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How much super do you need to retire on $50,000, $70,000, $90,000 or $100,000 a year?
16 July 2025
KEY POINTS
- To enjoy a comfortable retirement, experts say couples need about $690,000 in super by the time they retire at 65–67. If you’re planning to retire earlier or want a higher yearly income, you may need over $1 million.
- Most Aussies aren’t achieving their superannuation goals for a comfortable retirement. The gap between what you have and what you need tends to grow as you get older—so the earlier you take action, the better.
- There are simple strategies to help grow your super over time—like making extra contributions, consolidating accounts, or reviewing your investment options. Small moves now can have a big impact later.
How much super do you really need to retire on $50,000, $70,000, $90,000 or $100,000 a year?
You may have heard you need $1 million, or that you should have enough savings to provide an income equal to 70%-80% of your final salary. The truth is there is no magic number that will suit everyone.
The Association of Superannuation Funds of Australia (ASFA) Retirement Standard (which benchmarks the annual budget needed by Australians to fund a comfortable standard of living in their post-work years), estimates that a couple hoping for a ‘comfortable’ retirement will need $690,000 in savings and a single person will need $595,000.
Super Consumers Australia, on the other hand, estimates that a couple currently aged 55, who want enough for a ‘medium’ level of spending, will need $548,000 by the time they turn 65. A single person will need $395,000.
Recently celebrated turning 40 and wondering what you should already have in your super? You’d need around $168,000 today to hit the ASFA Comfortable Standard balance of $595,000 by age 67, according to ASFA’s Super Balance Detective. Keep in mind, the figures from ASFA and Super Consumers Australia assume you own your home outright.
Canstar’s superannuation number crunch
Our data shows that if you want to retire by age 60 with an income of $70,000, you’ll need $1,483,100 in savings. Happy to slog it out until you’re 67? You’ll need $1,114,800—about $368,000 less. If you’re hoping to retire at age 60 with an annual retirement income of $100,000, however, you’ll need a whopping $2,118,700 in your super. (As a point of reference, these hypothetical scenarios assume you need the money to last until you’re 85.)
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| Annual Income* | Retirement Age | ||
|---|---|---|---|
| 50 Years | 60 Years | 67 Years | |
| Balance at Retirement Required | |||
| $50,000 | $1,396,300 | $1,059,400 | $796,300 |
| $70,000 | $1,954,800 | $1,483,100 | $1,114,800 |
| $90,000 | $2,513,300 | $1,906,900 | $1,433,300 |
| $100,000 | $2,792,600 | $2,118,700 | $1,592,600 |
Source: www.canstar.com.au – 3/07/2025. Scenario begins at the start of the 2025-26 financial year and is based on a 30-year-old with a starting gross annual income of $83,249 per ABS Characteristics of Employment (median full-time earnings, August 2024 release), growing 2.5% annually per RBA Target Inflation. Employer contributions are assumed to be taxed at 15%. SG contribution amounts per Government announced rates assumed to be paid into the superannuation account quarterly. Net returns assumed to be 6.92% p.a. based on the average 7-year return of balanced investment options on Canstar’s database available for a 30 year old (returns effective to end of May 2025). Balanced investment option considered as having a growth asset allocation between 60%-79%. Account type changes from accumulating to pension at retirement age and uses the net return rate of 3.83% based on the average 7-year return of conservative investment options. Conservative investment option considered as having a growth asset allocation between 10%-39%. Average life and TPD insurance premium of $150.80 and $103.33 respectively (increasing with RBA target inflation of 2.5% each year) are assumed charged at the end of each financial year, based on products in Canstar’s database for a 35-year-old. Insurance premiums are assumed to end at the retirement age. Annual retirement income stream and balance at retirement are shown in “today’s dollars”, i.e., they have been adjusted for inflation. *Income stream is assumed to be paid monthly until age 85. Please note all information on income, net returns and insurance premiums are used for illustration purposes only. Actual returns and the value of your investment may fall as well as rise from year to year; this example does not take such variation into account. Past performance is not a reliable indicator of future performance.
Are you on track to reach your goal amount?
It can be difficult to know whether you’re on track to reach your target amount. To give you an idea, Canstar has worked out how much a 30-year-old would need to have in their super now to be on track to achieve their target.
As the table below shows, a 30-year-old who is hoping to retire on $70,000 a year at age 60 should have $277,804 in their super right now if they want to reach their target. If you’re older, then you would need to have a higher super balance to reach your goal.
