What sort of retirement do you want? It’s a hard question to answer, because retirement means different things to different people. But a good starting point is to take a step back and consider a simple take on life in retirement. That’s where the Association of Superannuation Funds of Australia (ASFA) – the peak body on all things super – can help. ASFA provides two helpful scenarios for what retirement might look like. One is a ‘modest’ retirement, and the other is a ‘comfortable’ retirement.

The ASFA Retirement Standard

The ASFA Retirement Standard is considered the benchmark guide to how much money you need in retirement, and what retirement might look like.

It provides a breakdown of estimated expenses for both modest and comfortable lifestyles, for couples and singles to maintain a healthy, vital and connected lifestyle in retirement.

A modest v comfortable retirement

So what might a modest retirement look like?

According to ASFA, a modest retirement will cover the basics. This includes housing costs (such as repairs and maintenance, electricity and gas, and council rates), clothing and footwear, car transport and running costs, public transport, and health expenses.

The basics also include occasional leisure activities such as eating out, movies and vacations. But to be honest, this side of things is limited. For example, there are no overseas holidays on a modest retirement and limited take-away meals.

ASFA also paints a picture for what a comfortable retirement might look like. Imagine the basics outlined above but with a bit more money to spend on them. And then add in:

reasonable home improvements, such as bathroom and kitchen renovations
vitamins and other over the counter medicines
overseas vacations.

How do modest v comfortable retirements compare?

ASFA has been producing the Retirement Standard since 2004. Each quarter, ASFA updates the budgets retirees would need to fund a modest and comfortable retirement.

The table provides a good summary how modest and comfortable lifestyles in retirement compare.

Spending categories	Comfortable lifestyle	Modest lifestyle
Health services	Top level private health insurance, doctor/specialist visits, pharmacy needs	Basic private health insurance, limited gap payments
Broadband and phones	Fast reliable NBN, computer and iPhone with good data allowance/streaming services	Fast reliable NBN, computer and android mobile, modest mobile internet data allowance
Car transport and running costs	Own a reasonable car, car insurance and maintenance/upkeep	Owning a cheaper, older, more basic car
Leisure activities	Regular leisure activities including club membership, cinema visits, exhibitions, dance/yoga classes	Infrequent leisure activities, occasional trip to the cinema
Housing and household appliances	Home repairs, updates and maintenance to kitchen and bathroom appliances over 20 years	Limited budget for home repairs, household appliances
Household expenses and utilities	Confidence to use air conditioning in the home, afford all utilities	Need to keep a close watch on all utility costs and make sacrifices
Barber or hairdressing	Regular professional haircuts	Budget haircuts
Going out	Occasional restaurant meals, home-delivery meals, take-away coffee	Limited meals out at inexpensive restaurants, infrequent home-delivery or take-away
Clothing and footwear	Replace worn-out clothing and footwear items, modest wardrobe updates	Limited budget to replace or update worn items
Get aways and vacations	Annual domestic trip to visit family, one overseas trip every seven years	Annual domestic trip or a few short breaks
What it costs	Comfortable lifestyle	Modest lifestyle
Single	$55,923 a year	$36,434 a year
Couple	$78,566 a year	$52,473 a year

^{Source: The figures above are as at the March 2026 quarter, for retirees aged 65-84 who own their own home.}

Are you on track for a comfortable retirement?

The above table provides an idea of what a comfortable lifestyle in retirement could look like, and how much it may cost a year. But is your super currently on track?

ASFA can also help to provide some answers here.

Their research indicates that at age 67, these are the super balances required to live a comfortable lifestyle in retirement:

Couple (combined): $730,000
Single: $630,000

The above numbers are for the March 2026 quarter. As ASFA updates these numbers each quarter, you can always go to the ASFA website for the most up-to-date numbers.

Going a step further, ASFA also indicates the super balance you should have – based on your current age – to reach the above super balances at age 67. Here’s a summary for those people who may be approaching retirement:

For a comfortable retirement at age 67, your current balance should be close to:

Your current age	Current super balance	Your current age	Current super balance
55	$399,000	61	$519,000
56	$416,000	62	$539,000
57	$439,500	63	$562,000
58	$456,500	64	$581,000
59	$479,500	65	$604,500
60	$496,500	66	$618,500

^{Source: Figures arrived at using ASFA’s Super Detective calculator on 23 June 2026. The calculator is intended for illustrative purposes only and it relies upon various assumptions. This information is of a general nature only and should not be relied upon for making financial or product related decisions: Super Detective - ASFA}

Concerningly, research also indicates that many Australians are behind the 8-ball. As at June 2023, ATO data (quoted by ASFA) showed that average super balances – for both men and women – were less than the numbers outlined above:

	Average account balance
Age	Male	Female
55-59	$319,743	$242,945
60-64	$395,852	$313,360
65-69	$448,518	$392,274

^{Source: ATO figures quoted by ASFA.}

The Age Pension can help

The Age Pension is a regular fortnightly Government payment that supports older Australians. Many people see the Government Age Pension as a helping hand if some extra money is needed in retirement. But the Age Pension can act as a genuine supplement to an income stream in retirement. There are eligibility rules for the Age Pension.

The Australian Government reports that as at 28 March 2025, around 2.9 million people aged 65 and over received income support payments, equating to 62% of the population aged 65 and over. Of these, the vast majority (91% or 2.7 million) received the Age Pension.

Adjustments to Age Pension rates happen on 20 March and 20 September each year. The following table shows the maximum fortnightly pension payment as at June 2026:

	Single	Couple combined
Maximum fortnightly payment	$1,200.90	$1,810.40

^{Source: Services Australia, June 2026.}

You can learn more about the Age Pension here, or you can visit the Services Australia website.

Conclusion

To summarise, retirement will mean different things to different people. But a good starting point is to consider what a ‘modest’ and ‘comfortable’ retirement may look like.

And thankfully, there are several reputable sources that can provide a reasonable picture for both types.

And in addition to your super savings, the Age Pension can help support you in living the type of retirement you’re seeking.

What kind of retirement do you want? Modest or comfortable?