Most of us expect to maintain our standard of living when we retire. To do this, we need to know how much to save to last us through retirement.
Super Consumers Australia has done the calculations for you.
Super Consumers Australia has released its 2026 Retirement Savings Targets for Homeowners, based on the real-world spending patterns and lifestyles of retirees. The updated figures are intended to help Australians – and those in regional areas like the North Coast – better understand how much superannuation they may need to support a comfortable retirement.
According to the organisation’s latest projections, a typical single homeowner will need around $322,000 in superannuation, while homeowner couples are expected to need a combined $423,000 to maintain a comfortable standard of living in retirement.
The data focuses on homeowners, recognising the different financial circumstances faced by renters. For the first time, Super Consumers Australia will also release Retirement Savings Targets for Renters, expected later this month.
“You might already be on track for a comfortable retirement and not realise,” says Dr Katrina Ellis, Deputy CEO of Super Consumers Australia.
“The 2026 Retirement Savings Targets for Homeowners have found the typical single homeowner could have a comfortable retirement with as much as $322k, with couples needing as much as $423k. For many people this is good news – by knowing your Retirement Super Target you can balance your quality of life now with your quality of life in retirement,” says Dr Ellis.
Super Consumers is encouraging Australians – including residents across the New England region – to take a few practical steps to find their personal retirement target:
1. Do a budget
Start by working out how much you’ll likely need to spend in retirement. While the new targets reflect average retiree spending, tools like the MoneySmart Budget Planner can help tailor a budget to your own lifestyle and goals.
2. Check your current super balance
This can be done through your super fund, either online or via your annual statement.
3. Calculate your Retirement Target
The Retirement Savings Targets offer a useful guide, but for a more personalised estimate, the MoneySmart Retirement Planner tool can help calculate how much super you may need.
4. Consider changes that suit your circumstances
The planner can also model the impact of different scenarios – like making extra contributions or taking a career break – to help you make informed decisions.
“It should be a lot easier to understand your retirement savings and spending target. Some super funds are good at helping you understand and make decisions for your retirement, while some leave a lot to be desired,” says Dr Ellis.
“While we encourage every homeowner to find their own retirement target, we also want to see super funds make it a lot easier to do across the board. Good funds provide an estimate of retirement income for their members already. We want to see all funds provide this guidance,” says Ellis.
The full set of 2026 Retirement Savings Targets for Homeowners is available now via Super Consumers Australia. North Coast residents planning ahead for retirement are encouraged to review their position and take advantage of available tools and resources.
Read the full report here.
Something going on in your part of the North Coast people should know about? Let us know by emailing newsdesk@nctimes.com.au
