How much could you have at retirement?

Are you on track to have enough for your retirement?

Not sure how much super you're likely to have when you retire, or whether it’ll be enough to fund your dream lifestyle? You’re not alone. In fact, according to AMP research, nearly two in five Australians under 50 wish they’d started thinking about retirement in their 20s¹. 

The good news is you can get a clear snapshot of how you're tracking today and make any adjustments needed for the future. In just a few minutes, AMP’s Retirement Simulator shows your projected super balance, estimated future income, and how long it could last. It even highlights how Lifetime solutions like the award-winning AMP Super Lifetime Boost and an AMP Lifetime Retirement Income could maximise your future income, with no extra effort or fees.

Why is it important to think about your super early?

Depending on your age, retirement may feel like a long way away. So why should you be thinking about it now? Maybe you’re juggling rent, mortgage payments, school or childcare fees, or saving for your next holiday – so your super probably isn’t top of mind. 

But starting now can make a big difference in the long run. Time is your greatest asset when it comes to super. The longer you leave your money sitting in a super fund with strong returns and the right investment choice for your age and risk profile, the more it can grow through the power of compounding returns. Even small actions today, like reviewing your investment options or making the most of your fund’s features, could help set you up for a better future.

How can you plan for the retirement you want?

Knowing how much super you should have for your age and where you stand today gives you time to take action, adjust your strategy, and grow your savings while you’re still in your prime earning years. 

Making the right investment choice can help with your retirement goals. Growth investments can be a good fit for those with an investment timeframe of more than 10 years. While they involve some volatility and a higher level of risk, they may offer stronger long-term returns and greater flexibility to take calculated risks that could pay off over time. To help decide what investment approach might suit you, it’s a good idea to speak to a financial adviser – AMP Super members can access personal Digital Financial Advice with no extra fees to help make this decision easier.

Of course, the right approach is goal dependent – when you want to retire, how much you’ll need, and your attitude to risk. But thinking about these questions now, including how much money you might need in retirement, can help you plan with confidence and stay on track for the future you want.

How much is "enough" in retirement?

There’s no single “magic number” for retirement. The amount you’ll need depends on factors such as your living expenses, whether you retire with any outstanding debts, and if you have access to other sources of income like investments, savings, an inheritance or the Australian Government Age Pension (which not everyone will be eligible for).

To provide a practical guide, the Association of Superannuation Funds of Australia (ASFA) publishes Retirement Standard benchmarks outlining the budget needed by the average Australian to fund a modest or comfortable standard of living in retirement. As at the March 2026 quarter, ASFA estimates that individuals and couples around age 65 who are looking to retire today would need an annual income of around $55,923 or $78,566 respectively to fund a comfortable lifestyle.

To live a modest lifestyle, which is considered only slightly better than living on the full rate of the age pension alone, individuals and couples would need an annual budget of around $36,434 or $52,473, respectively.

For those renting on a modest lifestyle, the annual budget for individuals and couples goes up much higher, around $51,164 or $69,002, respectively.

How can you get a tailored retirement forecast?

But how do you figure out if you’re on track? That’s where AMP’s Retirement Simulator comes in. Answer a few quick questions and it will give you a tailored projection in just minutes, with insights into how your super is tracking, your estimated retirement balance and how long your money might last. 

It also shows you how switching on the Lifetime Boost feature and using a combination of lifetime and flexible retirement income streams could help turn your super into a higher overall income stream in retirement that lasts for life. You can even experiment with your retirement projection by adjusting your goals to see how the choices you make today and in the future can create different outcomes.

What are AMP's Lifetime solutions and how can this affect my retirement income?

AMP’s Lifetime solutions (including AMP’s Lifetime Boost and AMP Lifetime Retirement Income) are designed to help turn part of your super into a regular income stream that lasts for life, while leaving the rest of your super available for flexible access. You can explore how AMP’s Lifetime solutions could increase your retirement projection by toggling the feature in AMP’s Retirement Simulator. Displayed in an easy-to-understand graph, it shows how this award-winning feature could potentially add years of extra financial support, helping you enjoy a better retirement. Curious to know how it works? In a nutshell, it works automatically in the background to boost your Age Pension eligibility by reducing the amount assessed under the Age Pension asset tests. You can realise this benefit by allocating at least some of your super into an AMP Lifetime Retirement Income in retirement. By doing so, you will also receive a regular income for life, helping you enjoy greater financial confidence through retirement.