How Much Do You Really Need To Save To Retire
Dreaming of Retirement? Let’s Make It Real
When we think of retirement, it’s usually long brunches, spontaneous holidays, and plenty of time with friends and family. Sounds great, right? But behind the daydreams, there are some important things to plan for, like how you’ll actually fund the lifestyle you’ve imagined.
The good news? Getting organised today means you can retire with confidence tomorrow. Here’s a simple checklist of questions (and answers) to help you kickstart your planning.
Your target retirement savings depend on the lifestyle you desire, your family and health concerns, whether you own a home or rent, access to emergency funds and other income such as Age Pension eligibility.
In consultation with professionals at Coleman Wealth, your needs can be transformed into an actionable, individualised road map for your retirement. We combine accounting, taxation, financial planning, SMSF advice, and mortgage broking under one roof so that every suggestion complements rather than deviates from your retirement goal.
Our local advisors in Umina Beach, Newcastle and Maitland combine in-person or online meetings for targeted advice with safe tools for access throughout Australia. The modelling provided specifically accounts for tax and Centrelink consequences as well as strategies, whilst you are still working to boost your retirement funds.
We also assist you in modifying your plan in response to life events like divorce, inheritance, or evolving medical requirements.
Do I have to stay at work until I reach a certain age?
Nope! There’s no set retirement age in Australia—you can retire whenever you’re ready. A few factors might influence your timing though, like:
- Your health and energy levels
- Finances (super, savings, or other income)
- Whether you enjoy working or want to slow down
- Your partner’s preferences
- When you can access your super or the Age Pension
What to do in Retirement
We are yet to hear a retiree say that they are bored – most say they don’t know how they fit work in!
Think about how you’d love to spend your time:
- Socialising, hobbies, or travel
- Staying active and healthy
- Downsizing or moving to a new location
- Helping the kids (or grandkids!)
How much do I really need to save to retire – quick insight for most Australians
For a comfortable retirement plan, as of June 2025 the ASFA retirement standard suggests around $595,000 for a single person and $690,000 for couples owning a home as a retirement lump sum.
Further, annual income needed is $53,289pa for a single and $75,319pa for couples. These figures assume a mix of your savings or super fund income and a part Age Pension.
For comparison, the full Age Pension is currently around $30,646 (single) or $46,202 (couple).
How Coleman Wealth Helps You Plan Your Retirement
There is more to retirement than numbers. It is a confident, well-defined strategy that addresses your income, taxes, compliance, and the kind of retirement you wish to have.
What to Expect in a Retirement Review with Us
Step 1. Gather information and establish goals
We take into account your time horizon, income requirements, property situation, and present balances.
Step 2. Risk and cash flow analysis
To find a solid objective, we simulate market stress, lifespan, and Centrelink interaction.
Step 3. Actionable suggestions
Action items that have a significant impact,such as financial plans, estate planning, investment rebalancing, and contribution strategies, are given priority.
Step 4. Continuous evaluation
Planning for retirement is not a one-and-done task. As the rules and your life evolve, we offer checkpoints. Start with a basic calculation to determine how much you should have for retirement and then get customised guidance to make it accurate.
“How much do I need for retirement?” is a question that we at Coleman Wealth transform into a realistic goal that you can accomplish. For a cohesive, practical, and actively managed retirement plan, we bring together retirement modelling, SMSF knowledge, tax planning, accounting, and loan assistance under one roof.
Most people get confused by fragmented advice that solves one problem at a time. Coleman Wealth solves the whole puzzle so your decisions reinforce each other and move you closer to a reliable retirement.
Get in contact with us today to help you plan for the retirement you always dreamed of.
Frequently Asked Questions
Which factors impact the amount I need to retire?
The figure depends on your preferred lifestyle, anticipated health care requirements, house ownership status, other sources of income, such as the Age Pension, and the anticipated longevity of your savings. We translate those variables into a drawdown strategy and test the longevity of these funds.
How soon can you provide me with a retirement plan?
Following a fact-finding session, we offer an indicative goal during the first consultation and will communicate how long a fully modelled strategy will take based on your specific requirements. To begin, schedule a free consultation.
