‘Figure just thrown around': Aussies need far less than $1m for comfortable retirement
Older Australians are likely closer than they think to having a comfortable retirement, with workers often overestimating just how much they will need before they finish their careers.
The majority of workers believe they will need at least $1m in their superannuation fund in order to have a comfortable retirement, new research AustralianSuper research reveals.
AustralianSuper head of advice Ross Ackland said 94 per cent of retirees would finish their careers with far less than $1m in superannuation, and despite the fear-based narrative, that would still be enough to live a comfortable life.
'You might have heard you need $1m – it's the figure that's often thrown around as the financial retirement ideal, but the truth is, there's no one-size-fits-all,' he said.
'A comfortable retirement will look different for everyone.'
Figures released earlier in the year by Super Consumers Australia showed a single person needed about $310,000, while a couple needed $420,000 to achieve a 'medium lifestyle in retirement'.
But this has two major caveats; the retiree owns their own home and they go on the aged-based pension at some point throughout their retirement.
The Association of Superannuation Funds of Australia has also run the figures, saying singles living a modest lifestyle will spend $32,930 a year, again assuming the retiree owns their own home.
For Aussies wanting a 'comfortable' standard, singles need a higher amount of $51,814 and couples $73,031 a year.
This would require a single superannuation member to have $595,000 in their accounts, while couples need to have $690,000.
Retiree Warren Morrison said after a career in local government, banking and media, he was able to retire in 2022 at aged 64 with far less than 'a million bucks in super'.
'I worked out what I'd need day to day, figured out what brought me joy and built my retirement around that, eventually leaving the workforce with around $350,000 in superannuation,' he said.
'I'm not sitting still – I'm officiating weddings, hosting trivia nights, doing a bit of acting and even judging roller skating competitions.
'It's not about being rich, it's about being purposeful. I still have my coffee and cake with mates. I'm careful, but I'm not missing out.'
AustralianSuper points out funds in superannuation are just part of what retirees will have when they finish work, with savings, other assets, lifestyle expectations and the pension all playing a role in how Australians will be able to spend the latter years of their lives.
'We know superannuation is incredibly important and encourage members to make extra contributions where appropriate, but super is only one piece of the retirement puzzle,' Mr Ackland said.
'It's also important to remember that our superannuation system is still maturing and will continue to deliver stronger outcomes for more Australians.'
Compulsory super was only introduced in 1992 and at much lower contribution rates than we have today.
The superannuation guarantee has also been on the rise in recent years and, from July 1, 2025,
will climb to 12 per cent of a worker's income.
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Save $930 on HP Envy x360 16 inch 2-in-1 Laptop 16-ac0014TU, Silver Save $700 on HP Laptop 17.3 inch 17-cn3030TU, Silver Save $250 on HP Laptop 14 inch 14-em0073AU, Black Save $200 on HP Laptop 15.6 inch 15-fd0233TU, Black Save up to 40 per cent off select LG Products and free removal of old appliances Save up to 40 per cent off Galaxy Smartphones Save up to 35 per cent off Samsung OLED TVs Save up to 30 per cent off fridges, laundry and vacuums 30 per cent off RRP Galaxy Bud3 I Buds3 Pro* 30 per cent off RRP Galaxy Watch Ultra I Watch7* Save up to $1,000 on gaming monitors Save 15 per cent on laundry bundles 20 per cent off sitewide Get up to 50% off JBL, from powerful speakers to premium headphones Up to 43 per cent off Shop the EOFY sale Up to 50 per cent off Up to 60 per cent off Up to 65 per cent off rugs Up to 40 per cent off sofas Extra 30 per cent off clearance homewares Up to 30 per cent off Up to 50 per cent off sale Buy one kettle or toaster and get one for 25 per cent off Up to 30 per cent off Up to 50 per cent off sale 20 to 50 per cent off selected styles Up to 30 per cent off sale Up to 40 per cent off sitewide Shop the EOFY final sale Read more EOFY sale