--- title: Will Your Retirement Savings Be Enough? description: "Our daydreams about retirement usually begin with thinking what we’ll do with all of our time once we retire: traveling around the world, campervanning....." image: https://www.altusfinancial.com.au/hubfs/Blog_Hero_Images/Will-Your-retirement.jpg --- [![Logo](https://www.altusfinancial.com.au/hubfs/Logo.svg "Logo")](https://www.altusfinancial.com.au/) - [![](https://www.altusfinancial.com.au/hubfs/1.%202017%20Assets/Dark_Phone.svg)](tel:+61289083444) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) ##### Accounting & Business Services ##### Wealth Services ##### Lending Sources ##### [Need Real-life Advice?](https://www.altusfinancial.com.au/request-a-consultation) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) [![page-1 (5)](https://www.altusfinancial.com.au/hubfs/page-1%20(5).svg "page-1 (5)")](https://www.altusfinancial.com.au) - ![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-14%20(1).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-17%20(1).svg) - ##### MENU - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call%20(6).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2.svg)](tel:1300832962) - ##### MENU [![Talk With Us](https://no-cache.hubspot.com/cta/default/512115/11099956-4246-4311-83f2-64fc6560f370.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11099956-4246-4311-83f2-64fc6560f370) - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2%20(1).svg)](tel:+61%202%208908%203444) - ![](https://www.altusfinancial.com.au/hubfs/close.svg) CLOSE - [Instagram](https://www.instagram.com/altus_financial/) - [LinkedIn](https://www.linkedin.com/company/2339369/admin/) - [Facebook](https://www.facebook.com/AltusFinancial/) - [Business (242)](https://www.altusfinancial.com.au/blog/topic/business) - [Strategy (150)](https://www.altusfinancial.com.au/blog/topic/strategy) - [Wealth (142)](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super (56)](https://www.altusfinancial.com.au/blog/topic/super) - [CFO (48)](https://www.altusfinancial.com.au/blog/topic/cfo) - [Growth (38)](https://www.altusfinancial.com.au/blog/topic/growth) - [Business Succession (25)](https://www.altusfinancial.com.au/blog/topic/business-succession) [![Helpful Resources](https://no-cache.hubspot.com/cta/default/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35) Request a Consultation - Close![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/close%20(3).svg) ## Request a Consultation - [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super](https://www.altusfinancial.com.au/blog/topic/super) - [Tax](https://www.altusfinancial.com.au/blog/topic/tax) # [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) From 1 July 2026, Division 296 will introduce additional tax on superannuation balances above $3 million. For many Australians, this will be a marginal change. For high-balance super members, it’s something more significant — a shift that could reshape how sup..... ###### Altus Team #### Latest Posts [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Super](https://www.altusfinancial.com.au/blog/topic/super), [Tax](https://www.altusfinancial.com.au/blog/topic/tax) ##### [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) [Business](https://www.altusfinancial.com.au/blog/topic/business), [FBT](https://www.altusfinancial.com.au/blog/topic/fbt), [Accounting](https://www.altusfinancial.com.au/blog/topic/accounting) ##### [Common FBT Questions and Answers](https://www.altusfinancial.com.au/blog/common-fbt-questions-and-answers) [Super](https://www.altusfinancial.com.au/blog/topic/super), [Business](https://www.altusfinancial.com.au/blog/topic/business) ##### [Pay Day Super Is Coming: What SMEs Should Be Doing Now](https://www.altusfinancial.com.au/blog/pay-day-super-is-coming-what-smes-should-be-doing-now) [Lending](https://www.altusfinancial.com.au/blog/topic/lending) ##### [Supporting the Next Generation into Property](https://www.altusfinancial.com.au/blog/supporting-the-next-generation-into-property) [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Budget](https://www.altusfinancial.com.au/blog/topic/budget), [Risk](https://www.altusfinancial.com.au/blog/topic/risk) ##### [Rising Insurance Premiums: What’s Really Going On, and What You Can Do About It](https://www.altusfinancial.com.au/blog/rising-insurance-premiums) [Super](https://www.altusfinancial.com.au/blog/topic/super) - 8 min read ## [Will Your Retirement Savings Be Enough?](https://www.altusfinancial.com.au/blog/will-your-retirement-savings-be-enough) ###### Matt Smith - SHARE: - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://www.altusfinancial.com.au/blog/will-your-retirement-savings-be-enough) - [**](https://www.twitter.com/share?url=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2Fwill-your-retirement-savings-be-enough) - [**](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2Fwill-your-retirement-savings-be-enough) *“How much super will I need?”