How much will you need?

It's the question we all want to know the answer to.

Preparing a budget is the best place to start. Understanding how much you "need" and how much you "want" to maintain your lifestyle determines how much you'll need to support it.

Think about:

  • Needs – essentials like rent, rates, council fees, food, bills
  • Wants – the extras like holidays, meals out, entertainment
  • Rainy Days – for unexpected costs like home or car repairs, new appliances
  • Estate planning – putting money aside for family or friends

Not quite sure what your spending habits are or what you'll need? ASFA provides annual budget benchmarks to fund 'comfortable' or 'modest' standards of living in retirement.

ASFA Retirement Standard showing annual budget benchmarks

Modest lifestyle Comfortable lifestyle
Single Couple Single Couple
$27,425 $39,442 $42,953 $60,604

Figures for the June quarter 2018 for retirees aged 65-85.

Whilst the ASFA benchmark is a good guide, your lifestyle is unique. So it’s important to work out what you personally think you'll need for your retirement and how long you will need it.  Our retirement planner can get started, and help understand how much you could need in retirement. 

It's the question we all want to know the answer to.

Preparing a budget is the best place to start. Understanding how much you "need" and how much you "want" to maintain your lifestyle determines how much you'll need to support it.

Think about:

  • Needs – essentials like rent, rates, council fees, food, bills
  • Wants – the extras like holidays, meals out, entertainment
  • Rainy Days – for unexpected costs like home or car repairs, new appliances
  • Estate planning – putting money aside for family or friends

Not quite sure what your spending habits are or what you'll need? ASFA provides annual budget benchmarks to fund 'comfortable' or 'modest' standards of living in retirement.

ASFA Retirement Standard showing annual budget benchmarks

Modest lifestyle Comfortable lifestyle
Single Couple Single Couple
$27,425 $39,442 $42,953 $60,604

Figures for the June quarter 2018 for retirees aged 65-85.

Whilst the ASFA benchmark is a good guide, your lifestyle is unique. So it’s important to work out what you personally think you'll need for your retirement and how long you will need it.  Our retirement planner can get started, and help understand how much you could need in retirement.