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How much you need to save to retire comfortably in Australia

Information verified correct on December 4th, 2016

Not sure how much superannuation you'll need? These charts show how much you'll have to save based on your age and income.

This data, sourced from the Commonwealth Bank, shows how much money you'd need to have put aside as of 30 June 2014 in order to ensure a "comfortable" retirement. That's defined by the Australian Superannuation Funds of Australia (ASFA) as $58,444 per annum for couples, and $42,569 for singles. finder.com.au has also produced data on how much you'll need to retire comfortably in Australia's capital cities. 

The figures for women are much higher than for men because women live longer. The tables assume that your salary is unchanged, which is why the figures for people on low salaries in their 20s are so high.

How much men needed saved as of 30 June 2014 to retire comfortably

SalaryAge 25-29Age 30-34Age 35-39Age 40-44Age 45-49Age 50-54Age 55-59Age 60-64
Under $44,400$135,000$170,000$220,000$250,000$295,000$330,000$385,000$415,000
$44,400-$55,500$100,000$140,000$195,000$225,000$280,000$315,000$375,000$410,000
$55,500-$62,900$75,000$120,000$175,000$215,000$270,000$305,000$300,000$410,000
$62,900-$74,000$40,000$90,000$150,000$190,000$250,000$295,000$360,000$405,000
$74,000-$88,000-$50,000$120,000$165,000$230,000$280,000$350,000$400,000
$88,800-$133,200-$15,000$80,000$160,000$230,000$320,000$390,000
$133,200+$50,000$135,000$210,000$310,000$385,000

How much women need saved as of 30 June 2014 to retire comfortably

SalaryAge 25-29Age 30-34Age 35-39Age 40-44Age 45-49Age 50-54Age 55-59Age 60-64
Under $44,400$160,000$215,000$250,000$305,000$355,000$395,000$455,000$490,000
$44,400-$55,500$125,000$185,000$225,000$280,000$340,000$380,000$445,000$490,000
$55,500-$62,900$100,000$165,000$210,000$270,000$330,000$370,000$440,000$485,000
$62,900-$74,000$65,000$135,000$185,000$245,000$310,000$360,000$435,000$480,000
$74,000-$88,000$15,000$95,000$150,000$220,000$290,000$345,000$425,000$475,000
$88,800-$133,200$50,000$135,000$220,000$295,000$390,000$465,000
$133,200+$10,000$105,000$195,000$275,000$380,000$460,000

Achieving a comfortable retirement requires planning and dedication. If you find the whole topic confusing, check out our comprehensive guide to superannuation.Picture: Ethan Prater, licensed under Creative Commons Attribution-NonCommercial-ShareAlike 2.0 Generic (image cropped)

Angus Kidman

Angus is the Editor-in-Chief at finder.com.au. He's been writing about technology, finance, travel and other topics for more than 20 years, and appears regularly on TV and radio helping explain how it all works.

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2 Responses to How much you need to save to retire comfortably in Australia

  1. Default Gravatar
    Tom | September 2, 2015

    Still working at 80; how much do I need to have enough to retire comfortably?

    • Staff
      Elizabeth | September 8, 2015

      Hi Tom,

      Thanks for your question.

      Unfortunately our data only goes up to age 64, as men and women start being eligible for the age pension at age 65. The amount you’ll need will depend on your lifestyle, your salary and your current savings. As you can see from the table, you generally need less saved the older you are and the higher your salary is.

      I hope the information on the page above will be of use.

      Thanks,

      Elizabeth

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