Question 1

How much money do I need to retire?

Accepted Answer

How much money you need to retire depends on the lifestyle you want, but ASFA's benchmarks offer a useful guide: roughly $595,000 in super for a single and $690,000 for a couple owning their home, for a comfortable retirement (figures updated quarterly). Your real target also depends on other assets, debts, and whether a part Age Pension supplements your income.

Question 2

Does the MoneySmart Retirement Planner include the Age Pension?

Accepted Answer

Yes, the MoneySmart Retirement Planner does include the Age Pension — it estimates your entitlement under both the assets and income tests and folds that into your projected retirement income. This matters because many retirees receive a part pension alongside super, so excluding it would understate your actual available income.

Question 3

What if I haven't saved enough to retire?

Accepted Answer

If you haven't saved enough to retire on your target date, several levers can help: working a little longer, boosting super contributions, adjusting your investment strategy, trimming discretionary spending, or optimising Age Pension eligibility. The right combination depends on your numbers, so a personalised review shows which change closes the gap fastest.

Question 4

Can I retire before Age Pension age?

Accepted Answer

Yes, you can retire before Age Pension age (currently 67) provided you've reached preservation age and have enough super and other savings to bridge the gap until the pension starts. The main challenge is funding the years before Age Pension kicks in, so we model how your drawdown and returns hold up across that earlier-retirement period.

Question 5

How often should I review my retirement plan?

Accepted Answer

You should review your retirement plan at least once a year, and after any major life event or sharp market move. Retirement projections rest on assumptions — investment returns, inflation, legislation, your spending — that drift over time, so an annual check keeps your plan realistic and lets you adjust before a small gap becomes a serious shortfall.

Question 6

How do I know if my retirement income will last as long as I do?

Accepted Answer

You can't know your lifespan in advance, but longevity modelling tests your savings against different life expectancies — for example, to age 90 or 95 — using varied withdrawal rates and market conditions. Stress-testing this way shows whether your strategy survives a long retirement, which is the core question the MoneySmart Planner helps answer.

Question 7

What's the difference between a comfortable and a modest retirement?

Accepted Answer

A comfortable retirement funds a broader lifestyle — occasional travel, better food, a reasonable car — while a modest retirement covers basics with limited extras. ASFA puts the comfortable standard at roughly $73,000 a year for a couple and the modest standard at about $47,000, both assuming you own your home (figures updated quarterly).

Can I Afford to Retire?

How Much Do You Need?

Your Superannuation

Your Lifestyle

Your Income

Estimate Your Retirement Income

Official ASIC MoneySmart Retirement Planner

What the Calculator Helps You Estimate

What Should You Do Next?

Estimate Your Retirement Income

Identify Any Shortfall

Review Strategies to Improve Your Outcome

Meet With an Amber Wealth Adviser

Strategies to Improve Your Retirement Outcome

Boost Super Contributions

Transition to Retirement

Investment Strategy

Tax Planning

Age Pension Optimisation

Retirement Income Planning

Frequently Asked Questions

Ready to Know if You're Retirement Ready?