articles: EOFY stands for End of Financial Year. In Australia, EOFY sales usually take place throughout June as businesses offer major discounts to clear stock before the financial year ends on June 30. It's a popular time to score deals on tech, fashion, beauty, furniture, and more - and in some cases, it may offer tax-deductible benefits for eligible purchases. Most EOFY sales in 2025 will run from early June through to June 30, 2025. However, some retailers may begin promotions as early as late May. Keep an eye on your favourite brands for early access or exclusive member offers. If you're buying items for work or business purposes - like a laptop, printer, or ergonomic chair - you may be eligible to claim them as tax deductions. Always check with your accountant or the ATO (Australian Taxation Office) to confirm what qualifies. EOFY sales are a great time for sole traders and small business owners to make smart purchases. EOFY sales can be just as competitive as Black Friday or Boxing Day - especially for big-ticket items or business-related purchases. While Black Friday is focused more on pre-holiday retail, EOFY deals often appeal to practical spending, upgrades, and tax-time shopping. Yes, many businesses offer EOFY discounts on services too - such as accounting software, insurance, phone plans, digital subscriptions, or marketing tools. If you're a freelancer, business owner, or just looking to optimise your expenses, it's worth checking. To shop smarter during EOFY: These items are hand-picked to make your shopping experience easier. ACM may be provided with compensation from affiliate partners if you click through. End-of-financial-year sales coincide with the end of the tax year, which means Australians have the chance to buy work-related items like computers, tools, or office equipment that can be claimed as deductions. If you work remotely or own a business, EOFY sales mark the perfect time to make the most of office and tech discounts, as retailers clear stock before the financial year resets on June 30. Amid rising cost of living pressures, 71 per cent of Australians are planning to shop EOFY sales to make the most of the savings. With major brands like HP, Lenovo, Kogan, Samsung and Nespresso are all offering attractive deals across their product ranges, the hunt is on for the next best deal. Below, we've collated a list of the top retailers and discounts on offer in the home office and tech categories - to save you time surfing the web. Save $930 on HP Envy x360 16 inch 2-in-1 Laptop 16-ac0014TU, Silver Save $700 on HP Laptop 17.3 inch 17-cn3030TU, Silver Save $250 on HP Laptop 14 inch 14-em0073AU, Black Save $200 on HP Laptop 15.6 inch 15-fd0233TU, Black Save up to 40 per cent off select LG Products and free removal of old appliances Save up to 40 per cent off Galaxy Smartphones Save up to 35 per cent off Samsung OLED TVs Save up to 30 per cent off fridges, laundry and vacuums 30 per cent off RRP Galaxy Bud3 I Buds3 Pro* 30 per cent off RRP Galaxy Watch Ultra I Watch7* Save up to $1,000 on gaming monitors Save 15 per cent on laundry bundles 20 per cent off sitewide Get up to 50% off JBL, from powerful speakers to premium headphones Up to 43 per cent off Shop the EOFY sale Up to 50 per cent off Up to 60 per cent off Up to 65 per cent off rugs Up to 40 per cent off sofas Extra 30 per cent off clearance homewares Up to 30 per cent off Up to 50 per cent off sale Buy one kettle or toaster and get one for 25 per cent off Up to 30 per cent off Up to 50 per cent off sale 20 to 50 per cent off selected styles Up to 30 per cent off sale Up to 40 per cent off sitewide Shop the EOFY final sale Read more EOFY sale articles: EOFY stands for End of Financial Year. In Australia, EOFY sales usually take place throughout June as businesses offer major discounts to clear stock before the financial year ends on June 30. It's a popular time to score deals on tech, fashion, beauty, furniture, and more - and in some cases, it may offer tax-deductible benefits for eligible purchases. Most EOFY sales in 2025 will run from early June through to June 30, 2025. However, some retailers may begin promotions as early as late May. Keep an eye on your favourite brands for early access or exclusive member offers. If you're buying items for work or business purposes - like a laptop, printer, or ergonomic chair - you may be eligible to claim them as tax deductions. Always