In this guide
One of the biggest questions asked about super is the balance to aim for. It is difficult to commit to saving without a clear target, so thinking about your income goal and the balance you will need to fund it is a great place to start your retirement planning.
The widely reported ASFA Retirement Standard suggests a single person can enjoy a ‘comfortable lifestyle’ on around $55,000 a year while a couple would need $77,000 for the same standard of living.
If you think you would be happy with income a little below this level, the next step is to work out how much super you would need to fund it.
Crunching the numbers
The super balance required to provide a set level of income varies depending on when you plan to retire, how long you need your money to last, how your super is invested, and whether you have other investments outside super that will provide some of your retirement income.
The tables below show the estimated super balance required to provide an annual income of $50,000 for a single or $70,000 for a couple retiring at age 60 or 67 who will also receive the Age Pension.
Retiring at age 60 means being fully self-funded until you become eligible for Age Pension at 67.
We have used ASIC’s Moneysmart retirement planner to model outcomes based on investing the entire balance in an account-based pension, in the investment options shown.
The results assume you have $25,000 in assets outside super and will withdraw the entire balance of your account-based pension by age 92.
Once the balance is exhausted, future income will come from the Age Pension alone.
When interpreting the results of any retirement calculator it is important to consider the assumptions that have been used. The Moneysmart Retirement planner builds in the same investment return and inflation rate for every year but reality is not so consistent. True variation over the years means the retirement income these balances will provide is likely to be significantly different in the real world.
Transfer balance cap
Keep in mind that the transfer balance cap limits the amount of money you can shift into a super pension account. The cap is currently $2 million and is set to rise to $2.1 million from 1 July 2026.
Excess amounts need to remain in a super accumulation account or outside super, where earnings will be taxed. The interaction of the transfer balance cap with other income and investments can be complex, so we advise you to seek professional advice if you feel it may apply to you.
The transfer balance cap applies per person, which means a couple could transfer up to $4 million to pensions by each using the maximum cap available to them, if both partners have a super balance that has reached the limit.
Where to go for more
We hope the figures in the tables below will get you thinking about the ballpark you need to aim for but remember that this data represents a small selection of possible outcomes and cannot substitute for a personalised calculation.
To build a picture of your own circumstances, use a good quality retirement projection tool such as the Mercer Retirement Income Simulator. This calculator includes the option to stress test your results with different patterns of investment returns that could occur in the real world. Make sure you include as much information as possible about your circumstances, including investments outside super, and review and adjust the assumptions including fees to ensure your projection is as meaningful as it can be.
To help you navigate this and other free retirement planning tools, SuperGuide has developed a range of video demonstrations in the Calculators section.
Balance required for retirement at age 60 (by investment type)
| Status and income target | Conservative (5.6% yearly return) | Moderate (6.3% yearly return) | Balanced (6.7% yearly return) | Growth (7% yearly return) |
|---|---|---|---|---|
| Single $50,000 per year | $490,000 | $465,000 | $455,000 | $445,000 |
| Couple (combined) $70,000 per year | $630,000 | $600,000 | $585,000 | $575,000 |
Balance required for retirement at age 67 (by investment type)
| Status and income target | Conservative (5.6% yearly return) | Moderate (6.3% yearly return) | Balanced (6.7% yearly return) | Growth (7% yearly return) |
|---|---|---|---|---|
| Single $50,000 per year | $270,000 | $255,000 | $250,000 | $240,000 |
| Couple (combined) $70,000 per year | $310,000 | $290,000 | $280,000 | $275,000 |
You may notice that couples do not require a combined balance 40% higher than single people, even though their income target is 40% higher.
This is due to the impact of the Age Pension, with the maximum payment for a couple being just over $46,000 per year versus approximately $30,500 per year for a single (as of February 2026).
In addition, means tests permit a couple to have more assets before their Age Pension entitlement begins to reduce. These factors mean that couples can receive a larger proportion of their retirement income from the Age Pension than a single person, who has to rely more heavily on their own savings.
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