When can I retire with my retirement savings?

Determine whether you will have sufficient funds to live a comfortable life in the years to come.

Determine whether you will have sufficient funds to live a comfortable life in the years to come.

The amount of superannuation you'll need once you retire is entirely dependent on the kind of life you want to lead. If you own your own home, the rule of thumb is that you'll need two-thirds (67%) of your current income each year to maintain the same standard of living. This information can be found on the MoneySmart website, which is maintained by the federal government.

Alternately, you could make use of the Retirement Standard that has been developed by the Association of Superannuation Funds of Australia (ASFA). This standard provides an estimate of the amount of money the typical Australian would require to retire. The assumption underlying this benchmark is that you will be relatively healthy, will retire at the age of 65, and will own your home outright.


Modest spending
$ on an annual basis

Comfortable spending
$ on an annual basis

67 years old

Single $29,632
Couple $42,621

Single $46,494
Couple ,445

At the age of 85

Single $27,582
Couple $39,468

Single $43,638
Couple ,528

According to the ASFA Retirement Standard, based on the quarter ending in March 2022, if you own your home outright (don't have a mortgage) and are in good health, you can retire with the following amount.

Pension for Seniors

According to the Retirement Standard, if you are receiving the Age Pension but have not contributed to a retirement savings plan, you will need to live on a limited budget.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Lack of funds to repair either the home or the vehicle.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Possible need for assistance from the government with the electric bill

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Deals at the RSL club or inexpensive meals available for takeout

Modest retirement

In Australia, a modest lifestyle is regarded as superior to the Age Pension because it enables participation in fundamental activities.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Simple fixes for the vehicle and the house, but no major renovations

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Private health insurance on a fundamental level

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 One trip to Australia every year for vacation.

Comfortable retirement

In Australia, the comfortable lifestyle that is prevalent there makes it possible to participate in a diverse array of activities.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 A respectable automobile, as well as the ability to remodel the kitchen and bathroom

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Can manage the costs of running the air conditioner

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Restaurant dining

It is contingent on a variety of factors, including the following:

  • How many more years do you anticipate living?
  • Your financial situation
  • Your current abode
  • Aged care
  • Your health and the health of your family

You can get a rough estimate of the amount of superannuation you will need to retire at the age of your choosing by using the retirement planner calculator on the MoneySmart website. You can also check how much super you should have for your age, which will provide you with a general idea of how you're doing in terms of saving for retirement.

How much super do I need to retire podcast thumbnail

Watch this video to learn how much super you need to retire, as well as how to accumulate it.

Super Insider podcast

Listen in as Joshua van Gestel, our National Education Manager, and Anne Fuchs, our Head of Advice, do the math on how much superannuation you need for a comfortable retirement income. Determine what you can do right now to ensure that you will have enough in the future.


It's possible that you'll need more or less depending on where you want to live in retirement, whether or not you've already paid off your mortgage, and whether or not you intend to downsize.

Aged care facilities

One of the most significant upfront expenses is the down payment required to purchase a spot in a nursing home or other type of facility that provides elderly care, or the cost of planning for in-home elderly care services. Check out the MoneySmart website to get an estimate of how much money that might cost.

Due to a disability, taking early retirement

Sadly, one in five Australians (21%) retire due to an illness, injury, or disability (ABS), and nearly one in ten Australian women (8% of the total) retire in order to care for a sick, disabled, or elderly family member or friend. If something were to happen to you, having life insurance included in your super could help protect your family's financial stability.

Medical costs

It is important to be financially prepared for any major medical expenses that may arise during retirement, such as hip replacement surgery or other types of operations, because your health will likely undergo significant changes during this time.

Life expectancy

If you retire at the age of 60 and live to the average life expectancy in Australia (ABS), which is 85 for women and 81 for men, you will need money for approximately 25 years after you stop working. Utilize the QSuper Life Expectancy Calculator that we have available to get an estimate of how long you might live.

