Retirement Planning Guide
Plan for a comfortable retirement with super strategies, Age Pension information, and retirement calculators.
$595K
Comfortable (Single)
$690K
Comfortable (Couple)
67
Age Pension Age
60
Super Access Age
💰 How Much Do You Need to Retire?
ASFA Retirement Standard estimates (assumes part Age Pension for modest, no Age Pension for comfortable):
| Lifestyle | Annual Spending | Notes |
|---|---|---|
| Modest (single) | $32,666 | ASFA standard, basic needs met |
| Modest (couple) | $47,069 | Simple lifestyle, limited extras |
| Comfortable (single) | $52,085 | ASFA standard, good living |
| Comfortable (couple) | $73,337 | Travel, hobbies, dining out |
| Affluent (single) | $70,000+ | Premium lifestyle |
| Affluent (couple) | $100,000+ | Frequent travel, luxury |
Super Balance Targets (at age 67)
For a comfortable retirement without Age Pension: Single ~$595,000 | Couple ~$690,000
Age Pension (2024-25)
| Category | Max Rate | Assets Test Free* | Income Test Free |
|---|---|---|---|
| Single | $1,144.40/fn | $314,000 | $212/fn |
| Couple (combined) | $1,725.20/fn | $470,000 | $372/fn |
*Homeowner thresholds. Non-homeowner thresholds are higher. Your home is exempt from assets test.
Super Strategies to Boost Your Balance
| Strategy | Benefit | When |
|---|---|---|
| Salary sacrifice | Reduce tax on contributions | Any age |
| Catch-up contributions | Use unused cap from past 5 years | Super balance <$500K |
| Spouse contribution | $540 tax offset for low-income spouse | Spouse earns <$40K |
| Transition to retirement | Access super while working | Age 60+ |
| Downsizer contribution | Up to $300K from home sale | Age 55+ |
| Government co-contribution | $500 if earn ≤$47,488 (phases out by $62,488) | Any age, income tested |
Transition to Retirement (TTR)
From age 60, you can access super via a TTR pension while still working:
How It Works
- • Withdraw 4-10% of super balance annually
- • Salary sacrifice more to super
- • Pay 15% tax on contributions (vs marginal rate)
- • Pension income often tax-free over 60
Benefits
- • Reduce working hours, supplement with super
- • Tax-effective salary sacrifice strategy
- • Gradual transition to full retirement
- • Keep super growing with contributions
Key Retirement Ages
55
Downsizer contributions eligible
60
Super access (if retired) / TTR available
65
Unrestricted super access
67
Age Pension eligible
Retirement Planning Checklist
10+ Years Before
- ☐ Consolidate super funds
- ☐ Review investment options
- ☐ Maximise salary sacrifice
- ☐ Pay down mortgage
- ☐ Consider spouse contributions
5 Years Before
- ☐ Calculate retirement income needs
- ☐ Review insurance (reduce as needed)
- ☐ Consider TTR strategy
- ☐ Plan for health costs
- ☐ Update estate planning