What ASIC’s New Research Really Tells Us About Retirement in Australia
I’ve been a financial planner for long enough to know that the scariest thing isn’t having too little super. It’s not knowing your current financial position.
That thought came back to me when I read the Australian Securities and Investments Commission’s (ASIC) latest research. With around 2.5 million Australians set to retire over the next decade, nearly half of those surveyed aged 50 to 66 said they were worried about outliving their savings. A sobering headline, no question[1].
But it wasn’t the anxiety statistic that caught my attention. It was what sat underneath it.
The number that tells the real story
Only 26% of pre-retirees demonstrated a strong understanding of retirement finances, yet 41% said they felt confident they could manage. Confidence is outrunning comprehension by fifteen percentage points.
And on the other side of the ledger, 48% of Australians aged 50 to 66 are worried they will run out of money, while 32% feel they are already behind in preparing, yet only 18% have a clear retirement plan[2].
So, we have people who are confident without cause, and people who are anxious without evidence. What both groups share is the same underlying problem: they haven’t sat down and done the numbers. The confident ones are often coasting on a vague sense that things will work out. The anxious ones are catastrophising into a void. Neither is making decisions based on their actual financial position, and both are worse off for it.
Why the gap exists
Retirement planning in Australia is genuinely complex. You’re trying to model super drawdown, Age Pension eligibility, investment returns, inflation, healthcare costs, and longevity, all at once, all with uncertainty baked in. Most people don’t have the tools or the framework to do that, and frankly, why would they? It’s not something we’re taught.
ASIC Commissioner Alan Kirkland noted that many Australians feel confused and overwhelmed by the complexity of retirement planning, and that without a clear plan, uncertainty can quickly turn into anxiety[3].
That matches what I see day to day. The anxiety isn’t really about money. It’s about not knowing. And not knowing often feels like not having enough, even when that’s not the reality at all.
What “enough” actually looks like
Here’s something that often surprises my clients: retirement can be more affordable than they think, particularly when you factor in the Age Pension.
According to the Association of Superannuation Funds Australia’s (ASFA) February 2026 figures, a comfortable retirement (covering private health insurance, a reliable car, regular domestic travel, and occasional international trips) costs around $54,837 a year for a single homeowner and $77,375 for a couple[4]. That’s the benchmark for a full, active lifestyle. Not luxurious, but genuinely comfortable.
Now factor in the Age Pension. As at 30 March 2026, the full pension currently provides $1,178.70 per fortnight for singles and $1,777 per fortnight for couples, significantly reducing how hard your super needs to work. Many who are eligible for at least a partial pension haven’t factored it into their thinking at all.
ASFA’s Report for the December 2025 quarter provides lump sum figures for a comfortable retirement for homeowners, $630,000 for singles and $730,000 for couples at age 67[5], are calculated on the basis that super is drawn down gradually while the Age Pension fills an increasing share over time. This is not a system where you’re entirely on your own.
The question I ask every new client
When someone comes to see me worried about retirement, the first thing I ask isn’t “how much super do you have?” It’s, “What does a good week look like for you in retirement?”
It sounds soft. It isn’t. Until you can describe your retirement, you can’t price it. And until you can price it, every number from your super balance, your pension entitlement, to your investment returns, is just noise.
The people who are genuinely well-prepared for retirement aren’t necessarily those with the most money. They’re the ones who have connected the dots between what they want and what they’ve got.
Research from the Financial Advice Association Australia found that 88% of advised Australians felt they had enough money for retirement, and 96% said having an adviser helped them stay confident even during periods of economic uncertainty[6]. That confidence isn’t accidental; it comes from knowing where you stand.
What to do if you recognise yourself in this research
ASIC has responded to its findings by launching a new Retirement Hub on the Moneysmart website[7], offering calculators and planning tools to help Australians model their super, Age Pension eligibility, and retirement income scenarios. It’s a solid free starting point and worth exploring.
But if you’re within ten years of retirement and you’re still operating on a vague sense of where things stand, a tool alone may not be enough. What you need is a clear, personalised picture including your income, your assets, your lifestyle target, and the strategy to connect them.
With 58% of pre-retirees saying they want to learn more about superannuation and retirement, the appetite is clearly there[8]. What’s missing for most people isn’t motivation; it’s a practical, structured conversation about their specific situation.
That’s the conversation I have every day in my practice. And usually, it ends with people feeling considerably better than when they walked in.
Not because the numbers were always perfect. But because knowing, really knowing, and understanding is almost always less frightening than the alternative.
The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.
[1] 26-074MR From anxiety to action: Helping Australians to plan for their financial future | ASIC
[2] 26-074MR From anxiety to action: Helping Australians to plan for their financial future | ASIC
[3] 26-074MR From anxiety to action: Helping Australians to plan for their financial future | ASIC
[4] https://www.superannuation.asn.au/media-release/asfa-retirement-standard-super-balances-needed-for-comfortable-retirement-reach-all-time-high/
[5] https://www.superannuation.asn.au/media-release/asfa-retirement-standard-super-balances-needed-for-comfortable-retirement-reach-all-time-high/
[6] ASIC launches tools to help Australians plan for their financial future – IFA
[7] Retirement – Moneysmart.gov.au
[8] 26-074MR From anxiety to action: Helping Australians to plan for their financial future | ASIC
