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There are several key industry reference points when it comes to estimating retirement income needs.

20 Dec 2021

There are several key industry reference points when it comes to estimating retirement income needs.

  • The Association of Superannuation Funds of Australia (ASFA) produce estimates for the income needed for a Modest or Comfortable standard of living in retirement. 
  • The Household, Income and Labour Dynamics in Australia (HILDA) Survey captures estimates of how much money working people over age 45 think they will need in retirement.
  • The Australian Bureau of Statistics captures actual spending data for households aged 65-74, and households aged over 75 years.

The amounts for the ASFA Retirement Standard, HILDA and ABS data are shown below.

ASFA Retirement Standard* (Single per year) ASFA Retirement Standard* (Couple per Year) HILDA (Average Expected Annual Income Needed in Retirement) Australian Bureau of Statistics (ABS)
(Reported Annual Spending) 
Modest lifestyle  Comfortable lifestyle Modest lifestyle  Comfortable lifestyle Single  Couple  Per Household
(65-74 yrs)
 Per Household
(75+yrs) 
$27,987  $43,901  $40,440  $62,083  $39,072  $52,096  $54,625  $34,905 

While these are interesting reference points, keep these things in mind:

  • ASFA Retirement Standards don’t include the cost of accommodation. If you don’t own your own home, your cost of living will be higher.
  • HILDA data doesn’t include the cost of recreation.
  • ABS data is on a per household basis.

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