![\"Homeowner](\"https:\/\/www.europesays.com\/ie\/wp-content\/uploads\/2026\/06\/asfa-and-super-balances_8528.png\")
Homeowner couples aged 65 and over now need $78,566 annually for a comfortable retirement, while singles need $55,923. \u00b7 Source: ASFA\/AAP <\/p>\n Homeowner couples aged 65 and over now need $78,566 annually for a comfortable retirement, while singles need $55,923. \u00b7 Source: ASFA\/AAP <\/p>\n
Aussies now need more money stashed away if they want to live a comfortable lifestyle in retirement<\/a>. The rising cost of living, including for essentials like electricity and fuel, has driven up the amount needed and sparked fears among Aussies that they will run out of cash<\/a>.<\/p>\n Couples aged 65 and over now need $78,566 annually for a comfortable retirement, while a single person needs $55,923. That’s according to the latest figures<\/a> from the Association of Superannuation Funds of Australia (ASFA).<\/p>\n Budgets have increased by 1.5 per cent for couples and 2 per cent for singles since the previous quarter. Looking at the last five years, costs are up by more than 25 per cent since the pandemic, from around $62,800 for couples and $44,400 for singles.<\/p>\n RELATED<\/strong><\/p>\n The biggest cost drivers over the year to the March quarter were electricity costs (up 25.4 per cent) and fuel costs (up 24.2 per cent), along with some foods like coffee, tea and beef, water charges and property rates.<\/p>\n ASFA CEO Mary Delahunty said inflation was changing how Aussies thought about their financial futures<\/a>.<\/p>\n “When households really feel the pressure of grocery, petrol, energy and other bills keep climbing, people naturally assume that retirement will cost a fortune,” she said.<\/p>\n The group’s polling found 42 per cent of Aussies thought they needed more than $1 million in super to retire comfortably. This is above ASFA’s benchmark<\/a> of $730,000 for a couple and $630,000 for a single.<\/p>\n It follows research from Colonial First State that found 61 per cent of Aussies aged 50 to 59 were worried about whether they would have enough savings to live comfortably<\/a><\/p>\n Do you have a story to share? <\/strong>Contact tamika.seeto@yahooinc.com<\/strong><\/a><\/p>\n Delahunty said retirement generally costs less than your working life.<\/p>\n “Retirees pay no tax on superannuation pension income after 60, most own their home outright, work-related costs disappear, and concessions reduce the price of energy, medicines, transport and council rates,” she said.<\/p>\n Housing affordability<\/a> is thought to be weighing on the retirement outlook for younger Aussies, with 51 per cent of those aged between 25 and 34 believing they would need more than $1 million and 23 per cent more than $2 million. The figures were similar for those in the 35 to 49-year-old age bracket.<\/p>\n Delahunty said the assumption for a long time was that you would own your own home by the time you retired.<\/p>\n “For many younger Australians, that feels like a much less attainable reality,” she said.<\/p>\n To be on track for a comfortable retirement with $630,000 in super, ASFA said you would need a balance of $98,500 at 40, $248,500 at 50, $342,000 at 55, $449,500 at 60, and $574,000 at 65.<\/p>\n That assumes you are earning a pre-tax income of $100,000 a year that keeps track with inflation.<\/p>\n Get the latest Yahoo Finance news – follow us on <\/strong>Facebook<\/strong><\/a>, <\/strong>LinkedIn<\/strong><\/a> and <\/strong>Instagram<\/strong><\/a>.<\/strong><\/p>\n