How much super should I have is a common question. But when it comes to how much super (or other savings) you’ll need for retirement there’s no single right number – because everyone’s retirement looks different. It depends what your big costs are likely to be, and what sort of lifestyle you want.
No matter what you want your retirement to look like though, here are some steps that will help you work out how much you need and if you’re on track.
- Decide on the retirement you want
- Work out how much super to aim for
- Check how your super balance is tracking
- Think about whether you need financial advice
1. Decide on the retirement you want
To get an idea of how much you might spend in retirement, you can check the following:
- The Association of Super Funds of Australia (ASFA) publishes a Retirement Standard, updated quarterly. It estimates how much you might spend in retirement, based on either a comfortable or a modest standard of living.
- Super Consumers Australia estimate low, medium and high levels of spending in retirement, based on Australian Bureau of Statistics data on retiree spending.
Both ASFA and Super Consumers Australia also estimate the amount you should be aiming to have in your super account (or saved somewhere else) when you retire, to support your retirement spending.
What’s a ‘comfortable’ retirement?
A comfortable retirement, according to ASFA, is about more than covering the basics. It means you enjoy a good standard of living and have money for:
- annual domestic trips and one overseas trip every seven years
- regular hobbies and social outings
- occasional restaurant and takeaway meals
- top level private health cover and unexpected medical costs beyond what Medicare covers
- a reliable car, petrol and maintenance
- home maintenance and appliance updates
- utilities like power, water, gas and council rates
- internet, phone, computer, and streaming services.
2. Work out how much super you should aim for
ASFA suggests what your super balance should be at age 67 for either a modest or comfortable retirement. It takes into account Age Pension, where applicable, and assumes you own your home outright unless noted.
| Estimate | Savings at age 67 (single person) |
| Comfortable retirement | $595,000 |
| Modest retirement | $100,000 |
| Modest retirement if renting | $340,000 |
| Source: ASFA’s Retirement Standard, accessed October 2025. You can read all the calculation assumptions on ASFA’s website. | |
Super Consumers Australia estimates your savings target at age 65. It takes into account the Age Pension, where applicable, and assumes you own your home outright.
| Estimate | Savings at age 65 (single person) |
| Low spending | $75,000 |
| Medium spending | $310,000 |
| High spending | $876,000 |
| Source: Super Consumers Australia, accessed October 2025. You can read all the calculation assumptions on the SCA website. | |
It’s important to say that these amounts are guides, not strict targets, as everyone’s situation is different.
3. Check how your super balance is tracking
How do real superannuation balances compare to the estimates above? The Australian Prudential Regulation Authority (APRA) tracks average super balances across age groups.
| Age group (years) | Average balance |
| 30–34 | $50,400 |
| 35–39 | $80,900 |
| 40–44 | $112,500 |
| 45–49 | $144,400 |
| 50–54 | $181,400 |
| 55–59 | $223,900 |
| 60–64 | $252,700 |
| Source: APRA Quarterly Superannuation Statistics, June 2025 | |
These are averages only. Some people will have more, others less. How does your super balance compare to your age group above?
Make a note to check your super at least once a year. Here’s a list of things to keep an eye on. If you don’t understand any details about your super account, call your super fund and ask questions.
4. Get financial advice if you need it
Planning for your retirement can be complex. Think about getting personalised advice from us can help you plan ahead.
Knowing how much super you need to retire, how your balance compares to others your age, and whether you’re on track for the retirement you want, is an important first part of planning your future.
Ready to plan?
Now you know what you’re aiming for, use the Moneysmart retirement planner to estimate:
- how much money you’ll have to spend each year once you retire
- how fees, investment options and contributions will affect your retirement income
You can also use the planner to test out different scenarios and work out how to grow your super.
For a more detailed idea of how much super you will have at retirement, contact us today.
Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://moneysmart.gov.au/plan-for-your-retirement/retirement-planner
Important note: This provides general information and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances before deciding what’s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. Past performance is not a reliable guide to future returns.
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