If you’ve been keeping an eye on your superannuation balance lately and feeling a little uneasy, you’re not alone.

The cost of a comfortable retirement in Australia has just taken another leap, and for many of us, it’s starting to feel like the finish line keeps moving further away.


According to the latest figures from the Association of Superannuation Funds of Australia (ASFA), the annual amount needed for a 'comfortable' retirement has risen again—thanks to the relentless march of cost-of-living pressures.

The magic number for couples aged around 65 is now $75,319 per year, while singles will need $53,289.


That’s a noticeable jump from last year, when the figures were $73,337 for couples and $52,085 for singles.

So, what does 'comfortable' actually mean? ASFA defines it as a retirement where you can enjoy a broad range of leisure and recreational activities, maintain a good standard of living, and not have to worry about every dollar spent on the occasional dinner out, a new phone, or a streaming subscription.

In other words, it’s about living with dignity and a bit of fun—not just scraping by.


Unfortunately, the answer is that almost everything is getting more expensive. In the last quarter alone, retirees have been hit with a 3.7 per cent jump in private health insurance premiums—the biggest quarterly increase since 2018.

Electricity prices have soared by 8.1 per cent (on top of a whopping 16.3 per cent rise the previous quarter), and even the humble fruit and veg shop is feeling the pinch, with prices up 4.3 per cent.

The only small reprieve? Petrol prices have dipped by 3.4 per cent, thanks to lower global oil prices. But for most of us, that’s cold comfort when the rest of the bills keep climbing.

ASFA CEO Mary Delahunty summed it up: 'We continue to see steep cost-of-living increases for retirees. Superannuation matters more than ever in delivering the dignified retirement Australians deserve.'

If you’re wondering whether your super is on track, ASFA has crunched the numbers for you.

To fund a comfortable retirement, a single homeowner will need about $595,000 in their super by age 67, while a couple will need $690,000.

These figures assume you’ll draw down all your super and receive a part Age Pension from the government.

Not quite there yet? Don’t panic—most of us aren’t! But it’s worth checking how you’re tracking at different ages.

Here’s what ASFA’s Super Balance Detective Calculator suggests you should have saved at each milestone (based on a $65,000 annual wage):

• Age 25: $26,000
• Age 30: $66,500
• Age 35: $111,500
• Age 40: $168,000
• Age 45: $226,000
• Age 50: $296,000
• Age 55: $377,000
• Age 60: $469,000
• Age 65: $571,000

If you’re behind, you’re not alone. A recent poll of nearly 8,500 Aussies found that 65 per cent are worried they won’t have enough in their super to retire comfortably. It’s a common concern, especially as prices keep rising.

The good news is, there are steps you can take—no matter your age. As of 1 July, the mandatory employer super contribution rate increased from 11.5 per cent to 12 per cent.

That means a little more is going into your nest egg automatically.

But if you have any spare cash, consider making voluntary contributions. Not only do these top-ups benefit from generous tax advantages, but they can also make a real difference to your retirement lifestyle.

As Mary Delahunty puts it, 'Contributing extra to super can help some people ensure they won’t have to downgrade the lifestyle they’ve become accustomed to when they retire, whether that’s having a new iPhone and access to streaming, or the other pleasures of modern life.'

Retirement is meant to be a time to relax and enjoy the fruits of your labour—not a time to stress about every dollar.

But with the cost of living rising, it’s more important than ever to keep an eye on your super, make the most of your contributions, and plan ahead.
Have you made any changes to your super or spending habits lately? Share your thoughts, tips, or questions in the comments below. Let’s help each other make the most of our golden years.

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