Priya is 42, a nurse in Parramatta earning $105,000. Her super balance is $148,000 — ahead of the median for her age, as it happens — but the number she keeps seeing in headlines is that a comfortable retirement now costs $630,000. Is she behind? The honest answer: it depends which benchmark you trust, and the two big ones are $308,000 apart.
Quick answer — the retirement benchmarks (July 2026):
- ASFA "comfortable" at 67: $630,000 single / $730,000 couple (updated Feb 2026 — first rise in three years)
- ASFA "modest" at 67: just $110,000 single / $120,000 couple — the Age Pension does most of the work
- Super Consumers Australia "medium" at 65: $322,000 single / $432,000 couple (Dec 2025)
- All benchmarks assume you own your home outright — renting changes everything
Why the Two Headline Numbers Are $308,000 Apart
The ASFA Retirement Standard — the industry benchmark — says a single person needs $630,000 at 67 for a "comfortable" retirement. Super Consumers Australia says $322,000 at 65 funds a "medium" one. Neither is wrong; they're answering different questions.
- ASFA models near self-funding. Its comfortable retiree draws down all their capital over retirement, takes only a part Age Pension, and funds private health insurance, a reasonable car, and an annual holiday. Assumed investment return: 6% a year.
- Super Consumers models pension-supported spending. Its medium retiree gets around two-thirds of their income from the Age Pension, with super topping up. Its targets are anchored to what retirees actually spend (ABS data), which is less than most people fear.
The practical read: $630,000 buys independence from the pension; $322,000 buys a decent retirement built on it. Most Australians land somewhere between — which is why comparing yourself to a single scary headline number is the wrong exercise.
What Retirement Actually Costs in 2026
ASFA's budgets for the March 2026 quarter, for retirees around 67 who own their home:
| Lifestyle | Single, $/yr | Couple, $/yr | Lump sum at 67 |
|---|---|---|---|
| Comfortable | $55,923 | $78,566 | $630,000 / $730,000 |
| Modest | $36,434 | $52,473 | $110,000 / $120,000 |
| Age Pension only (max) | ~$31,223 | ~$47,070 | $0 |
Sources: ASFA Retirement Standard, March 2026 quarter (superannuation.asn.au); lump sums updated February 2026; Age Pension maximum rates 20 March – 19 September 2026 (Services Australia). Lump sums assume home ownership, part Age Pension and ~6% returns.
The line most people miss: the modest lump sums are tiny — $110,000–$120,000 — because at that spending level the Age Pension carries most of the load. The expensive jump is from modest to comfortable: an extra ~$19,500 a year of spending for a single costs about half a million dollars of extra capital. And if you rent privately, the picture changes completely: ASFA's modest budget for a single renter is $51,164 a year — nearly as much as a home-owner's comfortable budget.
Enter your age, balance and income — the calculator projects your balance to retirement age with employer super, any extra contributions, and investment returns, year by year.
How Your Balance Compares With Other Australians
Benchmarks say what you need; ATO data says what people have. The two are further apart than most headlines admit:
- At 60–64 (approaching retirement), the average balance is $413,700 for men and $327,400 for women — a gender gap of $86,300 (ATO, 2023–24 data).
- The medians are far lower — roughly $236,000 for men and $175,000 for women at 60–64 — because a small number of very large balances drag the averages up. If you want a "people like me" comparison, use the median.
- Mid-career medians (ATO, 2022–23): about $36,000 at 30–34, $90,000 at 40–44, and $165,000 at 50–54.
Two honest caveats: these figures are what Australians hold, not what they'll need — and today's mid-career workers have had 12% employer super for their recent working life, which earlier cohorts didn't. Priya's $148,000 at 42 is comfortably above the median for her age band; whether it's on track depends on the target she's aiming at, not the crowd she's beating.
Closing a Gap: What Actually Moves the Number
If your projection lands short of your target, the levers are boring but powerful:
- Salary sacrifice inside the $32,500 cap. The concessional cap rose to $32,500 on 1 July 2026. Contributions are taxed at 15% instead of your marginal rate — at Priya's income that's a saving of about 17c per dollar, and the salary sacrifice calculator shows the exact figure at yours.
- Carry-forward catch-up. If your total super balance is under $500,000, unused cap from up to five prior years can be contributed in one hit — useful after a bonus or property sale.
- Time, more than amount. An extra $100 a fortnight from 42 compounds through 25 years of returns; the same dollars starting at 55 get 12. The compound interest calculator makes the difference visceral — in inflation-adjusted dollars, not just nominal ones.
- Check the super is actually arriving. Under payday super (from 1 July 2026), contributions must reach your fund within 7 business days of each payday — worth a five-minute check that your employer's 12% is landing on time.
The Rules That Frame All of This
Access: preservation age is 60 (for everyone born after 30 June 1964) — you can access super at 60 if you retire, and at 65 unconditionally. Benefits from a taxed fund are tax-free from 60. Age Pension: starts at 67, maximum ~$31,223/yr single or ~$47,070/yr couple (March–September 2026 rates), means-tested on income and assets. Ceilings: the transfer balance cap — the most you can move into a tax-free retirement pension — indexed to $2.1 million on 1 July 2026; a problem most of us would enjoy having.