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Planning for retirement is one of the most important financial decisions you’ll ever make. Whether you’re in your 40s, 50s, or nearing 60, you’ve likely asked yourself: how much super do you need to retire? The answer depends on your lifestyle goals, expected expenses, and current savings, but understanding your retirement money needs now can help you secure a comfortable retirement in the future.
How Much Money Will You Need for Retirement in Australia?
If you’re wondering how much money do you need to retire in Australia, the Association of Superannuation Funds of Australia (ASFA) provides a helpful benchmark. For a comfortable retirement income, ASFA estimates that:
- Single person: needs around $50,000 per year
- Couple: Needs about $70,000 per year
These figures assume retirees own their homes outright and are healthy.
Super Balance for Comfortable Retirement
You’ll need a healthy superannuation balance to generate this comfortable retirement income. But how much super do you need to achieve that?
| Retirement Age | Ideal Super Balance (Single) | Ideal Super Balance (Couple) |
| 60 | ~$600,000 | ~$850,000 |
| 65 | ~$550,000 | ~$800,000 |
So, if you’re asking how much super you should have at 60, aiming for around $600k as a single person is a strong starting point.
How Much Superannuation Should I Have by Age?
Knowing the ideal super balance by age in Australia can help you track your progress. Here’s a guide based on ASFA data and industry benchmarks:
| Age Group | Average Australian Super by Age | Ideal Super Balance |
| 30 | ~$50,000 | $80,000 |
| 40 | ~$120,000 | $200,000 |
| 50 | ~$210,000 | $400,000 |
| 60 | ~$360,000 | $600,000+ |
If you’re thinking, “How much super should I have at 50?”—a good target is at least $400,000 to stay on track for a comfortable retirement.
Superannuation Required for Retirement
Your total superannuation required for retirement depends on a few things:
- Your desired retirement lifestyle
- Your life expectancy
- Your access to Age Pension
- Whether you’ll have other investments or income streams
To estimate how much superannuation do I need to retire at 60, consider this simple formula:
Annual Income Needed × Years in Retirement = Money Required to Retire
If you need $60,000 per year for 25 years, you’ll need at least $1.5 million (including investment earnings and part-pension).
How Much Super Will I Have vs. How Much Super Will I Need?
It’s important to regularly compare:
- How much super will I have (based on current savings & growth)
- How much super will I need to retire at 60 or 65
Use a super calculator to see if you’re on track. If not, you may need to:
- Top up your super through salary sacrifice
- Consolidate multiple super funds
- Adjust your investment strategy for better growth
Retirement Planning Starts Today
Retirement isn’t just a distant goal—it’s something you need to plan for now. Questions like:
- How much super do I need to retire at 60?
- How much superannuation should I have?
- Is my current super balance enough for a comfortable lifestyle?
…are all part of a smart financial strategy.
At Decode Funds, we specialise in helping Australians make informed decisions about their retirement. Whether you’re unsure about the super required to retire or simply wondering how much money you will need for retirement, our expert advisors can help you build a tailored plan.
Key Takeaways
- For a comfortable retirement income in Australia, singles need around $50,000/year, couples need $70,000/year.
- A typical single person should aim for around $600,000 in super by age 60.
- Monitor your average Australian super by age and compare it with ideal super balances.
- The money needed to retire will vary based on your lifestyle, health, and support entitlements.
- Start planning early—understanding how much super you need is the first step to financial freedom.
Ready to take control of your retirement?
Get in touch with Decode Funds today to assess your current super balance and build a strategy for a comfortable and secure retirement.
