📝 How Much Do I Need to Retire Comfortably in Australia? A 10-Step Checklist

Planning for retirement can feel overwhelming, especially when trying to determine how much money you'll need to live comfortably.

Whether you're dreaming of travel, downsizing your home, or simply enjoying a stress-free lifestyle, understanding your financial needs is essential.

To help you get retirement ready, we've created a 10-step checklist that breaks down the key considerations - from lifestyle choices and housing costs to superannuation strategies and government support.

This guide draws on trusted resources like Moneysmart, the ATO, and Services Australia to ensure you're making informed decisions.

Whether you're just starting to think about retirement or you're refining your financial plan, this checklist will help you answer the big question: How much do I really need to retire comfortably?

How Much Do I Need to Retire Comfortably in Australia? A 10-Step Checklist

✅ 1. Define Your Retirement Lifestyle

Decide whether you want a modest, comfortable, or luxurious lifestyle. This affects your spending needs significantly.

🔗 Moneysmart – Work out how much you need to retire

✅ 2. Use Retirement Cost Benchmarks

Refer to the ASFA Retirement Standard:

• Comfortable lifestyle: ~$52,383 per year (single), ~$73,875 per year (couple)

• Modest lifestyle: ~$33,386 per year (single), ~$48,184 per year (couple)

  
  

🔗 ASFA Retirement Standard – via Moneysmart [1]

✅ 3. Assess Your Current Financial Position

Calculate your net worth, including:

• Superannuation

• Savings and investments

• Property and other assets

  
  

🔗 Make a Retirement Plan – Moneysmart[2]

✅ 4. Estimate Your Retirement Income

Include income from:

• Super drawdowns

• Age Pension

• Investments

• Part-time work

  
  

🔗 Super and Planning for Retirement – ATO [3]

✅ 5. Consider Housing Costs

Owning your home reduces retirement costs. If renting or planning to downsize, factor in those expenses.

🔗 Planning Your Retirement – myGov [4]

✅ 6. Account for Health and Aged Care

Include private health insurance, out-of-pocket medical costs, and potential aged care expenses.

🔗 Make a Retirement Plan – Moneysmart [2]

✅ 7. Plan for Inflation and Longevity

Your retirement may last 20–30 years. Plan for rising costs and longer life expectancy.

🔗 Treasury – Retirement Phase Super Factsheet [5]

✅ 8. Use Retirement Planning Tools to determine how much do I need to retire

Try calculators like:

• Retirement Planner

• Budget Planner

• Net Worth Calculator

  
  

🔗 Moneysmart Retirement Tools [2]

✅ 9. Review Super Investment Strategy

Adjust your super investment mix as you approach retirement to balance risk and return.

🔗 ATO – Super Investment Options [3]

✅ 10. Seek Professional Advice

Consult:

• Financial advisers

• Your super fund

• Services Australia’s Financial Information Service

  
  

🔗 Get Help – Moneysmart [2]

References

[1] Super and planning for retirement - Australian Taxation Office

[2] Improving the retirement phase of superannuation

[3] Planning your retirement - myGov

[4] Help to get your finances in order for retirement - myGov

[5] Planning to retire - Australian Taxation Office

📅 Ready to Take the Next Step?

Understanding how much you need to retire comfortably is just the beginning. Whether you're planning early or approaching retirement soon, personalised advice can make all the difference.

👉 Book a retirement planning appointment today to get tailored guidance based on your goals, lifestyle, and financial situation.

Let’s make your retirement not just comfortable - but confident.

🔗 Schedule your appointment now - link to calendar below

Getting Retirement Ready Strategy Session

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At Think Capital Advice, we believe in empowering our clients with tailored financial strategies to achieve their goals. Curious to know more about who we are?

Visit our About Us page and learn how we’re committed to delivering prudent advice, practical solutions, and progressive results.

Learn More About Think Capital Advice

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Think Capital | Strategic Financial Planning Advice - how much do I need to retire checklist

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Norma Falconer is a Business Owner, Entrepreneur, Financial Planner, Portfolio and Invesment Manager, Personal Insurance Specialist and Estate Planner, in Australia, known for her prudent advice, practical solutions, and progressive results.

As the Founder of Think Capital Advice, Norma combines deep technical expertise with a compassionate, personalised and client-centric approach. Norma specialises in guiding high-income-earning business owners, professionals, and their families toward achieving their version of financial independence. Her dedication to excellence is matched by a commitment to making complex financial concepts accessible and actionable for her clients.

She is Professionally Licensed, FASEA-accredited, a Tax (Financial) Adviser, and holds multiple qualifications, including a Post-Graduate Diploma of Financial Planning and certifications in results coaching. Beyond her professional achievements, Norma is an advocate for community empowerment and has served on various boards, including the Cansa Association and Business Women’s Association. She is also a best-selling author, recognised speaker, and media contributor, sharing insights that simplify the path to financial independence. 

Leveraging over 36 years of working with high-net wealth families, the team at Think Capital Advice excel in working with you to improve financial stability through maximising cashflow, growing wealth, utilising tax-effective strategies, and ensuring that your legacy is protected. Learn more at Think Capital Advice