For many Australians approaching retirement, one question comes up again and again: how much super is enough to live comfortably?
The answer has been shifting steadily over the past decade – and the latest figures show the target has climbed by around $100,000 in just 10 years.
According to the latest Retirement Standard from the Association of Superannuation Funds of Australia, a single homeowner retiring today needs about $630,000 in super to enjoy a comfortable retirement, while a couple needs about $730,000 combined.
But wind the clock back a decade and the numbers looked very different.
n 2016, ASFA estimated a comfortable retirement required roughly:
$545,000 in super for a single person
$640,000 combined for a couple
Those figures assumed retirees owned their home outright and received a part pension through Services Australia.
At the time, that level of savings supported annual spending of about:
$42,900 per year for singles
$58,900 per year for couples
The lifestyle described as “comfortable” included things like private health insurance, a reliable car, regular leisure activities and the occasional domestic or overseas holiday.
Fast forward to 2026 and the same benchmark lifestyle now requires significantly more.
The latest estimates suggest retirees need income of roughly:
$54,000 a year for singles
$76,000 a year for couples
To generate that level of income, the suggested super balances have risen to:
$630,000 for a single person
$730,000 for a couple
That means the retirement target has increased by roughly $85,000 for singles and $90,000 for couples over the past decade – commonly rounded to about $100,000 more in savings needed to achieve the same lifestyle.
Experts say the increase largely reflects higher living costs.
Over the past decade retirees have seen significant increases in everyday expenses including:
food and groceries
electricity and utilities
insurance and healthcare
council rates and home maintenance
Because retirees tend to spend more on these essentials, their cost of living can rise faster than general inflation.
Not necessarily.
Financial planners say many Australians who retired with less than today’s targets are still managing reasonably well for several reasons.
Firstly, many retirees receive regular income from the Age Pension, which rises twice a year to help keep pace with inflation.
Secondly, some retirees spend less as they get older, particularly on travel and major purchases.
And thirdly, many retirees have other financial buffers, including:
savings outside super
investments
taking out a reverse mortgage to fund their lifestyle
downsizing their home
However, rising living costs have still put pressure on some households, particularly those relying heavily on the pension or paying housing costs in retirement.
Despite the recommended figures, the reality is that many Australians retire with significantly less saved.
Average super balances for people nearing retirement remain well below the comfortable benchmark, meaning a large number of retirees rely on a combination of super and the Age Pension.
Experts say the key takeaway is not to focus only on hitting a single number.
“Working out how much you need to save for retirement is a question that keeps many pre-retirees awake at night. Recent market volatility and fluctuating superannuation balances have only added to the uncertainty,” Michael Misiti from Smart Financial Group said.
“So it’s timely that new research shows you may need less than you fear. For most people, it will certainly be less than the figure of $1 million or more that is often bandied around.
“For most people, the amount you need to save will depend on how much you wish to spend in retirement to maintain your current standard of living. When Super Consumers Australia (SCA) recently set about designing retirement savings targets they started by looking at what pre-retirees aged 55 to 59 actually spend now.”
Instead, retirement planning should focus on the lifestyle you want, your housing situation and how long your savings need to last — which can often be 25 to 30 years or more.
And while the target may have risen by around $100,000 over the past decade, careful planning and a mix of income sources can still make a comfortable retirement achievable.
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