How much super do I need to retire?

Last updated: 20 October 2026

ASFA’s benchmarks

The Association of Superannuation Funds of Australia (ASFA) publishes the Retirement Standard, the benchmark most Australian articles quote. It estimates what a comfortable or modest retirement costs each year, and the super balance a homeowner would need at 67 to fund it.

Source: ASFA Retirement Standard, accessed 20 October 2026, and ASFA’s media release of 24 February 2026, which describes the comfortable and modest lump sums as being for homeowners aged 67. Spending is for people aged 65 to 84, June quarter 2026. Super balances are for retiring at 67, in today’s dollars, using 2.75% a year growth in average weekly earnings (AWE) as the deflator and a 6% investment earning rate. ASFA updates the spending figures quarterly and doesn’t update the lump sums quarterly. OnTrack isn’t affiliated with ASFA.

Two things stand out. A couple needs $730,000, not double the single figure: two singles would need $1,260,000 between them, because two people share a home and many costs. And the modest figures are small because ASFA’s model counts on the Age Pension to cover most of a modest budget. ASFA’s June-quarter table uses Age Pension income of $31,223 for a single person and $47,070 for a couple, including supplements, so ASFA’s modest single budget ($36,548) is only about $5,300 a year above the Age Pension income it assumes. Those are ASFA’s own benchmark inputs, not current Services Australia rates, which are updated regularly.

What ASFA’s numbers assume, and what OnTrack doesn’t

ASFA’s lump sums assume that the retiree:

• receives a part Age Pension, now and in future;
• draws down all of their savings over time;
• earns 6% a year on their investments; and
• has their results shown in today’s dollars, using 2.75% a year growth in average weekly earnings (AWE) as the deflator.

OnTrack is different on purpose. It doesn’t model the Age Pension at all. It shows the income your super alone may support, as a level amount in today’s dollars to age 92 by default. It uses the standard 3.7% wage growth before retirement and 2.5% inflation after, and it doesn’t deduct administration fees or insurance separately.

So the same balance gives a different result in OnTrack. Here is each ASFA lump sum run through OnTrack for someone retiring at 67, using ASFA’s 6% return, with income paid to age 92:

OnTrack figures: calculated at 6% a year, drawn level in today’s dollars from 67 to 92, with no Age Pension. ASFA budgets as in the table above.

That isn’t a disagreement with ASFA. A major reason for the difference is that ASFA’s lump sums assume part Age Pension support, while OnTrack does not model the Age Pension. Other assumptions also differ, so the two results are not expected to match exactly. In ASFA’s table, the Age Pension income it uses covers most of a modest budget, which is why its modest super figures are so low. For more on why calculators disagree, see why super calculators give different answers.

At 60, 65 or 67

ASFA’s lump sums are for retiring at 67. If you retire earlier, the same spending has to last longer, and the Age Pension isn’t available until Age Pension age, which is currently 67 (Services Australia).

This table shows how much super alone would have to be to pay ASFA’s budgets to age 92, with no Age Pension at all, at 6% a year, in today’s dollars:

OnTrack figures, rounded to the nearest $1,000: the balance whose level yearly income to age 92 equals ASFA’s budget for that group, at 6% a year.

These are deliberately high. They show what super would have to cover without any Age Pension, which is why ASFA’s figures are lower. Many people will receive some Age Pension, so please don’t read this table as what you need. Read it as a measure of how much the retirement age matters: retiring at 60 instead of 67 takes about 16% more super to fund the same budget, because there are seven more years to cover. (Retiring earlier also means seven fewer years of saving, which the table doesn’t show.)

If you’re thinking of stopping before 60, your super can’t generally be accessed until 60, even if you’ve stopped work. See can I access my super before 60?

Single or couple

A couple’s benchmark is lower per person than a single person’s, because two people share housing and many costs. In OnTrack’s couple mode, each partner has their own age, balance, salary, contributions and retirement age, and OnTrack shows a combined household balance and the income it may support. If the two of you retire at different ages, OnTrack handles each person’s timing separately.

Why your number will differ from the benchmark

The benchmark is a reference point based on a set of assumptions. Your result depends on:

• When you retire. Every extra year of work adds contributions and growth, and removes a year the money has to last.
• What you have now and what you add. Your balance, your salary, and any extra contributions.
• Whether there are two of you. Couples share costs and have two balances and two retirement dates.
• Whether you own your home. ASFA’s figures for people who rent privately are much higher: $340,000 for a single and $385,000 for a couple.
• The return and how long the money must last. Both are assumptions you can change in OnTrack.
• Your Age Pension entitlement. It depends on your assets and income, and OnTrack doesn’t model it.

Here’s one person, to show how much the retirement age alone changes the answer. Take someone aged 40 on $90,000 a year with $150,000 in super, earning 7% a year after investment fees and tax, with employer super of 12% and pay growth of 3.7% a year, in today’s dollars:

At 67, this person’s projected balance ($733,317) is above ASFA’s $630,000 benchmark for a single homeowner retiring at 67. The age-60 and age-65 results shouldn’t be compared directly with that figure, because ASFA’s $630,000 benchmark assumes retirement at 67. None of the three rows is “the answer”. They are three illustrations of one person’s choices. All of these figures are in today’s dollars, which is explained in super in today’s dollars.

How to work out your own number

1. Enter your age, retirement age, salary and current super in OnTrack. Choose “Me and my partner” if there are two of you.
2. Look at the balance and the yearly income, in today’s dollars.
3. Change your retirement age, add extra contributions, or change the return, and see what moves.
4. Compare the income with ASFA’s budget for your household, keeping in mind that ASFA’s budgets assume a part Age Pension and OnTrack’s income doesn’t include one.
5. Open “View the details” to see every assumption.

Common questions

How much super do I need to retire at 60? More than at 67, because the money has to last longer and there are fewer years to save. The table in section 3 shows how much more. Whether you can access your super at 60 is a separate question: see can I access my super before 60?

Is ASFA’s figure what I should aim for? It’s a benchmark, not a target. It describes ASFA’s defined comfortable lifestyle and assumes part Age Pension support. Your own number depends on the things in section 5.

Does OnTrack include the Age Pension? No. It shows the income your super alone may support. If you may be eligible for some Age Pension, Services Australia explains the eligibility rules.

What if I rent? ASFA’s benchmark for private renters is much higher ($340,000 for a single, $385,000 for a couple), because renters have rent to pay. OnTrack doesn’t model housing costs.