So how much will an average week in retirement cost? Our friends at ASFA have run the numbers for couples and singles and have given a breakdown for both comfortable and modest lifestyles.

Key learnings covered in this topic

1. The average weekly cost of retirement. 
2. Different amounts required to fund comfortable versus modest lifestyles. 
3. Amounts required for singles versus couples. 
4. Assumptions made within ASFA’s Retirement Standard that may affect your actual needs. 
5. Seek financial advice through your super to improve your future financial situation. 

Comfortable versus modest retirement lifestyles

ASFA says a comfortable retirement allows retirees to maintain a good standard of living. It accounts for a reasonable car, top level private health insurance, regular entertainment, an annual domestic trip, and an international trip once every seven years.

A modest retirement is less grand with spending being slightly above the Age Pension. It allows retirees to have an older model car, basic health insurance, occasional trips to the cinema or inexpensive restaurants, and an annual short break.

How much will you need a week?

Let’s take a look at the numbers.¹

This is only a guide as everyone’s needs will be different in retirement, but it’s a handy insight for those planning their retirement income. It’s important to note that both these lifestyle scenarios assume people own their home outright, are relatively healthy, will draw down all their capital and receive a part Age Pension.

We’re here to help

Planning for retirement can be overwhelming as there’s a lot to think about. The good news is, as a CareSuper member you have access to our limited financial adviser team who can provide super specific advice over the phone, at no extra cost to you.² Get information to help you with your retirement planning around things like:

• top ways to boost your super so you can live your best life after work
• making sure you're in the right CareSuper investment option
• reviewing your insurance needs
• helping you understand if you're on track for retirement

If you need more complex advice, our team of comprehensive financial advisers is available.³ We'll consider your whole financial situation, including your spouse, any assets you have outside super, your debts and your financial goals to help you plan your ideal retirement.

At CareSuper, our role is supporting you, our members, to achieve your retirement goals. So, if you’re lying awake at night wondering how and if you can afford life after work, please give us a call on  1800 005 166.

¹Association of Superannuation Funds of Australia. (2024). ASFA Retirement Standard: Detailed budget breakdowns, June quarter 2024. https://www.superannuation.asn.au/wp-content/uploads/2024/08/ASFA_Retirement_Standard_Budgets_June-24_quarter.pdf

²Advice is provided by CareSuper Advice (ABN 78 102 167 877, AFSL 284443). A copy of the Financial services guide for CareSuper is available at caresuper.com.au/fsg.

³Advice is provided by one of our financial planners who is an Authorised Representative or Representative of Industry Fund Services Limited (IFS) ABN 54 007 016 195 AFSL 232514 as specified in their Financial services guide. Fees may apply. Further information about the cost of advice is set out in the relevant Financial services guide, a copy of which is available for download at caresuper.com.au/fsg-comp-advice or by calling 1800 005 166. IFS is responsible for any advice given to you by its Authorised Representatives and Representatives.

Information correct as at 15 November 2024.