Age | Balance for Comfortable Retirement* |
---|---|
23 | $5,000 |
24 | $10,000 |
25 | $17,000 |
26 | $24,000 |
27 | $31,000 |
28 | $38,000 |
29 | $46,000 |
30 | $54,000 |
31 | $61,000 |
32 | $68,000 |
33 | $76,000 |
34 | $85,000 |
35 | $93,000 |
36 | $102,000 |
37 | $112,000 |
38 | $122,000 |
39 | $132,000 |
40 | $143,000 |
41 | $154,000 |
42 | $164,000 |
43 | $174,000 |
44 | $184,000 |
45 | $195,000 |
46 | $207,000 |
47 | $219,000 |
48 | $231,000 |
49 | $244,000 |
50 | $257,000 |
51 | $271,000 |
52 | $285,000 |
53 | $300,000 |
54 | $315,000 |
55 | $330,000 |
56 | $345,000 |
57 | $360,000 |
58 | $380,000 |
59 | $395,000 |
60 | $415,000 |
61 | $430,000 |
62 | $449,000 |
63 | $466,000 |
64 | $486,000 |
65 | $503,000 |
66 | $523,000 |
67 | $535,000 |
*This data has been sourced from ASFA’s consumer website – SuperGuru.
How Much Super Do I Need?
The balance required at each age is an estimate of how much is needed to be on track for the end figure.
How Much Super Do I Need To Retire?
According to ASFA, to live a comfortable lifestyle in retirement, a single person needs $44,818 and a couple $63,352 per year. For a more modest lifestyle, a single person needs $28,514 and a couple $44,170 per year.
This means you would need to draw this amount per year from your super. To do this sustainably, ASFA have calculated you need $545,000 as a single and $640,000 as a couple to meet the comfortable lifestyle income.
‘A modest retirement lifestyle is considered better than the Age Pension, but still only allows for the basics. A comfortable retirement lifestyle enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel. Both budgets assume that the retirees own their own home outright and are relatively healthy.’
The below ‘Retirement Income & Expenses’ table illustrates examples of expenditure under a budget for a comfortable lifestyle, modest lifestyle and the age pension.
About These Figures
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Retirement Income & Expenses*
Comfortable Lifestyle | Modest Lifestyle | Age Pension | |
Single | $45,962 per year | $29,139 per year | $21,222 per year ($25,155 with supplements) |
Couple | $64,771 per year | $41,929 per year | $31,995 per year ($37,924 with supplements) |
Healthcare | Top level private health insurance, doctor/specialist visits, pharmacy needs | Basic private health insurance, limited gap payments | No private health insurance |
Internet/Phone | Fast reliable internet/telco subscription, computer/android mobile/streaming services | Basic mobile, modest internet data allowance | Very basic mobile and limited internet connectivity |
Vehicle | Own a reasonable car, car insurance and maintenance/upkeep | Owning a cheaper, older, more basic car | Limited budget to own, maintain or repair a car |
Leisure | Regular leisure activities including club membership, cinema visits, exhibitions, dance/yoga classes | Infrequent leisure activities, occasional trip to the cinema | Rare trips to the cinema |
Maintenance/Repairs | Home repairs, updates and maintenance to kitchen and bathroom appliances over 20 years | Limited budget for home repairs, household appliances | Struggle to pay for repairs, such as leaky roofs or major plumbing problem |
Personal Grooming | Regular professional haircuts | Budget haircuts | Less frequent haircuts, or self-haircuts |
Utilities | Confidence to use air conditioning in the home, afford all utilities | Need to keep a close watch on all utility costs and make sacrifices | Limited budget for home heating in winter |
Meals Out | Occasional restaurant meals, home-delivery meals, take-away coffee | Limited meals out at inexpensive restaurants, infrequent home-delivery or take-away | Only local club special meals or inexpensive take-away |
Clothing | Replace worn-out clothing and footwear items, modest wardrobe updates | Limited budget to replace or update worn items | Very basic clothing and footwear budget |
Travel | Annual domestic trip to visit family, one overseas trip every seven years | Annual domestic trip or a few short breaks | Occasional short break or day trip in your own city |
*This data has been sourced from ASFA’s consumer website – SuperGuru as at December 2021.