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how much is enough?


Retirement is the time to enjoy the fruits of your many years of labour, not a time to scrimp and save. You need to make sure you have enough savings in your superannuation to make your retirement a comfortable one.

Which raises the question: how much is enough? 

rule of thumb

The Financial Services Council believes most Australians will need around 62.5 per cent of their pre-retirement income to maintain their standard of living in retirement, multiplied by their life expectancy1. At this stage of life, you shouldn’t have children to worry about, may need one less car and tax won’t be as big a burden if you structure your finances correctly. What you have has to last you a lifetime.

budget to get it right

The Association of Superannuation Funds Australia (ASFA) publishes a Retirement Standard which estimates the annual budget of retirees based on their lifestyle.

These are the bottom line results of their 2012 research2:

modest lifestyle comfortable lifestyle
single couple single couple
weekly $432.26 $623.49 $788.02 $1,078.50
yearly $22,539 $32,511 $41,090 $56,236

It is worth using our budget calculator to work out how much you spend each year and compare this to ASFA’s budget breakdown.

try our calculator

You can also try our calculator to see how much you can spend in retirement and how long your funds may last.

And you will soon be able to answer: do I have enough?

Retirement Savings Gap at June 2011, Rice Actuaries for the Financial Services Council, March 2012. 
http://www.superannuation.asn.au/resources/retirement-standard

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