Do you really know if you already have enough money to retire?

August 29, 2026 — 5:00am

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How will you know when you have “enough” money to retire? It sounds like a reasonably straightforward question – until you actually try to answer it.

Is it when your super hits $500,000 or $1 million? Maybe it’s $2 million? Or is it when the mortgage is paid off and your cash flow is no longer feeding that beast? It could be when you turn 60 and can access your super, or maybe you’re waiting for 67 when you might qualify for the age pension.

Or is it simply going to happen, whether you have enough money or not, when you’ve had enough of working, your health collapses or your employer has had enough of you?

I meet many people in their 50s and 60s who are diligently building their retirement savings, but they have no idea what enough really looks like for them. They know their super balance is important, and they know what they earn and what they spend on the mortgage. But when I ask them “how much do you actually need to fund the retirement you want?” they look at me blankly, hoping I’ll tell them the answer.

And that creates a tricky problem – you could already have enough and not know it.

There’s good news for your super – but a big hole remains for retirees

Bec WilsonMoney contributor

I think we all assume that it will become obvious when we get to the point where we are ready for retirement. The mortgage will be gone, our super balance will make us shine with pride, and we’ll feel brave enough to hand in our resignation. But I’m not convinced that moment ever arrives for most Australians. Because there’s always another financial milestone to aim for.

Maybe you think you’ll feel safer with another $100,000 in........

© The Sydney Morning Herald