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How much super will you need to retire comfortably?

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29 September 2021

The amount you will need to save for your retirement depends on the type of lifestyle you want. There is a lot to think about, but there is plenty of help and guidance available.

A good place to start is the Association of Superannuation Funds of Australia’s (ASFA) Retirement Standard. This is an analysis of the annual budget needed by Australians to fund either a comfortable or modest standard of living.

ASFA’s definition of these retirement lifestyles are:

  • Modest – considered better than the Age Pension, but still only able to afford fairly basic activities.
  • Comfortable – enables a broad range of leisure and recreational activities and a good standard of living through the purchase of items such as: household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.

ASFA updates its Retirement Standard every quarter, showing the annual budget needed for single people and couples aged around 65 years, and around 85 years.

The table below shows ASFA’s analysis of budgets needed to retire modestly and comfortably (as at March 2021).

Household type

Annual income required for modest retirement

Annual income required for comfortable retirement

Single person, aged around 65



Single person, aged around 85



Couple, aged around 65



Couple, aged around 85



ASFA’s figures assume that the retirees own their own home outright and are relatively healthy. Other assumptions made in its research are explained on the ASFA website.

Checking you are on track

To see whether you are on track to achieve your preferred level of retirement, you can use LGIAsuper’s retirement income calculator. This can help you estimate your superannuation balance and income for the age at which you choose to retire, adjusted for inflation¹.

Using this calculator can help you to plan how much to contribute, when to retire, the fees you pay, and how your superannuation will be invested.

You can also calculate your possible retirement income depending on other personal circumstances, including the amount and frequency of regular pension payments as well as any Government Age Pension you may be entitled to receive.

If you need to grow your superannuation

If these calculations show that you are short of where you want to be, you can act today to grow your superannuation for the future.

There are various ways to grow your superannuation. These include before-tax (concessional) contributions such as salary sacrifice, after-tax (non-concessional) contributions from your take-home pay, spouse contributions, and downsizer contributions.

You should consider your contributions limit (cap) for both before-tax and after-tax contributions. There are tax concessions for putting money into superannuation, but if you exceed your limit, you could pay extra tax.

Find out more in our Contribution limits info sheet

Financial advice

Members can access our financial advice service². Our financial advisers can help you create a plan to achieve your financial and lifestyle goals.

We offer our members two types of advice: limited advice on a single issue related to superannuation at no additional cost; and comprehensive retirement advice where fees will vary depending on the type and complexity of advice.

Call us on 1800 444 396 to discuss the type of advice that suits you best.


The LGIAsuper retirement income calculator is current as at July 2021 but is subject to change.

LGIAsuper has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL No 232514 to facilitate the provision of financial advice to members of LGIAsuper. LGIAsuper Financial Advisers are Authorised Representatives of IFS. Additionally, LGIAsuper has also engaged Link Advice Pty Limited ABN 36 105 811 336, AFSL 258145 to provide LGIAsuper members with access to limited personal advice over the phone in respect to LGIAsuper products.

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