check with your accountant or the ATO (Australian Taxation Office) to confirm what qualifies. EOFY sales are a great time for sole traders and small business owners to make smart purchases. EOFY sales can be just as competitive as Black Friday or Boxing Day - especially for big-ticket items or business-related purchases. While Black Friday is focused more on pre-holiday retail, EOFY deals often appeal to practical spending, upgrades, and tax-time shopping. Yes, many businesses offer EOFY discounts on services too - such as accounting software, insurance, phone plans, digital subscriptions, or marketing tools. If you're a freelancer, business owner, or just looking to optimise your expenses, it's worth checking. To shop smarter during EOFY: These items are hand-picked to make your shopping experience easier. ACM may be provided with compensation from affiliate partners if you click through. End-of-financial-year sales coincide with the end of the tax year, which means Australians have the chance to buy work-related items like computers, tools, or office equipment that can be claimed as deductions. If you work remotely or own a business, EOFY sales mark the perfect time to make the most of office and tech discounts, as retailers clear stock before the financial year resets on June 30. Amid rising cost of living pressures, 71 per cent of Australians are planning to shop EOFY sales to make the most of the savings. With major brands like HP, Lenovo, Kogan, Samsung and Nespresso are all offering attractive deals across their product ranges, the hunt is on for the next best deal. Below, we've collated a list of the top retailers and discounts on offer in the home office and tech categories - to save you time surfing the web. Save $930 on HP Envy x360 16 inch 2-in-1 Laptop 16-ac0014TU, Silver Save $700 on HP Laptop 17.3 inch 17-cn3030TU, Silver Save $250 on HP Laptop 14 inch 14-em0073AU, Black Save $200 on HP Laptop 15.6 inch 15-fd0233TU, Black Save up to 40 per cent off select LG Products and free removal of old appliances Save up to 40 per cent off Galaxy Smartphones Save up to 35 per cent off Samsung OLED TVs Save up to 30 per cent off fridges, laundry and vacuums 30 per cent off RRP Galaxy Bud3 I Buds3 Pro* 30 per cent off RRP Galaxy Watch Ultra I Watch7* Save up to $1,000 on gaming monitors Save 15 per cent on laundry bundles 20 per cent off sitewide Get up to 50% off JBL, from powerful speakers to premium headphones Up to 43 per cent off Shop the EOFY sale Up to 50 per cent off Up to 60 per cent off Up to 65 per cent off rugs Up to 40 per cent off sofas Extra 30 per cent off clearance homewares Up to 30 per cent off Up to 50 per cent off sale Buy one kettle or toaster and get one for 25 per cent off Up to 30 per cent off Up to 50 per cent off sale 20 to 50 per cent off selected styles Up to 30 per cent off sale Up to 40 per cent off sitewide Shop the EOFY final sale Read more EOFY sale articles: EOFY stands for End of Financial Year. In Australia, EOFY sales usually take place throughout June as businesses offer major discounts to clear stock before the financial year ends on June 30. It's a popular time to score deals on tech, fashion, beauty, furniture, and more - and in some cases, it may offer tax-deductible benefits for eligible purchases. Most EOFY sales in 2025 will run from early June through to June 30, 2025. However, some retailers may begin promotions as early as late May. Keep an eye on your favourite brands for early access or exclusive member offers. If you're buying items for work or business purposes - like a laptop, printer, or ergonomic chair - you may be eligible to claim them as tax deductions. Always check with your accountant or the ATO (Australian Taxation Office) to confirm what qualifies. EOFY sales are a great time for sole traders and small business owners to make smart purchases. EOFY sales can be just as competitive as Black Friday or Boxing Day - especially for big-ticket items or business-related purchases. While Black Friday is focused more on pre-holiday retail, EOFY deals often appeal to practical spending, upgrades, and tax-time shopping. Yes, many businesses offer EOFY discounts on services too - such as accounting software, insurance, phone plans, digital subscriptions, or marketing tools. If you're a freelancer, business owner, or just looking to optimise your expenses, it's worth checking. To shop smarter during EOFY:
