The amount that you will need to retire all depends on your own personal needs and circumstances – in particular, the kind of lifestyle that you want to enjoy in retirement.
The Association of Superannuation Funds of Australia’s (ASFA) Retirement Standard estimates that, to live a comfortable lifestyle, a couple will require $640,000 in savings at retirement, while a single person will require $545,000.
ASFA defines a ‘comfortable’ retirement as one that “enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities”.
A comfortable retirement will also enable this retiree to have a good standard of living by allowing them to buy things like good clothes, a reasonable car, private health insurance, and household goods.
A ‘modest’ retirement, meanwhile, which has a greater reliance on the Age Pension, will require super savings of $70,000 at retirement.