Will your retirement savings last?

The Association of Superannuation Funds of Australia (ASFA) estimates that to live a "comfortable" retirement (as defined by their standards), a single person needs approximately $595,000 and a couple needs $690,000 at retirement (2025 figures). A "modest" retirement costs less but is still above the Age Pension. However, these are averages. Your target depends on your desired lifestyle, home ownership status, health, and life expectancy. If you own your home and are happy with the Age Pension topped up by a modest super drawdown, you may need significantly less. If you want to travel extensively or fund expensive hobbies, you may need $1M+.

Australia's super system requires employers to contribute a percentage of your gross salary into a super fund (currently 11.5% in 2024–25, rising to 12% from July 2025). These contributions grow tax-advantaged inside the fund until you reach your preservation age (typically 60). You can also make voluntary contributions: concessional (pre-tax, up to $30,000/year in 2024–25) and non-concessional (after-tax, up to $110,000/year). Super funds typically invest in a mix of shares, property, bonds, and cash. Over long periods, balanced funds have averaged 7–9% p.a. before fees and taxes.

The Australian Age Pension provides a base income for retirees who meet age and asset/income tests. As of 2025, the full pension is approximately $1,100/fortnight for singles and $1,660/fortnight for couples. The pension is means-tested — as your super balance and other income increases, the pension reduces. For most Australians with moderate super balances, the Age Pension will supplement rather than replace super income. This calculator focuses on your own savings — add the Age Pension to your monthly income target if you expect to qualify.