How much do I need?

How much money will I need for retirement?

The exact amount of money you will need to retire on will depend on many factors, including the type of lifestyle you expect. As a guide, the ASFA Retirement Standard has been created to show you the types of expenses you will need to cover.

ASFA Retirement Standard

The ASFA Retirement Standard benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living in the post-work years. It is updated quarterly to reflect inflation, and provides detailed budgets of what singles and couples would need to spend to support their chosen lifestyle.

Budgets for various households and living standards

The most recent national figures released for the ASFA Retirement Standard show that, in general, a couple looking to achieve a comfortable retirement needs to spend $59,808 a year, while those seeking a ‘modest’ retirement lifestyle need to spend $34,687 a year.

Check what budget you will need in retirement with the ASFA Retirement Standard Calculator.

Budgets for various households and living standards (December Quarter 2016)







Modest lifestyle

Modest lifestyle

Comfortable lifestyle

Comfortable lifestyle

Housing (ongoing only)




















Household goods and services

























Total per week





Total per year





The figures in each case assume that the retiree(s) own their own home and relate to expenditure by the household. This can be greater than household income after income tax where there is a drawdown on capital over the period of retirement. Single calculations are based on female figures. All calculations are weekly, unless otherwise stated.Source:

Modest vs Comfortable retirement lifestyle

Modest retirement lifestyle –
Better than the Age Pension, but still only able to afford fairly basic activities.

Comfortable retirement lifestyle –
Enabling 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.

For more information visit the ASFA website.

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