part pension if your other assets are modest.
Should I include my home in my retirement savings?
For lifestyle calculations, no. Your home is where you live, not income. But it is exempt from the Age Pension assets test, which matters. Whether to downsize and free up capital is a separate question that depends on your situation.
How much super does the average 60-year-old Australian have?
Among people with super, the average balance at ages 60 to 64 is $355,451, and half hold less than $189,618 (ATO Taxation Statistics, 2022-23). Both sit well below the ASFA comfortable benchmark, which is why the Age Pension still plays a major role for most retirees.
General Advice Warning: This article contains general information only and does not take into account your individual objectives, financial situation, or needs. Before making any financial decisions, you should consider whether the information is appropriate for your circumstances and seek personal financial advice from a licensed adviser. Great Advice Financial Advisers is a Corporate Authorised Representative of Akumin Financial Planning Pty Ltd (AFSL 232706).
