For many Australians, 65 has long been seen as the magic number—the age where you step away from work and start enjoying the freedom of retirement. But with rising living costs, longer life expectancy, and more Australians living active lives well into their 80s and 90s, a common question keeps popping up: Can I really retire at 65? And more importantly, how much super do I need to retire at 65 and maintain a comfortable lifestyle?
What does retirement at 65 look like today?
Retirement today looks very different from what it did a generation ago. People are living longer and expecting more from retirement, travel, hobbies, quality healthcare, and time with loved ones. That all adds up, so it’s no surprise many are wondering if their super and savings will go the distance. The good news? With the right planning and expert advice, retiring at 65 is still very possible.
So, how much super do I need to retire at 65?
According to the Association of Superannuation Funds of Australia (ASFA), a comfortable retirement today (as a single person) requires around $595,000 in super, and for couples, about $690,000. This assumes you own your home and are eligible for a partial Age Pension. But these are general figures. The real number depends on your lifestyle, where you live, your health, and how long you expect your retirement to last.
To work this out properly, speaking with a financial advisor for retirement can help clarify exactly what you’ll need based on your unique situation.
Let's talk lifestyle and spending
Are you planning big overseas trips? Downsizing to a coastal town? Helping your kids financially? These all affect your retirement budget.
ASFA estimates a “modest” retirement costs around $46,000 a year for couples. A “comfortable” one, where you can enjoy the extras like travel and dining out, climbs to around $72,000 per year.
To fund a 20 to 30 year retirement, you will likely need upwards of $1 million if you want to rely solely on your super and savings without the Age Pension. But if you are eligible for a government pension, it can help reduce the amount you need saved, especially with strategic planning from a pension financial advisor.
Planning ahead: It is not just about the number
Retirement has a lot to do with building a strategy that adapts to you. A short guide to retirement planning includes:
- Reviewing your spending habits
- Managing debt before retirement
- Structuring your super and investments wisely
- Planning for aged care or health costs down the track
- Creating an income stream that lasts
What if you are not quite there yet?
Let’s say you are 60, and your super is not quite where you want it to be. Don’t panic—there’s still time to turn things around.
You might consider:
- Making additional contributions through salary sacrifice
- Downsizing your home and contributing to super (under the downsizer contribution scheme)
- Reviewing your investment mix to make your super work harder
This is where tailored, strategic advice comes in. Everyone’s retirement timeline and financial picture are different. The earlier you plan, the more options you have.
So, can I retire at 65?
The short answer is yes, but the long answer depends on your planning. If you’ve been proactive, have your super working efficiently, and understand your entitlements, 65 can absolutely be the start of a fulfilling, financially secure retirement. If you’re unsure, reaching out to a trusted advisor is the first step to making it happen with confidence.
