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Plan for life after work

When it comes to life after work, everyone has different needs and wants. It’s important to take time out today to plan for your future.

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Some people wish to spend more time with their family or do volunteer work, whilst others dream of travelling around the country – there is no one size fits all.

Whatever your needs and wants, we are here to help you get there.

Where to start?

The first step is to figure out how much you might need to spend per year to live your desired lifestyle. However, creating a budget for the future might be difficult for some – particularly if retirement still seems so far off.

To make it easier for you, the Association of Superannuation Funds of Australia (ASFA) have developed a Retirement Standard where they outline the annual budget that the average Australian may need to fund a ‘comfortable’ or a ‘modest’ standard of living in retirement.

Living comfortably or modestly?

While ‘comfortable’ and ‘modest’ may mean different things to different people, the below table^1 is a guide on how ASFA defines a comfortable and a modest retirement lifestyle:

  Comfortable retirement Modest retirement Age pension
Single $43,695 a year^2 $24,270 a year^2 $21,164 a year^3
Couple $60,063 a year^2 $34,911 a year^2 $31,907.20 a year^3
One annual holiday in Australia One or two short breaks in Australia near where you live each year Even shorter breaks or day trips in your own
Regularly eat out at restaurants. Good range and quality of food Infrequently eat out at restaurants that have cheap food. Cheaper and less food than a ‘comfortable’ lifestyle standard Only club special meals or inexpensive takeaway
Good clothes Reasonable clothes Basic clothes
Owning a reasonable car Owning an older, less reliable car No car or, if you have a car, it will be a struggle to afford repairs
Afford regular haircuts at a good hairdresser Afford regular haircuts only at a basic salon or pensioner special day
Less frequent haircuts or getting a friend to cut your hair
Take part in a range of regular leisure activities Take part in one paid leisure activity infrequently. Some trips to the cinema Only taking part in no cost or very low cost leisure activities. Rare trips to the cinema
A range of electronic equipment Not much scope to run air conditioner Less heating in winter
Replace kitchen and bathroom over 20 years No budget for home improvements. Can do repairs, but can't replace kitchen or bathroom No budget to fix home problems like a leaky roof
Private health insurance Private health insurance No private health insurance

Create your future today

No matter where you are right now, or where life takes you, we can help you get where you want to be. Our super advisers can help you work towards a better financial future, one decision at a time.

Super advice at no extra cost

Best of all, our simple advice service is already included in the cost of your membership - so you don't pay any extra.

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Simple advice can help you understand what's possible with your super and the rules that apply.

Our super advisers can talk to you about how to choose an investment option, what to think about when assessing your insurance needs and explore how much you could be contributing on top of your employer's contributions. They can also provide general advice on financial topics such as Centrelink, nominating beneficiaries, superannuation consolidation, redundancy and estate planning.

If you’re thinking of leaving work permanently, they can talk to you about different ways of accessing super and meeting your lifestyle goals.

However, you don’t need to be approaching retirement to benefit from financial advice. No matter what stage of life you’re in, our advisers can help you look at things from a different perspective and discover new ways to make your super work harder.

This is general information only and your personal objectives and needs have not been considered. You may wish to seek personal advice. Financial planning advice is provided by First State Super Financial Services Pty Ltd ABN 37 096 452 318, AFSL 240019.

FSS Trustee Corporation ABN 11 118 202 672, AFSL 293340, the trustee of the First State Superannuation Scheme ABN 53 226 460 365. Financial planning advice is provided by First State Super Financial Services Pty Limited ABN 37 096 452 318 AFSL No. 240019.

  1. Table source:

  2. Figures based on ASFA’s Retirement Standard June 2017 figures

  3. Based on the Australian Government’s Maximum Basic Rates of Pension without supplements