How much money do most people retire with in Australia?”If you’ve ever wondered you’re not alone. It’s one of the most common questions Australians ask when planning their financial future.
The truth is, most people retire with less than they need but knowing the averages and what a “comfortable” retirement looks like can help you close the gap before it’s too late.
In this blog, we’ll break down how much Australians typically retire with, what factors influence retirement savings, and what you can do now to grow your super balance for a better future.
The Average Super Balance at Retirement in 2025
According to the Australian Bureau of Statistics (ABS) and the Association of Superannuation Funds of Australia (ASFA), the average superannuation balance at retirement (age 60–64) in 2025 is approximately:
| Gender | Average Super Balance |
|---|---|
| Men | ~$420,000 |
| Women | ~$355,000 |
However, these are just averages and many Australians retire with far less. In fact, around one in four Australians over 60 have less than $200,000 in super, and some rely almost entirely on the Age Pension to cover living costs.
How Much Money Do You Actually Need to Retire Comfortably?
According to ASFA’s 2025 Retirement Standard, the amount needed to fund a comfortable lifestyle in retirement is:
- $595,000 for singles
- $690,000 for couples
These balances assume retirees own their home outright and draw a partial Age Pension to supplement their income.
So if you’re wondering how much money do most people retire with, the short answer is:
Most retirees have less than what’s considered “comfortable”, often relying on a mix of super, savings, and the Age Pension.
What a Comfortable vs Modest Retirement Looks Like
| Lifestyle | Annual Cost (Single) | Annual Cost (Couple) | Monthly Estimate (Couple) |
|---|---|---|---|
| Comfortable | ~$53,000 | ~$72,000 | ~$6,000/month |
| Modest | ~$34,000 | ~$49,000 | ~$4,000/month |
A comfortable retirement allows for things like travel, dining out, and private health insurance.
A modest retirement covers the basics housing, groceries, and essentials, but with little room for extras.
This shows why understanding how much money most people retire with is so important your balance determines not just when you can retire, but how well you’ll live once you do.
Why Many Australians Retire With Less
Several factors explain why many Australians fall short of the ideal retirement balance:
- Career Breaks: Particularly among women, time away from work for caregiving reduces contributions and compound growth.
- Late Start in Super Contributions: Many only begin focusing on super in their 40s or 50s.
- High Fees or Poor Fund Performance: Small differences in annual returns can have a huge impact over 30 years.
- Inflation: Rising living costs reduce real purchasing power in retirement.
- Lack of Financial Planning: Without clear goals or regular reviews, many Australians underestimate how much they’ll need.
How to Increase Your Super Before Retirement
If you’re nearing retirement and worried about your balance, here are some practical steps to boost it:
1️⃣ Salary Sacrifice
Contribute extra pre-tax income into super you’ll pay just 15% tax instead of your usual income tax rate.
2️⃣ Government Co-Contributions
If you earn under a certain threshold, the government may contribute up to $500 annually when you make after-tax contributions.
3️⃣ Consolidate Multiple Funds
Having more than one super account means paying multiple fees. Merging them saves costs and simplifies tracking.
4️⃣ Review Your Investment Option
Switching from a conservative to a balanced or growth option (if appropriate for your age) can improve long-term returns.
5️⃣ Work Longer or Part-Time
Even a few extra years of contributions can make a significant difference to your final balance.
The Role of the Age Pension
Many Australians combine superannuation income with the Age Pension to fund retirement.
As of 2025, the maximum Age Pension payment is:
- $1,116 per fortnight for singles, and
- $1,682 per fortnight for couples (combined).
That’s about $29,000–$44,000 a year enough for a modest lifestyle, but not for a comfortable one.
That’s why relying solely on the pension isn’t ideal building up your super helps protect your independence and lifestyle choices.
FAQs: How Much Money Do Most People Retire With?
1. How much money does the average Australian retire with?
Around $400,000–$420,000 for men and $350,000–$360,000 for women, according to ABS and ASFA data (2025).
2. How much money do I need to retire comfortably?
About $595,000 for singles and $690,000 for couples (ASFA Retirement Standard, 2025).
3. Can I retire with $300,000 in super?
Yes, but it will likely mean a more modest lifestyle, supplemented by the Age Pension and careful budgeting.
4. How can I grow my super before retirement?
Increase contributions, review investment options, and consolidate accounts to reduce fees.
5. Do most retirees rely on the Age Pension?
Yes. Around 65% of Australians aged over 67 receive some form of Age Pension benefit.
Closing the Gap Between Average and Ideal
So, how much money do most people retire with?
Most Australians retire with about $400,000 in super, which is below the level needed for a comfortable lifestyle.
But that doesn’t mean it’s too late to make a difference.
By reviewing your fund, increasing contributions, and building a clear financial plan, you can close the gap and move toward a more confident, independent retirement.
At Wealthlab, we help Australians make the most of their super comparing funds, boosting performance, and planning for life after work.
👉 Book a consultation today to see how you can grow your balance and retire on your own terms.
Learn More About Retirement & Superannuation
https://moneysmart.gov.au/grow-your-super/how-much-super-should-i-have