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| Annual Income* | Retirement Age | ||
|---|---|---|---|
| 50 Years | 60 Years | 67 Years | |
| Balance Required at 30 Years Old | |||
| $50,000 | $488,357 | $158,639 | $13,380 |
| $70,000 | $727,927 | $277,804 | $80,034 |
| $90,000 | $967,498 | $396,969 | $146,688 |
| $100,000 | $1,087,283 | $456,551 | $180,015 |
Source: www.canstar.com.au – 3/07/2025. Scenario begins at the start of the 2025-26 financial year and is based on a 30-year-old with starting gross annual income of $83,249 per ABS Characteristics of Employment (median full-time earnings, August 2024 release), growing 2.5% annually per RBA Target Inflation. Employer contributions are assumed to be taxed at 15%. SG contribution amounts per Government announced rates assumed to be paid into the superannuation account quarterly. Net returns assumed to be 6.92% p.a. based on the average 7-year return of balanced investment options on Canstar’s database available for a 30-year-old (returns effective to end of May 2025). Balanced investment option considered as having a growth asset allocation between 60%-79%. Account type changes from accumulating to pension at retirement age and uses the net return rate of 3.83% based on the average 7-year return of conservative investment options. Conservative investment option considered as having a growth asset allocation between 10%-39%. Average life and TPD insurance premium of $150.80 and $103.33 respectively (increasing with RBA target inflation of 2.5% each year) are assumed charged at the end of each financial year, based on products in Canstar’s database for a 35-year-old. Insurance premiums are assumed to end at the retirement age. Annual retirement income stream and balance at retirement are shown in “today’s dollars”, i.e., they have been adjusted for inflation. *Income stream is assumed to be paid monthly until age 85. Please note all information on income, net returns and insurance premiums are used for illustration purposes only. Actual returns and the value of your investment may fall as well as rise from year to year; this example does not take such variation into account. Past performance is not a reliable indicator of future performance.
How to work out how much money you need for retirement
There are three key factors to consider when calculating how much you will need for your retirement: the annual cost of your lifestyle in retirement, when you want to retire and your life expectancy.
1. The annual cost of your lifestyle in retirement
Sit down and work on a retirement budget. Start with the basics such as food, clothing, transport and utilities and then decide on the nice-to-haves like dining out, holidays and hobbies. If you have plans to enjoy a few of life’s spoils regularly—like dining out and travelling the world—you’ll need more than someone who prefers local holidays every few years and dining at home.
2. When you want to retire
The earlier you hope to retire, the more money you’ll need to fund your retirement. As there’s no set retirement age in Australia, some people plan to retire when they can access their super, others aim for when they can start receiving the Age Pension. Then, there’s a growing number of people who want to retire early, known as the Financial Independence and Retire Early (FIRE) movement. Ultimately, when you want to retire is up to you.
3. Your life expectancy
This one is a little tricky to predict. Broadly speaking, women today can expect to live to 85 and men until 81, according to the Australian Bureau of Statistics (ABS). Of course, these are just estimates and your life expectancy will depend on your family’s health history and your health and lifestyle. A tad morbid, but one way to predict your life expectancy is with an online calculator such as The Death Clock or My Longevity. Your life expectancy is important because it will shape how much time you’ll spend in retirement and therefore how much you’re going to need in savings.
Add this all up
The final step to knowing how much you need for retirement is to add together these three factors.
Let’s say, for instance, you do the sums and find your retirement lifestyle will cost $40,000 a year. If you plan to retire at 65 and have a life expectancy of about 85, you could be looking at 20 years in retirement. On that basis, you’ll need around $800,000 to fund your retiree lifestyle.
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What if you’re not on track to reach your goal?
These numbers can seem quite overwhelming. If you think you might be falling behind, there are things you can right now do to give your super a boost:
Make additional contributions to your super
Even small amounts can make a big difference to your balance over the long term. Let’s say, for example, you’re 30, earn $80,000 and have a super balance of $50,000. Make no extra contributions and you’d have $608,184 at age 67. By salary sacrificing just $20 a week and you’d have $662,426 in your super fund when you retire—over $54,000 more.
Check out super-related apps and websites
There are a number of apps and sites, like Boost Your Super and Grow My Money, that provide cashback towards your super when you shop and others that round up and add a percentage of your spending to your super. These may be worth a look as they can be a pain-free way to boost your super balance.
Make sure you know where your super is
There was just under $17.8 billion in lost super waiting to be claimed as at 30 June 2024, according to the Australian Taxation Office (ATO). It may be easier than you think to find out if some of that lost super belongs to you.
Give your super fund a health check
This includes looking at how your fund has performed over the long term compared with other similar options and making sure the fees you’re paying aren’t too high. It’s also a good idea to check where your money is invested to make sure it’s the right option for you.
What if you don’t have enough money when you are closer to retirement?
If you’re nearing retirement and your super is falling short, there are a number of things you may be able to do. These include:
- Work for longer where possible, even if it’s part-time or casual.
- Revisit your retirement budget—are there things you can cut back on?
- Check if you are eligible for the Age Pension. Many retirees rely on a full or part Age Pension to fund their retirement.
- Consider downsizing your home to free up some extra cash.
Transfer balance cap
As you’re planning for retirement, another thing to keep in mind is the transfer balance cap—the limit on how much money you can move into a super pension account or income stream when you retire. At the time of writing, the cap is set at $2 million for individuals. For a couple, that means you could have up to $4 million between you, as long as it’s in separate accounts.
This cap could affect your retirement strategy, especially if you’re aiming for a higher income in retirement. If your super balance goes over the cap, any extra will need to stay in a regular super account or somewhere outside of super (such as in a bank account), where the earnings could be taxed. It can be complicated, so it’s worth getting professional advice.
This article was reviewed by our Finance Editor Jessica Pridmore before it was updated, as part of our fact-checking process.
- How much super do you really need to retire on $50,000, $70,000, $90,000 or $100,000 a year?
- Canstar’s superannuation number crunch
- Are you on track to reach your goal amount?
- How to work out how much money you need for retirement
- What if you’re not on track to reach your goal?
- What if you don’t have enough money when you are closer to retirement?
- Transfer balance cap
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