There are a lot of different ways that you can increase your superannuation before you retire if your current balance is lower than what you might require in retirement.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Find any super that has been "lost" and sent to the ATO, and combine all of your super from different super funds into a single super account.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 If you are able to do so, contribute additional funds to your retirement account.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 During your final few years of employment, you should make use of a Transition to Retirement (TTR) account to assist you in building up your superannuation balance.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Verify that we have your tax file number (TFN) stored in Member Online so that you are not subject to additional taxation on your superannuation.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 If you have a lower income, you may be able to get additional money from the government or, if you have a spouse, from that spouse if you are married.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Alter your investment strategy in order to broaden the range of possible returns on your money.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Check your level of coverage through Member Online and get "occupationally rated" to see if this will result in lower premiums for you.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Ensure that you are part of a retirement savings plan that charges reasonable fees and has a solid track record.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Repay any amount of superannuation you may have borrowed for COVID-19 or a first home.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 Attend one of our seminars or events with other people who are in a similar position as you are, and you will receive a comprehensive list of things that you can do right now to improve your situation in the future.

circle-check-solid-min.png?rev=4744bd4036f44ad5a364d84e87bc7e89 You won't have to pay extra for this one-on-one assistance in retirement planning because it's included in the price of your membership.

The amount of superannuation you'll need to retire when you're in your 50s is determined by a number of factors, including the kind of retirement lifestyle you envision for yourself, as well as your current and future health and other financial circumstances. Also, keep in mind that you won't be able to access your super after you turn 50.

According to the ASFA Retirement Standard Explainer, a couple will need 0,000 in super in order to have a comfortable retirement lifestyle, while a single person will need $545,000. A person who retires at the age of 50 and lives until the age of 85 will need money for 35 years of retirement, and they will need personal savings to live on until they are old enough to access their superannuation. This is something that should be kept in mind.

The amount of retirement savings you'll require if you plan to retire in your 60s is largely determined by the kind of retirement lifestyle you envision for yourself, in addition to the other considerations we've outlined above, such as your age, current state of health, and more. You can use the numbers that are listed above for the ASFA Retirement Standard as a guide to determine how much money you will need per year while you are retired.

It is important to keep in mind that you will no longer be eligible for the Age Pension once you reach the age of 60. As a result, you will need to ensure that you have sufficient retirement savings or personal savings to see you through until then.

Detailed Retirement Expense Breakdowns are a component of the ASFA Retirement Standard. These breakdowns provide an estimate of how much a married couple or a single person can expect to spend each week during retirement. The following is how they divide it up for the two age groups:


Modest lifestyle

Comfortable lifestyle


Single: $567 66/week
Couple: 6 49/week

Single: 0 68/week
Couple: $1,253 73/week


Single: $528 39/week
Couple: 6 10/week

Single: 5 98/week
Couple: $1,159 55/week

Why does Money Smart say that only two-thirds of your current income are necessary? How exactly does ASFA arrive at the monetary values that make up their Retirement Standard?

The two-thirds rule is a general guideline that is used throughout the financial planning industry. According to the government's Retirement Income Review (RIR), which was published in July 2020, this is still a good way to plan for your retirement. It is presumed that a person who is getting ready to retire already owns their home and has the majority of the possessions they will require. If you retire with an income that is two-thirds of what it was when you were working, you will be able to preserve the same level of comfort that you enjoyed when you were actively employed.

The ASFA Retirement Standard is a more complicated calculation, and you can check the line-by-line budgeting that they've used to decide how much retirees can expect to spend in both their Detailed Retirement Expenditure Breakdown and their Retirement Standard Explainer. Both of these documents can be found on the ASFA website.

According to the findings of the ASFA report titled "Spending Patterns of Older Retirees," as people get older, they frequently find that they are unable to continue participating in the same kinds of travel and recreational activities. As a result, they frequently spend much less money on vacations, transportation, and entertainment.

Canstar, SuperRatings, Chant West, and a number of other organizations have recognized the exceptional value provided by our pension fund product and have given it their highest possible awards and ratings. Try different things out until you find the one that works best for you.

You are either over the age of 65 or have reached the age at which you are eligible to receive your pension and are now retired for good.

When you reach retirement age, you will begin to receive periodic payments from your retirement fund.

You are: between the ages of 60 and 80 and have reached the point where you can no longer work.

You will receive payments that are exempt from taxation for the rest of your life, and you will have the option to combine them with an income account.

Compare the current status of your retirement savings to the amount you anticipate needing when you reach retirement age. Now is the time to check your super balance by logging in to Member Online.

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