Setting Retirement Savings Goals
Start with the end in mind, and build a plan to match.
Why Retirement Goals Matter
Planning your retirement without a clear goal is like heading off on a road trip with no destination. You might enjoy the ride for a while, but eventually you’ll wonder where you’re going—and whether you’ll ever get there.
When you set clear savings goals, it becomes easier to know what to aim for, how much you’ll need, and what steps to take next. It’s not about having millions. It’s about having enough to live the life you want.
“If you don’t know where you’re going, any road will get you there.” — Lewis Carroll
What Kind of Retirement Are You Planning?
Start by imagining your ideal retirement. Consider:
- When you want to retire
- Where you’ll live
- What kind of lifestyle you want (modest, comfortable, or deluxe)
- Who you’ll spend time with and support
This shapes how much income you’ll need—and therefore how much you need to save.
How Much Is Enough?
According to ASFA (Association of Superannuation Funds of Australia), here are the current suggested annual retirement incomes:
Modest lifestyle
Single
$31,867
Couple
$45,946
Comfortable lifestyle
Single
$50,207
Couple
$70,806
Use these as a guide—but remember, your ideal lifestyle might be more or less.
Key Factors That Impact Your Goals
When setting your savings targets, consider:
- Your super balance now
- How many years until retirement
- Expected Age Pension entitlement
- Other income sources (e.g. rental, part-time work)
- Your spending habits and health needs
These help you personalise your goal instead of using rough averages.
Tools and Templates
To make it easier, use our DIY tools:
Related Course
Want to dive deeper? Check out:
Boost Your Super in Your 50s and 60s
Coming Soon!
Smart Cashflow in Retirement
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Money Mindset Makeover
Coming Soon!
Stuck or Unsure?
It’s okay if you’re not sure what you want yet. Book a Coaching Session to talk it through. Or if you’re ready for a full financial strategy, chat to a Financial Planner.
You Are Here: Retirement Roadmap
This is one of the earliest—and most important—milestones on your journey. A clear goal helps you avoid detours, track your progress, and know when you’ve arrived.
From here, explore:
Final Thought
Clarity brings confidence. When you know what you want from retirement, every financial decision becomes easier. So dream big, plan smart—and enjoy the journey.
