In Australia, there's no designated age for retirement, but if you're wondering when you can access your super (your retirement savings), the magic number is 60. Once you hit that age, you can start tapping into some of your super and if you meet certain requirements all your super. Here you can read about the various conditions, as well as the process of withdrawing your super.

For government support, the Age Pension kicks in at 67 years, if you’re eligible to receive it. You can find out more about the eligibility requirements for the Age Pension here.

But if you're feeling adventurous and financially ready to retire before that, the choice is yours — just make sure your retirement savings can sustain you.

How much do I need in savings to retire?

The amount you’ll need for retirement largely depends on the kind of lifestyle you envision and how much (or little) you plan to do once you stop working.

As a guide for how much money you will need in retirement, ASFA suggests the following for people aged 65-84¹:

• Modest Lifestyle: Around $32,930 per year for a single person or $47,475 for a couple
• Comfortable lifestyle: About $51,814 per year for a single person and $73,031 for a couple.

To achieve a comfortable retirement, ASFA also calculates the amount of savings required by retirement at age 67 are around $595,000 for a single person and $690,000 for a couple.

However, if you're dreaming of travel, fancy dinners, or golfing every day, you will probably need more than that. In the end, it's all about making sure your savings can support your lifestyle. If you’re unsure, a chat with a financial planner might be just what you need to avoid any retirement surprises.

What if my super savings are lower than expected as I near retirement?

If your super savings aren't as high as you'd like them to be as you near retirement, don't panic—there are several strategies you can consider to improve your financial situation. And by contributing more to your super, you may even end up paying less income tax.

Keep reading to discover ways to grow your super savings.

¹ ASFA Retirement Standard September 2024. The estimated budget assumes that the retirees own their own home outright and are relatively healthy.

Important information and disclaimer 
This article has been prepared by NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 (NULIS) as trustee of the MLC Super Fund ABN 70 732 426 024. NULIS is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (‘Insignia Financial Group’). The information in this article is current as at March 2025 and may be subject to change. This information may constitute general advice. The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider obtaining independent advice before making any financial decisions based on this information. It is recommended that you consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) before you make any decisions about your superannuation. You can obtain the latest copy of the PDS (or other disclosure documents) and TMD by calling us on 132 652 or by searching for the applicable product at mlc.com.au. You should not rely on this article to determine your personal tax obligations. Please consult a registered tax agent for this purpose. Opinions constitute our judgement at the time of issue. The case study examples (if any) provided in this article have been included for illustrative purposes only and should not be relied upon for decision making. Subject to terms implied by law and which cannot be excluded, neither NULIS nor any member of the Insignia Financial Group accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in the information in this communication.