Retirement planning in Australia: Build a confident future

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Why retirement planning matters

Retirement planning is about more than just saving money - it's about creating a clear plan to support the lifestyle you want. Whether you're fortunate enough to retire on your own terms or you need to work longer than expected, being prepared can help you retire with confidence.

How much income do you need in retirement?

The time you’ll spend in retirement and the lifestyle you’re planning both make a difference to the savings and income you’ll need. Being realistic and clear about your future plans can help you estimate the cost of your ideal retirement.

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Estimating income requirements
Compare lifestyle standards
Spending planners

Retirement Standard figures from The Association of Super Funds of Australia (ASFA) are a good starting point for estimating the income you might need. By comparing these estimates with your own spending plans, you’ll get a rough idea of how your overall spending in retirement could add up.

	Comfortable lifestyle (p.a.)	Modest lifestyle (p.a.)	Age pension (p.a.)
Couples	$78,998	$52,690	$48,516.00
Singles	$56,166	$36,548	$32,180.20

^{Full Age Pension rate as at 20 September 2026, ASFA budgets for retirees aged 65-84 (homeowners) as at June 2026 quarter.}

You can read more on ASFA’s Retirement Standards in this article or visit ASFA’s website.

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What is the retirement age in Australia?

There is no standard retirement age in Australia, however there are two important ages you should consider; your preservation age, when you can access your super, and your Age Pension age, when you may qualify for government support.

How long will you spend in retirement?

How many more years are you likely to need to plan for?

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Start planning for retirement

Everybody has a different starting point in retirement. Whether you're fortunate enough to retire on your own terms, or if you have to retire earlier or later than expected, a key to retiring with confidence is knowledge.

Download our guide

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Key steps for retirement planning

1. Assess your current retirement savings

Regularly review your superannuation and investment balances to check if you’re on track. Ensure your investment strategy aligns with your retirement timeline and risk tolerance. If unsure, seek advice from a financial adviser.

2. Set realistic retirement savings goals

Work out how much you need to save each year to meet your retirement income goals. Break your goals into short-term and long-term milestones and adjust after major life events like job changes or inheritance.

3. Boost your retirement savings

Consider maximising contributions to your superannuation, take advantage of employer contributions, and consider diversifying through investment funds or annuities. If you’re behind and eligible, consider using catch-up super contributions - extra payments allowed in your superannuation in the years before retirement.

4. Monitor and adjust your retirement plan

Review your progress at least annually to help you stay focused on your goals. Consider adjusting your plan if your financial situation changes, and consult a financial adviser to help ensure your retirement plan keeps pace with market conditions.

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Calculate how long your savings could last

Use this tool to estimate how long your retirement income could last, the amount of Age Pension you may be eligible for and the impact of adding an inflation-linked lifetime income stream to your retirement portfolio.

FAQs about retirement planning

1. How do I start planning for retirement?

2. How much should I save for retirement in Australia?

3. When should I start planning for retirement?

4. What are the best ways to boost my retirement savings?

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Additional reading

Elderly Women Laughing Together Over Tea

Age Pension eligibility

Want to know more about Age Pension means testing?

Longevity risk

What is it and why does it matter?

Helpful links

Whether you need information on the Age Pension, or retirement issues, our helpful links will take you to the right place

Learn more

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Download the guide

The full guide shares more key insights and research into money and retirement, to help you look forward with confidence.

Current age	Male (50% chance)ⁱ	Female (50% chance)ⁱ
60	28 years	30 years
65	23 years	25 years
70	18 years	20 years
75	14 years	16 years

Current age	Male (50% chance)ⁱ	Female (50% chance)ⁱ
60	28 years	30 years
65	23 years	25 years
70	18 years	20 years
75	14 years	16 years

Table of Contents

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Why retirement planning matters

How much income do you need in retirement?

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Comfortable lifestyle (p.a.)

Modest lifestyle (p.a.)

Age pension (p.a.)

Full Age Pension rate as at 20 September 2026, ASFA budgets for retirees aged 65-84 (homeowners) as at June 2026 quarter.

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What is the retirement age in Australia?

i Estimates calculated using Australian Life Tables 2020-2022 with 25-year mortality improvements as provided by the Australian Government Actuary. There is a 50% chance of living for this number of years at these ages.

i Estimates calculated using Australian Life Tables 2020-2022 with 25-year mortality improvements as provided by the Australian Government Actuary. There is a 50% chance of living for this number of years at these ages.

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Start planning for retirement

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Key steps for retirement planning

1. Assess your current retirement savings

2. Set realistic retirement savings goals

3. Boost your retirement savings

4. Monitor and adjust your retirement plan

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Calculate how long your savings could last

FAQs about retirement planning

ii Association of Superannuation Funds of Australia (ASFA) - Retirement Standards, March quarter 2026

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Additional reading

Age Pension eligibility

Longevity risk

Helpful links

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Download the guide

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Table of Contents

Why retirement planning matters

How much income do you need in retirement?

Comfortable lifestyle (p.a.)

Modest lifestyle (p.a.)

Age pension (p.a.)

Full Age Pension rate as at 20 September 2026, ASFA budgets for retirees aged 65-84 (homeowners) as at June 2026 quarter.

i Estimates calculated using Australian Life Tables 2020-2022 with 25-year mortality improvements as provided by the Australian Government Actuary. There is a 50% chance of living for this number of years at these ages.

i Estimates calculated using Australian Life Tables 2020-2022 with 25-year mortality improvements as provided by the Australian Government Actuary. There is a 50% chance of living for this number of years at these ages.

Start planning for retirement

Key steps for retirement planning

1. Assess your current retirement savings

2. Set realistic retirement savings goals

3. Boost your retirement savings

4. Monitor and adjust your retirement plan

ii Association of Superannuation Funds of Australia (ASFA) - Retirement Standards, March quarter 2026

Age Pension eligibility

Longevity risk

Helpful links

Download the guide

^{Full Age Pension rate as at 20 September 2026, ASFA budgets for retirees aged 65-84 (homeowners) as at June 2026 quarter.}

^{ii Association of Superannuation Funds of Australia (ASFA) - Retirement Standards, March quarter 2026}

^{Full Age Pension rate as at 20 September 2026, ASFA budgets for retirees aged 65-84 (homeowners) as at June 2026 quarter.}

^{ii Association of Superannuation Funds of Australia (ASFA) - Retirement Standards, March quarter 2026}