Overview
- ASFA’s latest benchmark puts a comfortable retirement at $75,319 a year for couples and $53,289 for singles, with indicative lump sums of $690,000 for couples and $595,000 for singles who own their homes outright.
- Baby boomers are treating retirement as a multi‑phase chapter, with many stepping out of work, returning part‑time, volunteering or reskilling rather than stopping at a single endpoint.
- Research finds half of Australians have never sought retirement information, as ASFA’s Mary Delahunty cautions that the $1 million target is a harmful myth; tools include Aware Super’s digital planner and the government’s MoneySmart calculators.
- Census data shows the share of 55–64 year‑olds who own homes outright has nearly halved over two decades, increasing the chance retirees will carry rent or mortgages into later life.
- A persistent gender gap remains in super balances ($205,385 for men vs $153,685 for women at ages 60–64 in 2022), with parity forecast around 2070, while super contributions on paid parental leave will start next year to help narrow the gap.