How Much Does a Couple Need To Retire?

You’ve worked half your life, or maybe a little longer, and now you want to settle down into retirement with the person you love most – your soul mate (or maybe just the person you’ve sworn to be stuck with for the rest of your life!).

The amount a couple needs to retire on can range depending on whether you would like a comfortable retirement or are content with a modest retirement. In saying that, you are unique, and the amount you as a couple needs is specific to your own unique circumstances.

How Much Does a Couple Need to Retire?

The amount a couple needs to retire is $690,000, combined, for a comfortable retirement and $100,000 for a modest retirement, based on a retirement age of 67.

If, instead, you would like to retire at age 60, you would need $1,110,000 for a comfortable retirement and $370,000 for a modest retirement.

Obviously these figures are estimates and should be used as a guide only, as there are other factors that influence how much a couple needs to retire.

For all calculations within this article, a net investment earnings rate of 6% p.a. Has been assumed and an inflation rate of 3% p.a. Further, a comfortable retirement lifestyle is defined by AFSA as $70,482 p.a. and $45,808 p.a. for a modest lifestyle.

How Much Does a Couple Need to Retire at 55?

A couple needs around $1.32M to retire at age 55 on a comfortable retirement income of $70,000 p.a. or $505,000 to retire at age 55 on a modest retirement income of $46,000 p.a.

This assumes that you own your own home and retirement expenses are covered until age 95.

How Much Does a Couple Need to Retire at 60?

A couple needs around $1,110,000 to retire at age 60 on a comfortable retirement income of $70,000 p.a. or $370,000 to retire at age 60 on a modest retirement income of $46,000 p.a.

This assumes that you own your own home and cover retirement expenses until age 95.

How Much Does A Couple Need to Retire at 65?

A couple needs around $827,000 to retire at age 65 on a comfortable retirement income of $70,000 p.a. or $190,000 to retire at age 65 on a modest retirement income of $46,000 p.a.

This assumes that you own your own home and cover retirement expenses until age 95.

How Much Does a Couple Need to Retire Comfortably?

A couple needs $690,000 to retire comfortably in Australia from age 67 until age 95. The amount that a couple needs to live comfortably in retirement is said to be $70,000 p.a.

Retiring comfortably is defined as maintaining a good standard of living, including groceries, transport, home repairs, private health, regular exercise and leisure activities and the occasional restaurant meal. It also enables retirees to remain connected with family and friends through technology and in-person, with annual domestic travel and an international trip once every seven years.

How Much Should a Couple Save for Retirement?

A couple should save around $825,000 for retirement, combined, to retire at age 65. This can consist of personal investments, superannuation or a combination of both.

If you had, say, $200,000 in superannuation and investments at age 50, you would need to save around $1,000 per month, earn around 6% p.a. on your savings and become debt-free in order to reach the target of $825,000 by age 65.

In order to optimise your retirement plan, it’s best to understand what happens to your super when you retire. This video explains your options at retirement.

How To Prepare for Retirement

The best way to prepare for retirement is to first gain an understanding of the general superannuation retirement rules and get a rough idea of what your retirement objectives are – such as when you would like to retire and the level of retirement income you would like to achieve. Then, engage the services of a licensed financial adviser who specialises in retirement planning advice.

Our financial planning firm, Toro Wealth, specialises solely in helping 50 to 70 year-olds optimise their financial position in the lead up to retirement. If you’re interested in learning more about our service and cost, click here.

Frequently Asked Questions

Here are some common questions asked about how much a couple needs to retire.

How Much Super Do I Need to Retire at 60 With No Pension?

The amount that you need to retire at age 60 with no pension is $1,075,000 for a $50,000 per year retirement income until age 95, $1,300,000 for a $60,000 per year retirement income and $1500,000 for a $70,000 per year retirement income.

How Much Does a Couple Need to Retire in Australia?

A couple needs $600,000 to retire in Australia to achieve a retirement income of $58,000 from retirement at age 65 until age 95.

What is Considered a Wealthy Retiree in Australia?

A wealthy retiree in Australia is generally considered to be someone with more than $1 million in investment assets. However, the Australian Tax Office defines a wealthy individual as those who control a net wealth of $5 million or more.

How Much Do I Need to Retire on $100,000 per year in Australia?

You need $2.0M to retire on $100,000 per year in Australia if you retire at age 60; and $1.7M to retire on $100,000 per year if you retire at age 65. These amounts will provide you with an income of $100,000 per year until age 95.

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