Am I on Track for Retirement? Financial Milestones by Age

Whether you are on track for retirement depends on your age, super balance, and planned lifestyle. Age-based benchmarks can help you gauge your progress — though your individual circumstances matter most.

Why Tracking Your Retirement Progress Matters

Retirement can feel distant until it suddenly feels very close. According to the Australian Bureau of Statistics (ABS), the average age at retirement for Australians aged 45 and over was 63.8 years in 2024–25, with men retiring at an average of 64.9 years and women at 62.7 years. That means many Australians are leaving the workforce before the Age Pension qualifying age of 67. For those considering retirement planning in Port Lincoln or anywhere across the Eyre Peninsula, these numbers are a timely reminder that early, deliberate planning carries real weight.

Superannuation is also playing a much larger role in funding retirement than it once did. The ABS reports that the proportion of retirees who rely on super as their main source of income has grown from 20% in 2014–15 to 28% in 2024–25. That shift reflects the maturing of the compulsory super system — and it underscores why the decisions you make at 35, 45, and 55 can have a significant bearing on the income available to you at 65 and beyond.

If you live on the Eyre Peninsula, the team at Eyre Financial Services can help you build a personal plan. Their approach to retirement planning is designed to reflect both your goals and your local context — whether you are in Port Lincoln, Cummins, Tumby Bay, or Kimba.

Financial Milestones by Age — A Decade-by-Decade Guide

There is no single balance that signals you are on track — because everyone’s retirement looks different. What matters is whether your super, savings, and contribution habits are moving in the right direction for your intended lifestyle. The table below draws on established Australian benchmarks to outline the key focus areas at each stage of life.

Age Group	Super Focus	Key Actions	Important Milestones
30s	Build the habit	Consolidate multiple super accounts; check your investment option; begin voluntary contributions if your budget allows	Super is growing steadily; employer contributions tracked; unnecessary fees eliminated
40s	Accelerate contributions	Consider salary sacrifice arrangements; review your investment mix for long-term growth; check that insurance within super is still appropriate for your circumstances	Contribution rate increasing; investment strategy reviewed; clear retirement income goal forming
50s	Maximise and plan	Use catch-up concessional contributions if eligible; explore downsizer contributions from age 55; review projected retirement income against ASFA benchmarks	On track for ASFA comfortable target at 67: $630,000 (single) / $730,000 (couple)
60–66	Fine-tune income	Preservation age of 60 reached — transition to retirement becomes available; plan retirement income streams; review Age Pension eligibility outlook	TTR income stream available; account-based pension planning in progress; financial plan reviewed
67+	Retirement income	Activate account-based pension; apply for Age Pension if eligible; implement a drawdown strategy that balances longevity risk and lifestyle needs	Age Pension qualifying age reached; retirement income streams in place

The ASFA Retirement Standard (September quarter 2025) estimates that a comfortable retirement costs around $54,840 per year for a single homeowner and $77,375 per year for a couple, while a modest retirement costs approximately $35,503(single) and $51,299 (couple) per year. To fund a comfortable lifestyle, ASFA estimates you need approximately $630,000 in super at age 67 if you are single, or $730,000 as a couple.

Super Contribution Strategies to Help You Stay on Track

One effective way to improve your retirement position is to make the most of the contribution opportunities available at your stage of life. The following strategies are worth understanding, though the right approach for you will depend on your individual circumstances and a discussion with a financial adviser.

• Salary sacrifice: Arrange with your employer to direct a portion of your pre-tax salary into super. Concessional contributions — which include employer contributions, salary sacrifice, and any personal contributions you claim as a tax deduction — are capped at $30,000 per year from 1 July 2024.
• Voluntary after-tax contributions: From 1 July 2025, you can make non-concessional (after-tax) super contributions of up to $120,000 per year, or up to $360,000 over three years using the bring-forward rule — subject to your total super balance and eligibility criteria
• Catch-up concessional contributions: If your total super balance is below $500,000, you may be able to carry forward unused concessional cap amounts from the previous five years and make a larger contribution in a later year.
• Downsizer contributions: If you are aged 55 or older and have sold a family home you have owned for at least 10 years, you may be eligible to contribute up to $300,000 per eligible person into super from the sale proceeds — outside the usual contribution caps.

This information is general in nature and does not take into account your personal financial situation. A financial adviser can help you assess which of these strategies may be appropriate for your circumstances and goals.

Key Decisions in Your 50s and 60s

For many people, the decade leading up to retirement is when some of the most significant financial decisions are made. Two options worth understanding — transition to retirement and downsizer contributions — can meaningfully affect your retirement readiness.

