Every few months, someone in the superannuation industry declares that Australians now “need” around A$1 million to retire comfortably. It’s a big, scary number.

But consumer advocates say most people can retire with far less.

Independent estimates suggest something closer to $322,000 is enough for many retirees who own their own home. So who’s right – and what assumptions drive these wildly different targets?

It’s easy to put off thinking about superannuation when retirement is years away. In this five-part series, we ask top experts to explain how to sort your super in a few simple steps, avoid greenwashing, and set goals for retirement.

What the two key benchmarks say

Two key organisations publish retirement benchmarks in Australia, and they paint very different pictures.

The Association of Superannuation Funds of Australia (ASFA), the lobby group for the super industry, publishes two lifestyle options in its 2026 Retirement Standard. This was recently updated to reflect a higher cost of living:

Modest retirement: Covers the basics – a budget car, basic private health insurance, one domestic holiday a year. This costs around $35,503 a year for a single homeowner, and the age pension (the regular government payment available to eligible retirees aged 67 ) covers most of it. You’d only need around $110,000 in super.

Comfortable retirement: Includes top-level private health insurance, a newer car, regular dining out, and overseas travel. ASFA puts........

© The Conversation