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Comfortable retirement, modest retirement or age pension only – what's the difference?

15 July 2026
by Mazin Albassit
6-minutes read

Many Australians wonder how much they will need to retire comfortably. While average super balances have grown significantly over time—from around $52,700 for those aged 30–34 to approximately $263,400 for Australians aged 60–64—there remains a substantial gap between current super balances and the savings required to fund retirement.

The latest Association of Superannuation Funds of Australia (ASFA) Retirement Standard highlights the significant lifestyle differences between retirees who can fund a comfortable retirement, those living a modest retirement, and those relying largely on the Age Pension. A comfortable retirement allows retirees to enjoy a broad range of leisure activities, maintain private health insurance, travel domestically each year and overseas occasionally, dine out regularly, and comfortably meet household and lifestyle expenses. In contrast, a modest retirement focuses on covering the essentials with fewer discretionary expenses, limited leisure activities, a more basic vehicle and tighter budgeting. Those relying primarily on the Age Pension often have little room for unexpected expenses, limited ability to maintain or replace household items, reduced access to healthcare and technology, and may need to make compromises on heating, travel and social activities.

ASFA estimates that homeowners may require around $630,000 for a single person or $730,000 for a couple to achieve a comfortable retirement, compared with $110,000–$120,000 for a modest retirement lifestyle. Regular reviews of your superannuation strategy and contribution levels can help improve your chances of achieving the retirement lifestyle you desire.

Financial Health Check

At BG Private, we believe that good financial decisions start with understanding where you stand today. Our Financial Health Check is a complimentary questionnaire designed to provide a high-level assessment of your overall financial wellbeing and identify areas that may benefit from further review.

If you are interested in completing a Financial Health Check, please register your interest at and we will send you a link to the beginning questionnaire.

Your Financial Health Check covers five key areas of your financial life:

1. Cash flow & debt

Strong cash flow management is the foundation of financial success. This section helps assess how effectively you manage your day-to-day finances, maintain emergency savings and manage debt commitments. Understanding your financial habits can help identify opportunities to improve financial security and increase your ability to achieve future goals.

2. Superannuation

For many Australians, superannuation is one of their most valuable assets. These questions help determine whether your super is appropriately structured, invested in line with your objectives and positioned to support your desired retirement lifestyle. Regular reviews can uncover opportunities to improve outcomes and ensure your retirement planning remains on track.

3. Insurance

Life is unpredictable, and the right insurance can provide valuable protection when it is needed most. This section reviews whether you have appropriate cover in place to protect your income, lifestyle and loved ones against unforeseen events. It also helps identify whether your cover remains suitable as your circumstances change.

4. Investments

A well-constructed investment strategy can play a critical role in building and preserving wealth. These questions assess your understanding of your investments, progress towards your financial goals and the level of diversification within your portfolio. The aim is to identify opportunities to better align your investments with your objectives and risk tolerance.

5. Estate planning

Estate planning helps ensure your wishes are carried out and your loved ones are looked after if something happens to you. This section reviews important arrangements such as wills, powers of attorney, beneficiary nominations and other key estate planning considerations. Keeping these documents up to date can provide clarity, certainty and peace of mind for your family.

Why complete a financial health check?

Taking a few minutes to complete the Financial Health Check can provide valuable insights into your overall financial position. The results will help identify strengths, highlight areas that may require attention and uncover opportunities to improve your financial wellbeing. Regular reviews can help ensure your financial strategy remains aligned with your goals and evolving personal circumstances.