Do you have enought to retire? It’s the big question everyone asks. We all want to know one day we can retire comfortably but the big question is whats that amount that we need? Another way to estimate how much money you will need in retirement is to assume you need 67% (two-thirds) of your income before you retire in order to maintain the same standard of living in retirement. This estimate is only suitable for above average income earners.

Its estimated the lump sum needed to support a comfortable lifestyle for a couple is $640,000 (or $545,000 for a single person) assuming a partial Age Pension. Its noted that because a modest lifestyle is mostly met by the Age Pension the lump sum required to support it for a single or couple is estimated at $70,000.

Below gives you a rough idea of how much money you need to support a modest or comfortable retirement. It applies for people retiring at age 65 who will live to an average life expectancy of about 85. It assumes you own your home.