How Much Super Do You Need To Retire
Summary: To achieve a comfortable retirement, homeowners generally need $630,000 (singles) or $730,000 (couples) by age 67. Renters require significantly more. Most Australians use a mix of super and the Age Pension. Boosting contributions now and minimising fees are the most effective ways to bridge savings gaps.
Note: This article references the latest figures released by AFSA on 23rd Feb 2026.
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Introduction
If you’ve ever googled “How much super do I need?”, you’ve probably seen a dozen different numbers. The truth is that the right amount of super for retirement depends on each querying person’s lifestyle, housing, when they plan to stop work, and how much Age Pension they are likely to receive. That said, benchmarks are still useful because give you a rough idea, help you figure out if you’re lagging or well-placed, and stop you from sleepwalking into retirement with the wrong assumptions.
For Australians who own a home, the ASFA comfortable benchmark at Age Pension age (67) states that $630,000 is the benchmark for singles and $730,000 for couples, assuming a part Age Pension will top up your income.
How Much Super Do You Need at 67 in Australia?
These are the most widely used targets based on ASFA and other independent benchmarks (assuming you own your home).
| Lifestyle target (age 67) | Single | Couple | Income mix |
|---|---|---|---|
| Comfortable | $630,000 | $730,000 | Super + part Age Pension |
| Modest | $110,000 | $120,000 | Super + full or part Age Pension |
| Modest if renting | $340,000 | $385,000 | Super + full or part Age Pension |
Why do renters need more super before retirement? ASFA’s modest target for renters is $340,000 (single) and $385,000 (couple), which is roughly $240,000–$285,000 higher than the modest homeowner benchmark. The stark gap is because of the cost of housing.
What Does a Comfortable Retirement Look Like?
Comfortable retirement, as explained by Moneysmart, generally means a good standard of living with decent private health cover, regular hobbies and social outings, a reliable car, home upkeep, and holidays (including an overseas trip about every seven years).
Modest retirement covers the basics and small comforts, but with tighter discretionary spending. It is better than the Age Pension alone, but not luxury.
How Does the Age Pension Change the Super Balance You Need?
For most Australians, retirement income is a blend of super and government support, not super alone.
Maximum Age Pension rates (as of 1 July 2025) were $1,114.40 per fortnight (single) and $840.80 per fortnight each for couples (combined $1,681.60).
Eligibility is means-tested:
- Assets test limits include a full pension assets limit of $314,000 (single) and $470,000 (couple), with higher cut-offs where payments stop.
- Under the assets test, there is a taper rate. Payments generally reduce by $3 per fortnight for every $1,000 above the relevant threshold.
The Age Pension acts as a longevity buffer. If you live longer than expected or markets have a rough patch early in retirement, the pension can play a bigger role later.
What Variables Impacting Your Superannuation Retirement Target?
Your retirement balance is based on your lifestyle choices and economic variables. Understanding these levers allows you to adjust your strategy early and ensure your superannuation aligns with your long-term expectations for financial independence and security.
Retirement Age
Retiring earlier can push your required balance up fast because you’re funding more years yourself and may have a gap before Age Pension starts at 67. Even a few years makes a difference.
Home Ownership
Housing is the biggest swing factor. ASFA’s renter targets show how quickly the numbers climb when rent is part of your weekly budget.
How Long You Might Live
Planning to at least age 85–90 is common in retirement modelling. Longer life expectancy usually means:
- lower annual withdrawals
- higher starting balance
- careful investment and risk settings
Fees, Investment Settings, and Withdrawals
Fees may seem small until they run for decades. As a simple illustration, on a $200,000 retirement balance, paying 1% p.a. more in fees could mean roughly $100,000+ less over 20 years (depending on returns and withdrawals).
How to Boost Your Super Balance Before Retirement
If you’re behind your target, increase what goes in, reduce what leaks out, and avoid mistakes that are hard to unwind later.
Make Extra Contributions
If cashflow allows, even modest voluntary contributions can add up over time thanks to compounding.
Consider Salary Sacrifice or Personal Deductible Contributions
These can be tax-effective for many people, but contribution caps and eligibility rules apply, so it’s worth getting advice first.
Use Contribution Splitting for Couples
Contribution splitting can shift up to 85% of concessional contributions to an eligible spouse (subject to rules). This can help balance retirement savings between partners and can also support Age Pension planning later.
Check Spouse Contribution Opportunities
If you contribute to your spouse’s super and they meet the conditions, you may be eligible for a spouse contribution tax offset of up to $540 (rules and thresholds apply).
Review Fees, Performance, and Duplication
Use this checklist:
- Check fees on your investment option.
- Check performance over a meaningful timeframe.
- consolidate multiple accounts (after checking insurance and benefits).
- Confirm you’re receiving the correct employer super contributions (the Super Guarantee rate is 12%).
Do You Have Enough for a Comfortable Retirement?
Moneysmart’s Retirement Planner can model your retirement income and show how fees, contributions and investment settings change outcomes. ASFA Super Balance Detective can give a quick benchmark by age.
Conclusion
Benchmarks are good. A personalised plan is better. If you’re a wealth builder, pre-retiree or retiree in the Sutherland Shire or Sydney CBD and you want a clear read on your position, book a 15-minute no-obligation call with James Hayes. We’ll talk through your goals, likely retirement income mix (super + Age Pension), and the next few moves that can make the biggest difference.
FAQs
Can I retire with $500,000 in super?
Often, yes, particularly if you own your home and qualify for at least a part Age Pension. Your spending level matters more than the headline balance. Many people with around this amount live somewhere between a modest and comfortable lifestyle depending on fees, withdrawals, and housing costs.
What is the Rule of 25 for retirement?
It’s a quick estimate for self-funded retirement. Take your desired annual spending and multiply it by 25 (some people use 30 for a more cautious buffer). It’s a guide only, not a guarantee, and it doesn’t replace personalised advice.
When can I access my super?
Access to super is tied to preservation age (55–60 depending on birth year) and a condition of release. You can also generally access super at 65, even if you haven’t retired.
Also read: Amount Aussies need to retire comfortably hits all-time high - News.com.au 24th Feb 2026
Disclaimer
The information in this article is provided as a general guide only. It does not constitute personal financial advice and should not be relied upon as such. Readers should seek advice from a licensed financial adviser before making any financial decisions. James Hayes and his associated entities accept no responsibility or liability for any loss, damage, or action taken in reliance on the information contained in this article. Links to third-party websites are provided for reference purposes only. We do not endorse or guarantee the accuracy of their content.