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Retirement Calculator Australia

Project your retirement savings and see how the sustainable income compares to the ASFA Modest and Comfortable retirement standards — so you know if you're on track.

Balance projection ASFA benchmark comparison 4% rule income estimate Free to use
🏝️ Retirement Readiness Calculator
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$
Projected Balance at Retirement
$0
Sustainable annual income (4% rule)
$0/yr
ASFA Modest benchmark
$0/yr
ASFA Comfortable benchmark
$0/yr
Years until retirement
0

How This Calculator Works

Your current retirement savings grow each year through investment returns and any contributions you add (compounding annually). At your chosen retirement age, that projected balance is converted into an estimated sustainable annual income using the "4% rule" — a widely used starting rule of thumb for how much you can withdraw each year without running out of money over a long retirement.

That income figure is then compared against the ASFA Retirement Standard, the benchmark most commonly cited in Australia for what a "modest" or "comfortable" retirement lifestyle actually costs.

The ASFA Retirement Standard

The Association of Superannuation Funds of Australia (ASFA) publishes quarterly benchmark budgets for retirees aged around 65, covering everything from groceries and utilities to health, transport and leisure. The two standard lifestyle levels are:

  • Modest lifestyle: Better than the Age Pension alone, but still only able to afford basic activities — roughly $32,000/year for a single, $46,000/year for a couple
  • Comfortable lifestyle: A broader range of leisure and recreational activities, a reasonable car, good clothes and private health insurance — roughly $52,000/year for a single, $73,000/year for a couple

These figures are updated every quarter and vary with inflation — the calculator above uses recent approximate figures. Check the current ASFA Retirement Standard release for the exact up-to-date numbers before making financial decisions.

Don't Forget the Age Pension

This calculator's income estimate is based purely on your own savings — it does not include the Australian Age Pension, which most retirees receive at least a part payment of once they reach Age Pension age (67) and meet the assets and income tests. For many Australians, the Age Pension forms a meaningful part of retirement income on top of superannuation, which is why actual retirement outcomes are often better than a "savings only" projection suggests.

Worked Example

Age 40, retiring at 65, single

InputValue
Current retirement savings$120,000
Annual contributions$12,000/yr
Expected return6% p.a.
Years to retirement25 years
Projected balance at 65≈ $1,173,000
Sustainable income (4% rule)≈ $46,900/yr

That's below the ASFA Comfortable benchmark for a single (~$52,000/yr) but above the Modest benchmark (~$32,000/yr) — a good example of how small increases in contributions or investment returns can close the gap over 25 years.

Frequently Asked Questions

How much do I need to retire comfortably in Australia?▾
According to the ASFA Retirement Standard, a single person needs an annual budget of approximately $52,000 for a comfortable retirement, and a couple needs approximately $73,000 (figures updated quarterly by ASFA — check the latest release for exact numbers). This generally requires a lump sum of roughly $595,000 (single) or $690,000 (couple) at retirement, in addition to a part Age Pension for many retirees.
What is the difference between this calculator and the Superannuation Calculator?▾
Our Superannuation Calculator projects your super balance at retirement based on your salary, contributions and investment growth. This Retirement Calculator takes that a step further — it converts your projected balance (super plus any other retirement savings) into an estimated sustainable annual income and compares it against the ASFA Modest and Comfortable retirement benchmarks, so you can see whether you're on track.
What is the 4% rule?▾
The 4% rule is a widely used rule of thumb suggesting you can withdraw 4% of your retirement savings in the first year of retirement, then adjust that amount for inflation each year, with a low risk of running out of money over a 30-year retirement. It originated from US research (the Trinity Study) and is used globally as a simple starting estimate — it doesn't account for the Australian Age Pension, which acts as an additional safety net for most retirees.
What if I'm behind on my retirement savings?▾
Small changes compound significantly over time. Increasing contributions, consolidating multiple super accounts to cut duplicate fees, reviewing your investment option (growth vs balanced vs conservative), and making voluntary contributions to take advantage of tax concessions can all meaningfully improve your projected balance. Consider speaking to a licensed financial adviser for a personalised strategy.

Disclaimer: This calculator provides general estimates only and does not constitute financial advice. It does not account for the Age Pension, inflation, fees, taxes on withdrawals, or changes to contribution caps and legislation. ASFA benchmark figures are approximate and updated quarterly — check the current ASFA Retirement Standard for exact figures. Seek advice from a licensed financial adviser for your personal situation.

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