<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The </span><a href="https://www.9news.com.au/superannuation" rel="" target="_blank" title="super"><span>super</span></a><span> balance needed for a comfortable retirement has hit a new record high - and that's for people who already own their own home.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Association of Superannuation Funds of Australia (ASFA) said today that home-owning singles could now expect to need a super fund of $630,000 (up from $595,000) at a retirement age of 67, compared to $730,000 (up from $690,000) for couples.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It's the first time ASFA's lump sum figures have increased in three years.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/chris-baghsarian-remains-found-in-search-for-missing-grandfather-sydney/66bdff80-d78a-4f28-974f-a9b31bf840be" rel="" target="_blank" title=""><strong><span>Remains found in search for kidnapped Sydney grandfather</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Year-to-year, ASFA said, that broke down to an annual budget of $77,375 for couples and $54,840 for singles.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The lump sums required for a "modest retirement" have also increased to $110,000 for singles and $120,000 for couples, up from the previous $100,000 for both groups.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Retirees have faced major cost-of-living increases, including electricity (up 21.5 per cent), coffee and tea (up 15.3 per cent), and beef (up 10.8 per cent).</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/record-amounts-of-super-needed-for-comfortable-retirement-new-figures-show/e5b7ebdd-9d1a-4c64-a64d-92c460f12d77" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>WEATHER:</span></strong><span> </span><a href="https://www.9news.com.au/national/victorians-warned-to-brace-for-a-soaking-with-thunderstorms-flash-flooding-forecast/f1ec6a48-d4a2-4ae8-acfc-f4a86ae802a8" target="_blank"><strong><span>State warned to brace for thunderstorms and flash flooding</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Higher deeming rates and the pension falling behind real cost increases mean retirees are increasingly forced to rely on their super day-to-day.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>On March 20, the lower deeming rate will rise to 1.25 per cent (from 0.75 per cent) for financial assets under $64,200 for singles and $106,200 for couples.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The upper rate will rise from 2.75 per cent to 3.25 per cent for assets over the same thresholds.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/andrew-mountbatten-windsor-arrested-pm-anthony-albanese-throws-support-behind-push-to-remove-former-prince-from-line-of-succession/8efe37b6-5ff5-48ba-aa48-fe1834cc89cd" target="_blank"><strong><span>Albanese backs push to remove ex-prince Andrew from line of succession</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>These rates were last adjusted in September 2025, which ended a five-year pandemic-era freeze where rates sat at 0.25 per cent and 2.25 per cent respectively.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"When deeming rates rise, a person's assessed income can increase even if their actual investment returns have not, which can reduce their age pension," ASFA chief executive Mary Delahunty said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This shifts more of a retiree's budget towards reliance on super rather than Centrelink."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>MONEY:</span></strong><span> </span><a href="https://www.9news.com.au/national/major-superannuation-shakeup-set-to-impact-more-than-14-million-workers/9a0798ed-c450-43eb-838c-a6555a2535a3" target="_blank"><strong><span>Major super shake-up set to impact more than 14 million workers</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However, while cost expectations are at a record high, ASFA said super funds were as well.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The average balanced fund delivered a 10.2 per cent annual compound rate of return over the last three years, while the superannuation guarantee has reached 12 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A 30-year-old with $30,000 in super and earning $80,000 is on track to retire with $645,000.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>EXCLUSIVE:</span></strong><span> </span><a href="https://www.9news.com.au/national/pokemon-card-trading-how-lucy-makes-six-figures-buying-selling-cards-online/fa14a3d5-4369-46d6-b8e5-7f298be950cb" target="_blank"><strong><span>Lucy works a 9 to 5, but she makes more money trading Pokémon cards</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Retirees' living costs have risen, and support from the age pension has not kept pace with this rise," Delahunty said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This means retirees need higher super savings to maintain a comfortable lifestyle.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The good news is that Australians are reaching retirement with larger super balances than ever before."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>WORLD:</span></strong><span> </span><a href="https://www.9news.com.au/world/mexican-national-guard-troops-left-dead-during-operation-that-killed-cartel-leader-el-mencho/172d9a8a-f9cf-4366-8c19-dc478ba2edfa" target="_blank"><strong><span>Dozens of Mexican troops dead in operation that killed drug cartel leader</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>To be on track for ASFA's "comfortable standard" of $630,000 in super at retirement, Australians would aim to have the following super balances at each respective age milestone.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ASFA's figures assume future pre-tax income of $65,000 a year which keeps track with inflation:</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><span>30 years: $66,500</span></li><li><span>40 years: $168,000</span></li><li><span>50 years: $296,000</span></li><li><span>55 years: $377,000</span></li><li><span>60 years: $469,000</span></li><li><span>65 years: $571,000</span></li></ul></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google 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