New analysis has revealed the superannuation balance Australians need to retire comfortably, and the figures are more achievable than many expected.
According to the latest numbers from Super Consumers Australia, the required savings have risen slightly due to inflation — yet millions of Australians may already be closer to their goal than they think.
The research shows the average single homeowner would need around $322,000 in super at age 65, while a homeowner couple would need about $432,000 combined.
These estimates are among the lowest within the industry and show only a small increase from last year.
How Much Income These Retirement Targets Provide
Under this “medium” standard:
- Singles could spend $1,690 per fortnight (approximately $44,000 per year).
- Couples could spend around $2,460 per fortnight (roughly $64,000 per year).
Super Consumers Australia deputy CEO Dr. Katrina Ellis said many Australians may not realise they are already tracking well.
“For many people, this is positive news — understanding your Retirement Super Target helps you balance your lifestyle today with your financial wellbeing in retirement,” she said.
These estimates are based on spending data from the Australian Bureau of Statistics and assume retirees own their home outright and receive the Age Pension.
High And Low Retirement Standards: How Much Super You Need
Super Consumers Australia outlined three levels of retirement — low, medium, and high — all based on real spending habits.
High Retirement Standard
To enjoy a more comfortable lifestyle:
- Singles would need $891,000, allowing $2,350 per fortnight (about $61,000 annually).
- Couples would require $1,216,000, enabling $3,420 per fortnight (around $89,000 a year).
Low Retirement Standard
For a more modest lifestyle:
- Singles would need just $74,000, giving them $1,230 per fortnight (around $32,000 annually).
- Couples would need $99,000, providing $1,810 per fortnight (about $47,000 per year).
How Do These Figures Compare With ASFA?
Super Consumers Australia’s targets are significantly lower than the projections from the Association of Superannuation Funds of Australia (ASFA).
ASFA’s “comfortable” retirement benchmark assumes retirees need:
- $53,289 per year for singles
- $75,319 per year for couples
Under their models, this would require:
- $595,000 in super for singles
- $690,000 in super for couples
Experts believe ASFA’s estimates reflect a higher standard of living than what most Australians experience during retirement.
Why Australians Should Calculate Their Own Retirement Targets
Super Consumers Australia encourages individuals to create a personal retirement target using these figures as a guide. A realistic budget can help you estimate how much you might spend in retirement.
Useful tools include:
- MoneySmart Budget Planner
- MoneySmart Retirement Planner
- Super fund retirement income calculators
Comparing your expected retirement income with your anticipated expenses can reveal whether you are on track, or if you need to adjust your strategy. For personalised guidance, speaking with your super fund or a licensed financial adviser may help.
Dr. Ellis also highlighted the need for clearer information from the super industry.
“Some funds are excellent at breaking down retirement projections, while others make it difficult. We want all funds to provide straightforward income estimates to help Australians plan confidently,” she said.
Australia’s latest superannuation findings show that achieving a comfortable retirement may be easier than many people assume. With the median retirement targets sitting well below previous industry benchmarks, both singles and couples may already be progressing toward a secure future without realising it.
By understanding your super balance, analysing your expected spending, and using trusted budgeting tools, you can create a personalised roadmap tailored to your lifestyle.
Clearer projections from super funds and informed decision-making can help Australians strike the right balance between living well now and preparing for financial stability later in life.
FAQs
Why are Super Consumers Australia’s retirement targets lower than ASFA’s?
Their estimates are based on actual ABS spending data and assume homeownership and access to the Age Pension, resulting in more modest but realistic lifestyle assumptions.
Do I need to own my home to meet these super targets?
Yes. The calculations assume retirees own their home outright. Renters generally need significantly higher savings.
How can I check if I’m on track for retirement?
Use tools like MoneySmart, your super fund’s retirement calculator, or consult a financial adviser to compare your projected income with your expected spending.