How much does retirement actually cost in Australia?

Often retirement planning seeks to find a single number. It is more useful to begin with an understanding of the life you actually want.

The figure you have probably seen — that a single person needs around $630,000 in super for a comfortable retirement — is real, current, and a sound place to start. It comes from the ASFA Retirement Standard, the independent benchmark updated each quarter.

But that is not necessarily your number. It describes one particular woman: she owns her home outright, retires at 67, draws a part Age Pension, and lives to about 85. Change any one of those, and the figure moves with her.

For a woman over 50, three of those assumptions are worth a closer look.

The benchmark describes an average life, not yours

The ASFA Retirement Standard sets two reference points for a homeowner who has stopped work.

A comfortable lifestyle costs a single person about $55,900 a year, supported by roughly $630,000 in super at 67.
A modest lifestyle costs about $36,400 a year, supported by around $110,000, with the Age Pension meeting most of it. For a couple, comfortable is about $78,600 a year, and modest about $52,500.

These are well-researched, independent figures, and a sound anchor. They also assume you own your home, retire at 67, and live to about 85 — which is where your own number starts to part company with the benchmark.

(Source: ASFA Retirement Standard, March quarter 2026.)

You will likely live longer than the benchmark assumes

The standard models a life to about 85. A woman who reaches 67 can, on average, expect to live into her late 80s, and many reach their 90s.

A plan built to the average runs short for half the people it is built for. Planning for a long life, rather than an average one, is one of the clearest advantages you can give yourself — and it matters most for women, who tend to outlive the figures.

Owning or renting your home moves the number more than anything else

The benchmark assumes you own your home outright.

The moment renting enters the picture, the figure shifts sharply: a single person renting needs around $51,000 a year for a modest lifestyle — close to what a homeowner needs for a comfortable one.

For a woman whose housing has changed, or may change, this is the single biggest factor in her retirement number — and the one worth settling first, while there is still time to act on it.

One person is not half a couple

A single comfortable budget is around 70% of a couple's, not half. The cost of running a home, a car, and a life does not fall by half when you are on your own.

For a woman planning as a single — by choice or circumstance — building the picture around one person, rather than halving a couple's, gives a truer figure to work from.

A number you build yourself is going to be the most useful

The benchmark tells you what the average person needs. It offers a guide, that you may or may not relate to. The best way to reach a number you can more easily rely upon comes from costing the life you actually want, line by line: the home, the travel, the help in the garden, the active early years and the quieter, costlier later ones.

Working through the detail turns "do I have enough?" from a concern into a question you can answer.

The Lifestyle Planner takes you through it, category by category, so the number you reach is your own rather than a national average.

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When you want to test your number against a professional's view, Her Best Move Now can personally introduce you to a trusted financial adviser.

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Frequently Asked Questions

How much does a comfortable retirement cost in Australia?
The ASFA Retirement Standard (March quarter 2026) estimates a single homeowner needs about $55,923 a year for a comfortable retirement, and a couple about $78,566. A modest lifestyle costs about $36,434 a year for a single and $52,473 for a couple. These figures assume you own your home and receive a part Age Pension, and are updated each quarter.

How much super do I need to retire at 67?
ASFA estimates a single person needs about $630,000 in super at 67 for a comfortable retirement, and a couple about $730,000, each assuming a part Age Pension. A modest lifestyle needs far less — about $110,000 for a single — because the Age Pension meets most of it.

Do these figures assume you own your home?
Yes. The benchmarks assume the home is owned outright. A single person renting needs around $51,164 a year for even a modest lifestyle — close to a homeowner's comfortable budget — which is why housing is the largest variable in any retirement figure.

How long should my retirement savings last?
The benchmarks model a life to about 85. A woman who reaches 67 can, on average, expect to live into her late 80s, with many reaching their 90s. Planning for a longer life than the average is prudent, particularly for women.

Does a single person need half what a couple needs?
No. A single comfortable budget is around 70% of a couple's, not half, because costs such as housing, a car, and utilities do not fall by half for one person.

Sources:
ASFA Retirement Standard (March quarter 2026), via ASIC Moneysmart. Life expectancy: Australian Bureau of Statistics life tables.