* Our daydreams about retirement usually begin with thinking what we’ll do with all of our time once we retire: traveling around the world, campervanning around Australia, taking up a new hobby, or just spending time with friends and family. After this first blissful round of daydreaming subsides, most people start wondering if their retirement savings will be enough to support the daydreams. This is good. Asking questions like this before you actually retire will help make your daydreams come true. If you’re not saving enough right now, you can make adjustments to your super contributions or work with your financial adviser to create a plan to boost your savings. How much super you’ll need in retirement depends on you. What are your plans? What are your financial obligations? What kind of lifestyle do you hope to live during retirement? What kinds of [aged care costs](https://www.altusfinancial.com.au/latest-news-1/the-complete-guide-to-aged-care-costs) do you need to consider? ## The ASFA Retirement Standard Tool The ASFA has a [tool](http://www.superannuation.asn.au/ExternalFiles/rs/ASFA_RetirementStandard.html) to help people know how much super they’ll need to live certain standards of living. They’ve divided the standards into “Comfortable,” “Modest,” and “Age Pension,” and calculated how much super you’ll need to achieve each standard. This tool is very helpful in calculating how much super you’ll need.   | ** ** | ** Comfortable** | **Modest** | **Age Pension** | | --- | --- | --- | --- | | **Single** |  $43,184 a year | $23,797 a year | $20,555 a year | | **Couple** |  $59,236 a year | $34,226 a year | $30,989 a year | | **Food** |  Able to regularly eat out at  restaurants. Nice range and  quality. | Infrequent eating out at restaurants that offer affordable food. | Expect to only afford club special meals. | | **Travel ** |  An annual holiday. | Short breaks near home. | Day trips in your own city. | | **Transportation** |  Own a reasonable car. | Own an older car. | If you have a car, you may struggle to pay for repairs. | | **Leisure Activities** |  Able to participate in a range of  leisure activities. | Take part in occasional leisure activities. | Take part in no cost or low-cost leisure activities. | | **Electronics** |  Expect to afford a range of  electronic equipment. | May not be able to afford much air conditioning. | May have less heating in the winter. | | **Health** |  Private health insurance | Private health insurance | No private health insurance |   [![New Call-to-action](https://no-cache.hubspot.com/cta/default/512115/d5bbabf2-dd9e-4b5e-8aaa-7961f2968b46.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/d5bbabf2-dd9e-4b5e-8aaa-7961f2968b46) As you can see, there are significant differences between these standards of living, and the choices you make regarding your super today will have a large impact on your life after you retire. Now, these prices may be ok for a starting goal, however, this really is the minimum you will need. We suggest that you should probably be aiming higher (particularly if you live in Sydney with the associated costs of living). Once you’ve decided which standard of living you’d like to shoot for, multiply the annual expense (at the top of the table) by the number of years you expect to be in retirement. Life expectancy is currently 89 years for women and 86 years for men in Australia, but it’s expected to rise to 93 for women and 91 for men by the year 2050. Work with your financial adviser to determine whether or not your current savings rate will help you to achieve your retirement goals. If you’re not on track, make changes to your current budget and saving rate to increase your super contributions. We’re here to help. Don’t hesitate to [get in touch](https://www.altusfinancial.com.au/contact-us) with your Altus Adviser.   ### **Could Your Business Benefit from an Outsourced CFO?** Set your business on the right path with this simple guide. [Access the Guide](https://www.altusfinancial.com.au/cfo-landing-page) ![Could Your Business Benefit From an Outsources CFO_Resources](https://www.altusfinancial.com.au/hs-fs/hubfs/1.Offers/Could%20Your%20Business%20Benefit%20From%20an%20Outsourced%20CFO/Could%20Your%20Business%20Benefit%20From%20an%20Outsources%20CFO_Resources.jpg?width=582&height=386&name=Could%20Your%20Business%20Benefit%20From%20an%20Outsources%20CFO_Resources.jpg) ## Financial insights you won’t delete. Delivered to your inbox weekly. ### Sign up for our newsletter ### **Prospective Business Owner** - Succession Checklist Make sure you’re on the right track with this online checklist. 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