How much super do I need?
Members often ask us: How much super should I have? Short answer: It depends on the future you want.
You’ve probably seen the ‘$1 million to retire’ myth. Spoiler: It’s not true for everyone.
How much super you need depends on your lifestyle, values and goals. The good news? You don't need a crystal ball (or even a spreadsheet) to start figuring it out.
Here’s how to get clear on your number – without overwhelm.
1: Focus on your own goals
Your retirement isn’t the same as anyone else’s. Comparing your balance to your partner’s, your friends’ or the national average won’t tell you what you actually need – and can create a false sense of security.
Sometimes, it even delays action because you think you’re doing “better than most”. But retirement isn’t a competition. It’s personal.
Action: Let go of comparisons. Start thinking about what your ideal retirement looks like – and build from there.
2: Use the ASFA Retirement Standard
The ASFA Retirement Standard helps estimate how much you might need for different lifestyle scenarios in retirement – especially if you own your home by then.
Comfortable lifestyle (with home ownership)
Covers essentials (housing, food, health), some travel and tech upgrades – but not high-end luxury items.
Comfortable lifestyle (homeowner)
Single
Couple (combined)
Annual spending
$54,840
$77,375
Suggested balance at retirement (age 67)
$630,000
$730,000
Source: ASFA, as at December 2025
Modest lifestyle
ASFA’s ‘modest lifestyle’ has less in the budget for eating out or tech upgrades, and allows for far less travel. It also factors in access to the Age Pension.
Modest lifestyle
Single, homeowner
Couple, homeowner
Single, renting
Couple, renting
Annual spending
$35,503
$51,299
$50,055
$67,639
Suggested balance at retirement (age 67)
$110,000
$120,000
$340,000
$385,000
Source: ASFA, as at December 2025
Want to dig deeper? Check out the full ASFA budget breakdown.
Use it as a guide, not a rule. Compare their numbers to your lifestyle expectations and ask, “does this look right for me?”
You can dial bits up or down to suit your priorities and lifestyle.
Action: Check out the ASFA numbers to see how they make you feel about your future. All good? Great? If not, now you know you to aim higher or lower – no budget spreadsheet required.
3: Shape your strategy
Now you’ve got a sense of what you might need, time to make a roadmap to get there. Here’s how to make your plan.
Ask yourself:
When do I want to retire?
Planning to retire early? You’ll have less time to save – and your savings will need to last longer. Not sure? Start with age 65 – it’s a common retirement age, and it’s when you can access your super.
Am I contributing enough?
The earlier you start, the more time your money has to grow. Even small contributions make a big difference over time. What are you contributing now? Could you consider putting in more?
What's my risk tolerance?
Your super is invested – and investments carry risk that can impact the growth of your balance over time. In your younger years, growth-focused (riskier) investment options can boost your balance, as they have time to ride out market ups and downs. As you get closer to retirement, it often makes sense to reduce risk – while still keeping some growth. Diversifying your investment mix helps reduce risk.
Is my insurance right?
Most super accounts offer insurance cover – but check you're only paying for cover you need, so that more of your super is earning returns and growing your balance. Log in to check your levels of insurance cover and adjust if you need.
4: Want help doing the maths?
Moneysmart’s retirement calculator is free and simple (no personal data required) and a great way to get a snapshot of where you stand and start shaping a plan.
And if you need a hand with that, you have our Coaching team – included in your super. Reach out to them to get started, set goals and build confidence.