Retirement Planning: How Much Super Do You Need to Retire Comfortably in Australia?
Most Australians approaching retirement, and many who are decades away, are asking the same question: “Will my super be enough to support the lifestyle I want?”
With living costs rising, people working longer, and superannuation rules continuing to evolve, proactive retirement planning has never been more important.
At Empire Financial Group, we help Australians understand their financial position and build tailored retirement plans. We provide confidence and clarity for people of all ages and stages, including GESB superannuation members, Australians approaching retirement, and professionals planning for their future.
This guide will help you understand the key factors shaping retirement planning in Australia and estimate how much super you’ll need.
What Does a “Comfortable” Retirement Mean for You?
Everyone has a different plan for how they’ll spend their retirement. That means your superannuation target is different to the next person.
The ASFA Retirement Standard: A Helpful Benchmark, Not a Rulebook for Retirement Planning
The Association of Super Funds of Australia (ASFA) Retirement Standard is a widely used benchmark for retirement living costs. It splits retirees into two lifestyle categories, “modest” and “comfortable”, based on spending patterns.
Here are the latest figures from the September quarter 2025:
| Modest | Modest (renting) | Comfortable | |
| Single | $35,199 a year | $49,676 a year | $54,240 a year |
| Couple | $50,866 a year | $67,125 a year | $76,505 a year |
Note that ASFA includes Age Pension benefits of $30,646 for singles and $46,202 for couples.
In ASFA’s view, a modest lifestyle covers basic activities: owning a cheaper used car, eating out infrequently, limited travel (usually domestic), and minor home maintenance. A comfortable lifestyle leaves room for international travel, more leisure activities, better home appliances, a nicer car, and higher discretionary spending.
The Real Number Depends on Your Retirement Plans and Personal Circumstances.
ASFA’s benchmarks are helpful to start thinking about retirement planning, but they’re still generalisations.
Our Managing Director, Raymond Pecotic, summed it up nicely in his article published in The West Australian.
‘One option is “comfortable” and the other is “modest”. In my book, something is either comfortable, or it’s not. Therefore, is “modest” just a kind way of saying uncomfortable?’
We use the Retirement Standard only as a starting point. Real clarity comes from financial modelling that accounts for your lifestyle, income and benefits, risks, tax position, and goals.
Key Factors That Affect How Much You’ll Need in Superannuation for Retirement
Your Desired Lifestyle
Travel, dining out, hobbies, home renovations, or dependents require more capital than simpler lifestyles.
Retirement Age and Longevity
Retiring at 60 requires more capital than retiring at 67. Likewise, Australia’s increasing life expectancy means planning for income that may need to last 25 to 30 years.
Home Ownership
ASFA’s figures assume you own your home outright. Renters typically need an additional $15,000-$17,000 annually, either in income or super withdrawals.
Other Income Sources
Age Pension entitlements, rental properties, investment portfolios, casual work, or business interests can top up your income and reduce the amount of super you need.
GESB Superannuation Benefits
GESB superannuation members (West State Super and Gold State Super) have unique benefit structures that differ from standard retail or industry funds. A little later, we’ll explain how being a GESB member impacts your retirement planning.
Inflation and Investment Returns
Your super continues earning returns in retirement, but inflation erodes purchasing power. Regular reviews ensure your strategy adapts to market conditions and economic circumstances.
Understanding GESB Superannuation for WA Public Sector Employees
GESB is a superannuation fund available exclusively to WA public sector employees. Several of the GESB schemes have a structure that is significantly different from standard super funds:
- West State Super: An accumulation fund with unique contribution tax treatment.
- Gold State Super: A defined benefit fund where retirement payouts depend on service length and final salary rather than investment returns.
Empire Financial Group brings a unique advantage in this space. Our in-house GESB capabilities were built with input from former GESB advisors and senior management, giving us a deep and practical understanding of the rules, nuances, and opportunities available to members.
If you’re a GESB member, Empire Financial Group can help you understand your entitlements, maximise your contributions, and plan your next steps.
Bridging the Gap: Strategies to Boost Your Super if You’re Behind
If your current super balance isn’t where you want it to be, there are many levers available:
- Salary sacrificing reduces taxable income while boosting super.
- After-tax contributions allow you to make additional deposits.
- Consolidating funds eliminates duplicate fees and premiums.
- Reviewing insurance and performance.
- Adjusting your investment strategy and risk profile.
Our advisors work with clients to create contribution plans tailored to your goals, cash flow, and to ensure tax efficiency.
Managing Your Super in Retirement
Some common retirement income strategies include:
- An Account-based pension which provides flexible income while keeping funds invested.
- Annuities which offer guaranteed security.
- Partial lump sum withdrawals to be used for one-off expenses.
Balancing growth with stability is the key to making your super last. Handle it too conservatively, and inflation could erode value. Spend or invest too aggressively, and you might threaten income security.
Regular reviews ensure your strategy will continue meeting your needs throughout retirement. We recommend reviewing your retirement plan every 1-2 years and after major life changes like marriage, divorce, inheritance, or a change in job.
Plan Today for a Confident Retirement
Planning how much super you’ll need to retire comfortably is one of the most important financial steps you can take. While benchmarks offer useful guidance, everyone’s journey is different.
Are You on Track for the Retirement You Want?
Speak with an Empire Financial Group advisor today for personalised superannuation and retirement planning advice. Our advisors work closely with clients, including GESB members, to build tailored retirement planning strategies that deliver confidence and peace of mind.
