Disclaimer: This article does not constitute financial advice. It is best to talk to a financial adviser for a retirement plant tailor-fit for your needs.

Retirement is a time many of us look forward to, a period when we can finally put our feet up after decades of hard work and enjoy the fruits of our labour. However, the reality of retirement planning can be daunting, especially when it comes to finances. According to the Association of Superannuation Funds of Australia (ASFA), Australian couples need upwards of $600,000 to retire comfortably, and that's a figure that might catch many by surprise.


The cost of living in Australia has been on a steady rise, and retirement is no exception. In the early 2000s, a couple could retire comfortably on a yearly budget of around $41,394. Fast forward to today, and that figure has jumped to $73,031 per year for a couple, and $51,814 for a single person. This means that a couple retiring at 67 would need a nest egg of $690,000, while a single person would need $595,000, assuming they own their home outright and have a healthy level of health insurance.


But what does a 'comfortable' retirement look like? It's not just about covering the basics. A comfortable retirement as defined by ASFA allows for the occasional dining out, a domestic holiday once a year, and the ability to maintain a good standard of living with some leisure activities and daily comforts. It's a lifestyle that many aspire to, but according to ASFA CEO Mary Delahunty, only about 30 per cent of retirees currently have the superannuation balance they believe will afford them this comfort.


The good news is that this percentage is expected to rise to 50 per cent by 2025, thanks to the super guarantee rate increasing to 12 per cent. However, the cost of living pressures are particularly acute for seniors, with essential items such as health insurance, energy, and groceries seeing significant price hikes over the years. Electricity costs, for example, have surged by 150 per cent in the last two decades, while medical and hospital fees have risen by 112 per cent.

So, what can you do if your super isn't quite where it needs to be? Firstly, ensure you're not overpaying in fees and that your investment options are aligned with your retirement goals. You can also take advantage of the government co-contribution scheme, which could add up to $500 to your super each financial year if you're eligible.

For those already close to retirement age, the age pension can supplement your super income. It's also worth reaching out to a Services Australia Financial Information Service Officer for guidance. And don't forget about cashback sites that can funnel rewards directly into your super fund.


Retirement planning is a complex process, and it's never too early to start. Whether you're in your 30s, 40s, or even 50s, understanding the costs involved and the savings required is crucial. It's about more than just surviving; it's about thriving in your golden years.

We'd love to hear from you, our Seniors Discount Club members. How are you preparing for retirement? Have you found any strategies particularly helpful in boosting your super? Share your experiences and tips in the comments below, and let's help each other navigate towards a comfortable retirement.