What kind of retirement are you looking forward to?

One of the most important steps in planning to save for your retirement is deciding how much you will need to spend each year to live a comfortable lifestyle.

Modest or comfortable

The ASFA Retirement Standard has been developed to outline the annual budget needed to fund a comfortable standard of living in your post-work years. It provides benchmarks for both a comfortable and modest standard of living, for both singles and couples, and is updated quarterly to reflect changes to the Consumer Price Index (CPI).

modest retirement lifestyle is considered better than the Age Pension, but still only allows for the basics.

comfortable retirement lifestyle enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.


  Age Pension1 (homeowner) Maximum basic rate ASFA Retirement Standard2
Single $944.30 p.f.
($24,552 p.a.)
$1,076 p.f.
($27,987 p.a.)
$1,689 p.f.
($43,901 p.a.)
Couple3 $1,423.60 p.f.
($37,014 p.a.)
$1,555 p.f.
($40,440 p.a.)
$2,388 p.f.
($62,083 p.a.)

1. Source: Services Australia www.servicesaustralia.gov.au as at 20 March 2020 includes Pension Supplement and Clean Energy supplement.
2. Source: ASFA Retirement Standard (September 2020 quarter). It assumes the retiree owns their own home.
3. This is the combined total for a couple.


Saving for retirement

The above Modest and Comfortable lifestyle figures show how much you might need each year in retirement. But that may leave you wondering how much super you will need to save over your working life to achieve that amount of income in retirement.

Of course, what you will need in retirement and what you may have in retirement may vary. There are strategies you can put in place today to ensure you are closer to achieving your retirement goals. Our calculators are a great way to see how your super is tracking. 

Find out more

Superannuation balance to achieve a Comfortable retirement:

The table below shows the lump sum capital you may need for a comfortable retirement assuming the amount is held within super. It assumes an income is drawn from your super in addition to any part age pension you may be entitled to.

Please refer to the ASFA Retirement Standard at www.superannuation.asn.au

Category Savings required at
retirement (age 65)
Single $545,000
Couple $640,000



Get advice for every stage of your life

Call us on 1300 133 177 if you would like to speak to an NGS Financial Planner about setting your retirement goals. For more information, please view our fact sheet Your super and the age pension.

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