1. Retirement Standard

ASFA Retirement Standard

The ASFA Retirement Standard is updated quarterly.

Figures for the June 2015 quarter will be released week commencing 3 August 2015.

Downloads:

The ASFA Retirement
Standard »
Detailed budget breakdowns »

The ASFA Retirement Standard benchmarks the annual budget needed by Australians to fund either a comfortable or modest standard of living in the post-work years. It is updated quarterly to reflect inflation, and provides detailed budgets of what singles and couples would need to spend to support their chosen lifestyle.

Information for consumers on the ASFA Retirement Standard can be found on ASFA’s consumer website, Super Guru.

Check what budget you will need in retirement with the ASFA Retirement Standard Calculator.

What is considered a modest and comfortable retirement lifestyle for retirees?

A modest retirement lifestyle is considered better than the Age Pension, but still only able to afford fairly basic activities.

A comfortable retirement lifestyle enables an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.

Both budgets assume that the retirees own their own home outright and are relatively healthy.

Budgets for various households and living standards for those aged around 65
(March Quarter 2015, national)

   Modest lifestyle  Comfortable lifestyle

Single Couple Single Couple
Total per year $23,438 $33,799 $42,569 $58,444

Budgets for various households and living standards for those aged around 85
(March Quarter 2015, national)

   Modest lifestyle  Comfortable lifestyle

Single Couple Single Couple
Total per year $22,798 $33,915 $38,075 $53,424

The figures in each case assume that the retiree(s) own their own home and relate to expenditure by the household. This can be greater than household income after income tax where there is a drawdown on capital over the period of retirement. Single calculations are based on female figures.

Media enquiries

Please contact the ASFA Media Unit.

The ASFA Retirement Standard methodology was last reviewed in 2009 and figures are updated quarterly to reflect changes to the Consumer Price Index (CPI). More information on the calculation of Retirement Standards is available here.

The ASFA Retirement Standard for those aged 85 and over was first included in 2015. More information on the calculation of Retirement Standards for those aged 85 and over is available here.