$700,000 in superannuation is generally considered a strong foundation for a comfortable retirement in Australia, especially for a couple, often aligning with or exceeding ASFA’s comfortable standard. For a couple, $700k combined allows for a comfortable lifestyle when supplemented by the Age Pension. For a single person, $700k provides a high level of comfort, likely exceeding the $600k mark.
Yes — a couple can retire on $700,000 in Australia, particularly if they own their home and are eligible for Age Pension support later in retirement. Retiring at 65 with this balance could mean an annual income closer to or above the ASFA 'comfortable' standard for couples.
$700k can last you for at least 35 years in retirement if your annual spending remains around $40,000. However, it will also depend on how old you are when you retire and how much you plan to spend each month as a retiree.
If you plan on helping children onto the property ladder, or you want to purchase a holiday home for your retirement, you might find that even £700,000 in your pension pot could leave you short. Of course, if your needs are modest, a £700,000 pension pot might be more than you could ever spend.
With that being said, what is a wealthy retirement? Well, according to ASFA, a comfortable retirement for a couple is around $75,000 per year and $53,000 for a single person. Given this, I would consider achieving a retirement income of, say, 30% over these amounts to be a wealthy retirement.
Based on current rates (November 2024), a $1 million annuity in conjunction with Age Pension payments would cover retirement expenses until past age 100 for a single person. At age 100 you would have around $500,000 in investment assets.
Concessional super contributions are taxed at 15% when they are received by your super fund. There are some exceptions to this rule: If you earn $37,000 or less, the tax is paid back into your super account through the low-income super tax offset (LISTO).
The top ten financial mistakes most people make after retirement are:
We estimate that to retire comfortably at age 60, a single person might need a super balance of around $515,000 (for an income in retirement of about $52,000 per year*), and a couple retiring at age 60 might need a combined super balance of around $660,000 (for a combined income in retirement of about $72,000 per year ...
Only around 3.1 per cent of households have very high total balances of over $2 million. Around 1.4 per cent or 142,000 households have more than $3 million in superannuation.
While salary sacrificing can mean a slight dip in your take-home pay, it's a smart move that supercharges your retirement savings for the long haul, while also potentially reducing what you pay in tax.
Australians aged between 60-64 have an average super balance of $401,600 for men and $300,300 for women1. The Government Age Pension acts as a safety net to support the basic cost of living in retirement. However, it's still important to have a figure in mind as your ideal retirement savings goal.
Roughly 7% to 9% of American households have $500,000 or more in retirement savings, though figures vary slightly by source, with data from late 2025 suggesting around 7.2% and older 2022 data indicating about 9%, showing it's a significant milestone achieved by less than one in ten families, despite higher averages driven by wealthy individuals.
According to the Association of Superannuation Funds of Australia (ASFA) the amount a single person needs for a comfortable retirement is $595,000 and the amount a couple needs is $690,000 (combined).
What Net Worth Defines “Upper Class” in Your 30s in Australia? And How to Build It
Even if you move overseas, your superannuation will typically stay in Australia. If you move to New Zealand, you may be able to transfer your super to a KiwiSaver account. Temporary residents returning home after visiting Australia can apply for a Departing Australia Superannuation Payment.
Ideally, you should live off the returns on your investments without touching the principal. With $700,000 saved and an average annual return of 10–12%, you could have between $70,000 and $84,000 per year. If returns are lower, say 8%, you'll only have $56,000 and may need to dip into your principal.