Get clear on what you’ll need for retirement – and whether you’re on track

Planning for retirement can feel overwhelming, especially when every article seems to start with a different number. The good news is that you don’t need perfect predictions to make meaningful progress.

What you do need is a clear sequence:

1. Understand the income you’re likely to need.
2. Translate that into a super balance goal.
3. Estimate what you’re actually on track to have.
4. Identify whether there’s a gap.
5. Work out how long your super may last.

We’ve brought together our most useful guides – starting with free resources and building towards more detailed member-only content – so you can move through each stage confidently and at your own pace.

1. How much income will I need when I retire?

A key part of planning a comfortable retirement is understanding how much income you’re likely to need.

But retirement isn’t a single phase – your spending changes as your life changes. A practical starting point is recognising the three stages of retirement:

• Active years: Higher travel, hobbies and lifestyle costs
• Settled years: Spending slows as routines stabilise
• Later-life years: Health and care costs rise while lifestyle spending drops

Seeing the three stages laid out makes it much easier to think about your future income needs without trying to forecast every detail.

This free guide is a great introduction to the topic: 

• How to plan your spending through the 3 stages of retirement

When you’re ready to go further, the following members-only guides provide more detailed spending estimates and practical approaches:

• How to budget for retirement 
• Retirement income rules of thumb: Do they measure up? 
• What is the cost of living in retirement in Australia? 
• My retirement planning diary (Part 3): How much am I likely to spend in retirement?

This sets the foundation for the next step…

2. How much savings will I need to generate that income?

The most important thing to understand here is the fact that there’s no single figure that suits everyone. However, you can get a good sense of the range that may apply to you by looking at examples and typical spending levels.

These free guides help you translate your desired lifestyle into a realistic super balance goal:

• How much super do I need to retire?
• How much super do I need to retire on $60,000 a year?
• Is $500,000 in super enough to retire on?  

When you’re ready to go further, these members-only guides explore more specific scenarios and deeper modelling:

• Further guides on how much super is needed to provide particular incomes in retirement, including $50,000 per year, $80,000 per year and $100,000 per year.
• Further guides on how much income could be generated from particular super balances, including $700,000, $1 million and $2 million
• How much super do I need if I don’t own a home? 

Which brings us to the next step…

3. How much super will I have when I retire?

Estimating your future super balance helps you see whether you’re broadly on track – and whether a few adjustments could make a meaningful difference.

Several tools and guides can help you estimate your projected balance based on:

• Your current super
• Your contribution levels
• Your investment mix
• The time to retirement.

These free guides will help you get started:

• Project your final super balance with Moneysmart’s superannuation calculator
• What to check on your annual super fund statement
• What age should I retire?

When you’re ready to go further, these members-only guides help you interpret your numbers and think through the implications:

• How much super should I have at my age?
• Case study: When can I afford to retire?
• My retirement planning diary (Part 4): Crunching the numbers

Once you have a rough estimate of your projected balance, move on to the next step…

4. How do I bridge the gap if I’m not on track?

It’s not uncommon to find that your projected balance is a little below where you’d ideally like it to be.

Fortunately, there are practical ways to meaningfully lift your retirement outcome, even in the final decade before retiring.

These free guides explain the most practical levers you can pull.

• How to boost your spouse’s super balance (including calculator)
• The sprint finish: How to boost your super before retirement 
• How to measure the financial impact of delaying retirement 
• How to afford a ‘comfortable’ retirement with less super

When you’re ready to go further, these members-only guides explore more detailed contributions strategies, investment choices and income options:

• How to get your super in shape for retirement
• Making super contributions after age 60: Even in retirement
• Women and super (Part 2): Strategies to boost your super in the lead up to retirement
• Working out the best mix of super contributions
• How your super affects your Age Pension entitlements
• Where to find retirement income in addition to super
• Reverse mortgages: What are they and how do they work?
• Saving for retirement outside super

These calculators will help you model possible improvements:

• Estimate your retirement balance goal with AustralianSuper’s contributions tool
• Map your retirement income with Moneysmart’s retirement planner
• Choose the right mix of contributions with Moneysmart’s super contributions optimiser
• Model retirement outcomes with TelstraSuper’s probability-based planner
• Explore a transition-to-retirement strategy using Industry Super’s TTR calculator

And the following case studies show how others have applied these strategies:

• Case study: Midlife average income couple dreaming of a travel-filled retirement
• Case study: Later-life divorcee using a transition-to-retirement strategy to rebuild super savings
• Case study: Self-employed single seeking a comfortable and secure retirement income for life
• Case study: High earners near retirement aim for six-figure income and tax-free inheritance
• Case study: When can I afford to retire?
• Case study: Combining downsizer and non-concessional contributions

Once you have a clearer picture of your likely balance – and whether you need to close a gap – there’s one more important question…

5. Will my super last throughout retirement?

Investment returns, inflation, spending patterns and longevity all play a role in helping your super last the distance – but they don’t need to be overwhelming. There are clear frameworks to help you understand your position.

These free guides will help you understand the key drivers:

• Tips to help your super last longer
• How long does my super need to last in retirement?
• How can I top up my super pension?

When you’re ready to go further, these members-only guides help you think through more advanced strategies and income options:

• Worried about your retirement savings? 9 steps that can help
• 10/30/60 rule: How investment returns shape your retirement income
• Managing retirement income with a bucket strategy
• Making super contributions after age 60: Even in retirement
• The financial and health benefits of working into retirement
• How retirees are using home equity to boost income
• What are annuities, and how can they help in retirement?
• Which super funds offer income for life?
• How lifetime income products can help reduce the ‘taper trap’ for retirees
• Women and super (Part 3): Making the most of super and other assets after retirement

These calculators can help you test different scenarios:

• Forecast how long your savings will last with Moneysmart’s account-based pension calculator
• Stress-test your retirement plan with Mercer’s income simulator
• Assess retirement stability with TelstraSuper’s lifetime income tool

And these case studies show how people are navigating these challenges:

• Case study: Combining new retirement products to maximise retirement income
• Case study: Boosting retirement income with downsizer contributions

Understanding these factors helps you feel more confident about the sustainability of your retirement plans.

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By moving through these five steps, you’ll have a much clearer picture of what you need, what you have, whether you’re on track, and which levers will make the biggest difference.

To apply these frameworks to your own situation, consider creating a free SuperGuide account or becoming a member for full access to our deeper guides, calculators and case studies.