Question 1

How much do I need to retire comfortably in Australia?

Accepted Answer

The Association of Superannuation Funds of Australia (ASFA) estimates a 'comfortable' retirement requires around $690,000 for a single person and $690,000 for a couple (2024 figures), assuming partial Age Pension eligibility. A 'modest' retirement requires significantly less. Your number depends on your lifestyle, health, and whether you own your home.

Question 2

When can I access my superannuation?

Accepted Answer

Your preservation age is 60 if you were born after 1 July 1964. You can access your super as a transition to retirement income stream from 60, or unrestricted access from 65. Earlier access is only available under very limited circumstances — severe financial hardship, terminal illness, or permanent incapacity.

Question 3

How much super should I have at my age?

Accepted Answer

Industry guidelines suggest having approximately 1× your annual salary saved by age 35, 3× by 50, and 7× by the time you retire at 67. These are rough benchmarks — your actual target depends on your desired retirement income and lifestyle. Use the Compound Interest Calculator to model your super growth.

Question 4

What's the Age Pension age in Australia?

Accepted Answer

If you were born on or after 1 January 1957, your Age Pension eligibility age is 67. To qualify, you must also meet the residency and income/assets tests. The full Age Pension for a single person is around $29,000 per year — not enough for a comfortable retirement on its own.

Question 5

Should I make extra contributions to my super?

Accepted Answer

Concessional (before-tax) super contributions are taxed at 15% inside super, compared to your marginal rate of up to 45% outside super. This makes extra contributions a very tax-efficient way to build wealth for retirement, particularly for higher income earners. The annual concessional cap is $30,000 (2025–26).

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