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Contribution Rules – What Has Changed For 2021/22?

Am I On Track To Living A Comfortable Retirement?

Written by Aaron Alston – Financial Adviser

According to the Association of Superannuation Funds of Australia (AFSA) the retirement guidelines are outlined below.

AFSA Retirement StandardAnnual Living CostsWeekly Living Costs
Couple – modest$40, 739$780
Couple – comfortable$62, 562$1, 198
Single – modest$28, 179$540
Single – comfortable$44, 224$847

Note:  The assumptions are based on retiring at age 65 and living an average life expectancy until 85.  The assumptions also assume you own your home.  A general rule of thumb is two-thirds of your pre-retirement income to maintain a similar standard of living in retirement.  Living expenses may vary depending on your personal needs and the above is not to be solely relied upon.

Age Pension Shortfall

Whether or not you are single or in a relationship aiming to live a comfortable retirement, the aged-pension alone won’t get you there.  Effective 20th March 2021 the aged pension for a single person is $952.70 per fortnight and a couple is $718.10 each per fortnight.  Depending on your circumstances however you may or may not be eligible for the aged pension.

Aged Pension Shortfall for Single person aiming for a comfortable retirement as per AFSA:

$19 453.80 per annum

Aged Pension Shortfall for Couple aiming for a comfortable retirement as per AFSA:

$25 220.80 per annum

For further information refer to:


The above of course is a guide and depending on your personal financial situation, objectives and needs your annual living requirement could be much less or greater than the above.  To meet your current living requirements you may require as little as $30 000 per annum or $150 000 per annum.

There is no one size fits all approach so if you are concerned about your retirement or want to know if you are on track, please call 1800 804 296 or submit a contact form directly on our website.

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