Transition to Retirement

Once you reach your preservation age — which is 60 for anyone born on or after 1 July 1964, according to the ATO — you may be able to begin a transition to retirement (TTR) income stream while still working. This can be a useful strategy if you want to reduce your working hours gradually without a significant drop in overall income.

Under a TTR arrangement, you can draw upto 10% of your super balance each financial year as an income stream to supplement your reduced employment income. TTR payments are generally tax-free for those aged 60 and over, which can make this a financially meaningful option for those approaching retirement.

Downsizer Contributions

For Eyre Peninsula residents who have built significant equity in their homes over many years, downsizer contributions may offer a valuable opportunity to strengthen super savings later in life. The ATO confirms that eligible individuals aged 55 or older can contribute up to $300,000 each from the proceeds of a qualifying home sale — meaning couples could contribute up to $600,000 combined — outside the standard contribution caps. To be eligible, the home must have been owned for at least 10 years and must qualify for the capital gains tax main residence exemption.

Understanding the Age Pension

The Age Pension remains an important part of the retirement income picture for many Australians, and may complement your super income depending on your assets and income in retirement. Planning with the Age Pension in mind — even if you are decades away from eligibility — can help you make more informed decisions along the way.

Age Pension Criteria	Details
Qualifying age	67 years or older
Residency requirement	At least 10 years as an Australian resident (at least 5 years continuous)
Full pension — assets test (home-owning couple)	Combined assets below $481,500
Rate and threshold indexation	Adjusted each March and September

Services Australia confirms that the qualifying age for the Age Pension is 67 years or older, and that you generally need to have been an Australian resident for at least 10 years in total, with at least five of those years being continuous. Both an income test and an assets test apply to determine whether you receive the full pension, a part pension, or no pension at all.

A home-owning couple, combined assets below $481,500 may qualify for the full pension. Both payment rates and test thresholds are indexed and adjusted each March and September — so specific figures change regularly and should be verified closer to when you plan to apply.

Even if your super savings are substantial, you may still be eligible for a part Age Pension, depending on your overall assets and income position. Understanding how the means tests interact with your super and other assets is an important part of retirement income planning.

Building Your Retirement Plan: Where to Start

Begin with a clear picture of your current financial position. Some practical first steps include:

• Check your super balance: Log in to your fund, review your investment option, and consider consolidating multiple accounts to avoid paying fees across several funds.
• Estimate your income needs in retirement: Consider your expected lifestyle, housing situation, health, and how long your savings may need to last.
• Map your income sources: Think about what combination of super drawdowns, the Age Pension, personal savings, and any other income will support you in retirement — and where gaps may exist.
• Seek financial guidance: A licensed financial adviser can help you review your overall position, understand your options, and develop strategies suited to your stage of life and goals.

If you are based on the Eyre Peninsula and want to understand where you stand, speaking with someone who knows the region can make a real difference. Learn more about retirement planning Port Lincoln residents can access through Eyre Financial Services — designed to be personal, practical, and grounded in your local context, whether you are in the early stages of building your super or approaching the final few years before you finish work.

This article contains general information only and does not constitute personal financial advice. Your individual circumstances, goals, and financial position will determine which options and strategies are appropriate for you. We recommend speaking with a qualified financial adviser before making any financial decisions.

Frequently Asked Questions

How much super do I need to retire comfortably in Australia?

The amount you need depends on your lifestyle goals, whether you own your home, and whether you will receive any Age Pension income. The ASFA Retirement Standard (December quarter 2025) estimates that a comfortable retirement costs around $54,840 per year for a single homeowner and $77,375 per year for a couple. To fund this lifestyle, ASFA estimates a lump sum of approximately $630,000 at age 67 for singles and $730,000 for couples — assuming the Age Pension supplements super income and that you own your home outright. A modest retirement lifestyle requires considerably less.

When can I access my superannuation?

For most Australians born on or after 1 July 1964, the preservation age is 60. The ATO confirms that from age 60, you can access your super if you have retired, or begin a transition to retirement income stream if you are still working. From age 65, you can access your super regardless of your employment status. If you are approaching this stage and want to understand your options, speaking with a financial adviser may help clarify the timing that suits your situation best.

Will I be eligible for the Age Pension when I retire?

Eligibility depends on your age, residency history, and whether you satisfy both the income and assets tests at the time you apply. Services Australia states the qualifying age is 67, with at least 10 years of Australian residency required. Even with significant super savings, you may still qualify for a part Age Pension depending on your overall financial position. Payment rates and test thresholds are adjusted each March and September, so it is worth reviewing your projected eligibility as you approach retirement age.