My retirement budget is $120,000 a year. How much super do I need?

A mix of super withdrawals, age pension and home equity release could fund an annual retirement income of $120,000, experts say.

Debra ClevelandContributor

Aug 26, 2025 – 5.00am

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Dear Ms Wise, I have $1.4 million in superannuation and my home is worth about $4 million with no debt. I am 64, I don’t have children, and I am happy to spend everything. Do I have enough to retire on at 65 if my annual expenses – with travel – are $120,000? I’d like to stay in my house and use a reverse mortgage. Mia

A: With a strong super balance and ownership of her home, Mia is well-positioned to fund a lifestyle of $120,000 a year (indexed to inflation) beyond her life expectancy of 88, says financial planner Suzanne Haddan, managing director of BFG Financial Services.

Debra Cleveland is a contributor to The Australian Financial Review. She previously edited Smart Investor.