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The Gap Between the Age Pension and a Comfortable Retirement
The Age Pension alone typically falls well short of the ASFA Retirement Standard for a comfortable lifestyle, meaning most Australians need additional superannuation or savings to bridge the gap.
ASFA Retirement Standard
The Association of Superannuation Funds of Australia publishes quarterly benchmarks for "modest" and "comfortable" retirement lifestyles, covering everything from groceries and utilities to private health insurance, holidays and leisure activities.
Modest vs Comfortable Lifestyle
- Modest: Covers basic activities, better than the Age Pension alone but limited extras
- Comfortable: Allows a broader range of leisure activities, private health insurance, and a reasonable car
Based on general ASFA Retirement Standard figures and standard Age Pension rates. Individual entitlements vary based on full means testing. Not financial advice.