Estimate your retirement needs – easily

Whether your ideal retirement means long lunches with friends, exploring new places or simply enjoying more free time, the first step is knowing how much you’ll need to make it all happen.

Working out how much is enough for retirement depends on many factors, such as your lifestyle, plans for the future, and the number of years you’ll spend retired. Additionally, estimating how much you’ll have when you plan to retire depends on factors such as your current salary, super balance and assets. It’s a concern shared by many – in fact, recent AMP research shows that two in three (68%) Aussies under 40 say they need more wealth to feel financially confident about retirement, while less than one in 12 (8%) feel financially secure and independent¹.

Read on to see what the standard retirement looks like in Australia, and how you can estimate how much you’ll need and have with our calculator tools.

How much is actually enough for retirement?

There’s no magic number for everyone, but to give you a starting point, the Association of Superannuation Funds of Australia (ASFA) develops guidelines to objectively outline the annual budget needed by the average Australian to fund a comfortable standard of living in their post-work years.  

As of the June 2025 quarter, ASFA estimates that Australians aged between 65-84, who are in relatively good health, will need the following amount of savings required in the superannuation balances at retirement²: 

^{_{Note: The lump sum estimates prepared by ASFA take into account the receipt of the Age Pension both immediately and into the future. The Age Pension is adjusted regularly by either the increase in the CPI or by a measure of wages growth, whichever is higher. The ASFA lump sum figures are therefore not updated quarterly. All figures in today’s dollars using 2.75% AWE as a deflator and an assumed investment earning rate of 6 per cent.}} 

Breaking this down into weekly and yearly budgets, ASFA suggests retirees will need the following³: 

• Modest lifestyle: Covers basic living costs and a few extras – better than just the age pension.

• Comfortable lifestyle: Allows for a good standard of living, social activities, and some travel (yes, even the occasional international trip!).

• Renting in retirement: For renters, a “modest” standard of living is used, as it more accurately represents the typical lifestyle for those who haven’t purchased a home during their working lives⁴.

Tip: Everyone’s ‘comfortable’ looks different. Use these numbers as a guide, then tailor your plans to your own goals.

What are your retirement lifestyle expectations?

Ultimately, how much money you'll need for your own retirement is very personal, and will depend on your own situation, wants, needs and lifestyle expectations. It may help to factor in your day-to-day spending habits, your recreational activities and hobbies and whether you’ll be entering retirement debt-free. The following figures are a guide taken from the ASFA retirement standard for couples⁵.

_{NB: For retiree couples aged 65-84. Numbers are weekly, except where otherwise specified. Totals may not exactly equal the sum of components due to rounding of price adjustments.}

What do you do if you won’t have enough to retire?

If, like Mac, you’re facing a shortfall in retirement, there are several things you can do to get your retirement on track. You could consider boosting your super through additional contributions, delaying your retirement, adjusting your retirement lifestyle expectations, or selling other assets.

Simply by having an idea of your current and projected retirement savings, thanks to our retirement calculator and simulator, you could work to improve the situation. The earlier you start, the easier it may be for you to reach your retirement goals.