Do you really need $730k to retire comfortably?

New figures suggest couples need a record super balance for a comfortable retirement, but the number only tells part of the story.

Picture a couple. Call them Margaret and John.

Over breakfast, they read that a comfortable retirement now costs more than ever, with a record $730,000 in super now the benchmark for couples. John thinks about their own balance, and the toast goes cold.

If that scene feels familiar, the new numbers are worth understanding — and they may not be as alarming as they first appear.

Once you understand what sits behind them, they become less of a target to fear and more of a guide to help Australians plan.

What the new numbers actually say

The Association of Superannuation Funds of Australia (ASFA) publishes the Retirement Standard, which has been one of Australia’s key benchmarks for understanding retirement costs for more than 20 years. It is updated every quarter.

The latest update, for the March quarter of 2026, puts a comfortable lifestyle at $78,566 a year for a couple aged 65 to 84, and $55,923 for a single person, assuming they own their home.

Earlier this year, ASFA also lifted the super lump sums it estimates are needed to fund that lifestyle from age 67. It was the first increase in three years.

The new benchmarks are $730,000 for a couple and $630,000 for a single homeowner, up from $690,000 and $595,000. Both are record highs.

Why the numbers went up

Two factors pushed the benchmarks higher.

The first is that some of the costs retirees face most often — including energy, health services and council rates — have risen faster than general inflation.

The second is the increase to deeming rates. Deeming is the income Centrelink assumes your financial assets earn when calculating Age Pension payments. When deeming rates rise, some retirees may receive less pension support, meaning more of their income needs to come from their own savings.

The calm way to read the numbers

There are three important things to remember.

Firstly, these figures are a guide, not a pass-or-fail test.

They are based on averages and designed to help people understand possible retirement costs. Your own spending, health needs, lifestyle and future plans may look very different.

Secondly, the Age Pension does more heavy lifting than many people realise.

ASFA’s lump sum estimate for a modest lifestyle is much lower — $110,000 for a single person and $120,000 for a couple — largely because the pension provides a significant part of retirement income for many Australians.

And finally, your home matters.

The Retirement Standard assumes you own your home. A single renter needs around $340,000 for even a modest retirement, roughly three times the figure for a homeowner.

For many Australians over 60, the family home remains their largest asset. A complete picture of retirement often looks beyond super alone.

Questions many Australians are asking

We have less than $730,000 in super. Have we fallen behind?

Not necessarily. Many Australians retire with less than the benchmark and still build a retirement that works for them. What matters is your own spending, pension eligibility, goals and overall financial position.

Most of our wealth is in the house, not super. Is that a problem?

It is very common. Many Australians reach retirement with wealth spread across different areas, including their home, super and other savings.

Understanding the full picture can help retirees make more informed decisions about their options.

If you’re ready to explore your journey, click here to schedule a brief 15-minute consultation with one of our retirement funding experts – it’s completely free and carries no obligation. Explore your options, our e‑book breaks down the different ways to access home equity and what each one means for your long‑term finances.

As the Co-Founder and Chief Executive of Money at 60, Chris Moutzikis serves as a dedicated Retirement Funding Specialist. He is committed to assisting Australians aged 60 and over in navigating their financial future with clarity and confidence, prioritising education well before any product is considered. 

Money at 60 is a credit assistance provider, not a lender. CRN 577820. Authorised under Invictus Finance Solutions Pty Ltd, ACL 392962. Content is general in nature and not personal financial advice.