A comfortable retirement at 67 needs $630,000 for a single or $730,000 for a couple, on ASFA's benchmark updated February 2026. Super Consumers Australia sets the same goal far lower — $322,000 single and $432,000 couple at 65 — a gap of $308,000 between the two most-quoted Australian standards. A modest retirement needs only $110,000 single or $120,000 couple, because the Age Pension carries most of the cost at that level. Every one of these figures assumes you own your home outright; if you rent, none of them apply. Sources: ASFA Retirement Standard (February 2026), Super Consumers Australia (December 2025).
Priya is 42, a nurse in Parramatta earning $105,000. Her super balance is $148,000 — ahead of the median for her age, as it happens — but the number she keeps seeing in headlines is that a comfortable retirement now costs $630,000. Is she behind? The honest answer: it depends which benchmark you trust, and the two big ones are $308,000 apart.
Why the Two Headline Numbers Are $308,000 Apart
The ASFA Retirement Standard — the industry benchmark — says a single person needs $630,000 at 67 for a "comfortable" retirement. Super Consumers Australia says $322,000 at 65 funds a "medium" one. Neither is wrong; they're answering different questions.
- ASFA models near self-funding. Its comfortable retiree draws down all their capital over retirement, takes only a part Age Pension, and funds private health insurance, a reasonable car, and an annual holiday. Assumed investment return: 6% a year.
- Super Consumers models pension-supported spending. Its medium retiree gets around two-thirds of their income from the Age Pension, with super topping up. Its targets are anchored to what retirees actually spend (ABS data), which is less than most people fear.
The practical read: $630,000 buys independence from the pension; $322,000 buys a decent retirement built on it. Most Australians land somewhere between — which is why comparing yourself to a single scary headline number is the wrong exercise.
What Retirement Actually Costs in 2026
ASFA's budgets for the June quarter 2026, for retirees aged 65 to 84 who own their home:
| Lifestyle | Single, $/yr | Couple, $/yr | Lump sum at 67 |
|---|---|---|---|
| Comfortable | $56,166 | $78,998 | $630,000 / $730,000 |
| Modest | $36,548 | $52,690 | $110,000 / $120,000 |
| Age Pension only (max) | ~$32,180 | ~$48,516 | $0 |
Sources: ASFA Retirement Standard, June quarter 2026 (superannuation.asn.au); lump sums updated February 2026; Age Pension maximum rates from 20 September 2026, including supplements ($1,237.70 a fortnight single, $1,866.00 couple combined; Services Australia). Lump sums assume home ownership, part Age Pension and ~6% returns.
The line most people miss: the modest lump sums are tiny — $110,000–$120,000 — because at that spending level the Age Pension carries most of the load. The expensive jump is from modest to comfortable: an extra ~$19,600 a year of spending for a single costs about half a million dollars of extra capital. And if you rent privately, the picture changes completely: ASFA's modest budget for a single renter is $51,418 a year — nearly as much as a home-owner's comfortable budget.
Enter your age, balance and income — the calculator projects your balance to retirement age with employer super, any extra contributions, and investment returns, year by year.
How Your Balance Compares With Other Australians
Benchmarks say what you need; ATO data says what people have. The two are further apart than most headlines admit:
- At 60–64 (approaching retirement), the average balance in 2023–24 was $413,700 for men and $327,440 for women, a gender gap of about $86,300 (ATO data for 2023–24, as analysed by ASFA).
- The medians for the same year are far lower: roughly $236,000 for men and $175,000 for women at 60–64 (2023–24), because a small number of very large balances drag the averages up. For a "people like me" comparison, use the median.
- Mid-career medians differ between published analyses of ATO data. For 40–44, recent estimates range from about $80,000 to $100,000.
Two honest caveats: these figures are what Australians hold, not what they'll need. And employer super has risen to 12% (it was 9.5% as recently as 2020–21), so today's younger workers are building balances faster than earlier groups did. Priya's $148,000 at 42 is well above those median estimates for her age band; whether it's on track depends on the target she's aiming at, not the crowd she's beating.
Closing a Gap: What Actually Moves the Number
If your projection lands short of your target, the levers are boring but powerful:
- Salary sacrifice inside the $32,500 cap. The concessional cap rose to $32,500 on 1 July 2026. Contributions are taxed at 15% instead of your marginal rate — at Priya's income that's a saving of about 17c per dollar, and the salary sacrifice calculator shows the exact figure at yours.
- Carry-forward catch-up. If your total super balance was under $500,000 on 30 June 2026, unused cap from 2021–22 to 2025–26 can be added on top of this year's cap. It's useful after a bonus or property sale. The 2021–22 amount expires on 30 June 2027.
- Time, more than amount. An extra $100 a fortnight from 42 compounds through 25 years of returns; the same dollars starting at 55 get 12. The compound interest calculator makes the difference visceral — in inflation-adjusted dollars, not just nominal ones.
- Check the super is actually arriving. Since 1 July 2026, under Payday Super, contributions must reach your fund within 7 business days of each payday. A five-minute check after payday confirms your employer's 12% is arriving on time.
The Rules That Frame All of This
Access: preservation age is 60 (for everyone born after 30 June 1964) — you can access super at 60 if you retire, and at 65 unconditionally. Benefits from a taxed fund are tax-free from 60. Age Pension: starts at 67, maximum ~$32,180 a year single or ~$48,516 a year couple (rates from 20 September 2026), means-tested on income and assets. Ceilings: the transfer balance cap — the most you can move into a tax-free retirement pension — indexed to $2.1 million on 1 July 2026; a problem most of us would enjoy having.
Frequently Asked Questions
How much super do I need to retire comfortably in Australia?
The figure most people quote is the ASFA Retirement Standard: $630,000 for a single and $730,000 for a couple at 67 (updated February 2026). It assumes you own your home and get a part Age Pension. Super Consumers Australia sets a lower bar: $322,000 for a single and $432,000 for a couple at 65, for a middle-of-the-road lifestyle that leans more on the Age Pension. Where you land between the two depends mostly on whether you own your home, your health and how you want to live.
How much super does the average Australian have at 60–64?
In 2023–24 the average balance at 60–64 was $413,700 for men and $327,440 for women, a gap of about $86,300 (ATO data). The typical (median) balance in the same year was much lower, roughly $236,000 for men and $175,000 for women, because a few very large balances pull the average up. The median is the better guide to what most people actually have.
Can I retire on $500,000 in super?
It can be enough for a couple who own their home. $500,000 sits between ASFA's modest ($120,000) and comfortable ($730,000) lump sums, and above Super Consumers Australia's $432,000 middle target, so with a part Age Pension a moderate-to-comfortable lifestyle is possible. For a single person who rents, it goes much less far: ASFA's modest budget for a single renter is $51,418 a year (June quarter 2026), close to its comfortable budget for a home owner. Owning your home matters more than the round number.
At what age can I access my super?
At 60, if you were born after 30 June 1964 and you retire or leave a job after turning 60. From 65 you can access it even if you keep working. Super paid from a taxed fund is tax-free from 60. The Age Pension starts later, at 67.
Is the Age Pension enough to retire on?
It covers the basics if you own your home, but there isn't much spare. The maximum Age Pension (rates from 20 September 2026) is about $32,180 a year for a single and $48,516 for a couple. That's below ASFA's modest budget for a single ($36,548) and for a couple ($52,690), leaving little for private health cover, home repairs or travel. Every dollar of super on top helps cover the difference.