The 67-year-old’s career spanned local government, banking and media before he decided to retire in 2022. 

“I didn’t have a million bucks, but I had a plan,” he said.

According to estimates from AustralianSuper, single households aiming for a comfortable retirement—one that includes regular activities, dining out, owning a vehicle, traveling, and having private health insurance—only need approximately $51,805 annually. For couples, this amount is $73,077.

Ross Ackland, the Head of Advice and Guidance at AustralianSuper, stated that the research provides a more practical perspective on what is necessary for a comfortable retirement, emphasizing that superannuation is just “one piece of the retirement puzzle.”

“Some people think they need to be chasing a seven-figure balance to live well in retirement, but many Australians are thriving with less because they’ve planned around their lifestyle, not just a number,” he said.

“The key to retirement confidence is to be realistic, understand your needs and make the most of all the tools available to you, whether that’s superannuation, the age pension, good spending habits or even simple planning tools that help you get a clearer picture of what you might need.”

Ackland added that future generations of retirees will continue to have better outcomes as compulsory super was only introduced in 1992.

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