The Retirement Goalposts Have Moved
What Retirees Can Do About It
If retirement is meant to feel like freedom, it can be unsettling when the numbers suddenly change.
Recently, the Association of Superannuation Funds of Australia (ASFA) increased its comfortable retirement benchmarks for the first time in three years. The updated figures suggest a single homeowner now needs around $630,000 in super, and a couple needs about $730,000, to fund what ASFA defines as a comfortable retirement.
For many retirees, this doesn’t mean they’ve done anything wrong; it simply reflects a new cost‑of‑living reality.
Why Have the Numbers Gone Up?
Retirees feel inflation differently.
Unlike working years, many retirement expenses are non‑negotiable, electricity, groceries, council rates, insurance, health care. Over the past year, these costs have risen faster than general inflation. At the same time, recent deeming rate increases mean some retirees are assessed as earning more income on paper, which can reduce Age Pension payments even if real returns haven’t changed.
As ASFA puts it, if the Age Pension is doing less of the work, super is being asked to do more.
What This Means in Real Life
ASFA’s “comfortable” retirement isn’t extravagant. It assumes you own your home and can enjoy regular leisure activities, private health cover, meals out, domestic travel, and the occasional overseas trip.
This is exactly the kind of retirement I talk about in Retirement, The Great Escape Plan; not just surviving retirement but actually living it.
But retirement is a transition, not a fixed destination. And transitions require adjustment.
Practical Tips for Retirees Feeling the Squeeze
Here are some very practical ways you can respond, without panic or drastic decisions.
- Revisit your spending with intention, not fear
In my book, I talk about conscious spending. This isn’t about cutting joy, it’s about making sure your money is being spent on what genuinely matters to you. Small tweaks can free up surprisingly large breathing space. - Give yourself permission to use your money
Many retirees worry more about running out than they need to. Holding onto money “just in case” can sometimes cost you experiences you worked your whole life for. Retirement planning is about balance, not deprivation. - Review how your income is structured
With deeming rates rising, it’s more important than ever to understand how super, pension entitlements and other assets interact. Small structural changes can make a meaningful difference over time. - Stay flexible; retirement isn’t one long holiday
One of the key messages in Retirement, The Great Escape Plan is that retirement has seasons. Spending may be higher early on, then naturally slow. Your plan should evolve as you do. - Don’t assume you’re alone in this
Many retirees are feeling exactly the same pressure. Regular reviews and conversations help replace uncertainty with clarity and confidence.
A Reminder Worth Holding Onto
ASFA also reminds us of the positives: Australians are retiring with larger super balances than ever before, and the Age Pension still plays a vital role for many, even at the “comfortable” level.
Retirement hasn’t been cancelled. But it does require active navigation.
Your Next Step
If these new ASFA figures have made you pause, whether you’re already retired or approaching it, that’s a good thing. It means you’re paying attention.
Retirement isn’t about hitting a single number and hoping for the best. As I share throughout Retirement, The Great Escape Plan, it’s about making thoughtful choices, staying flexible, and having a plan that evolves as life does.
If you’re wondering:
- Am I drawing the right amount from my super?
- How will rising living costs affect my lifestyle over time?
- Am I structuring my income as efficiently as possible?
- Can I spend with confidence — without worrying I’ll run out?
…then it’s time for a conversation.
At JBS Financial Strategists, we help retirees move from uncertainty to clarity, so retirement feels like the great escape it was meant to be, not a constant balancing act.
👉 If you’d like a calm, practical review of your retirement plan, get in touch with us today. Let’s make sure your money continues to support the life you want to live, now and into the future.