What’s Your Retirement Number? How to Gain Clarity, Confidence, and Control

Have you ever asked yourself: How much money do I really need to retire? If the answer is “yes,” but then you immediately filed the question in the too-hard basket, you’re not alone. Retirement often feels far off—until it’s suddenly not. Whether you’re years away or just a decade out, understanding your “retirement number” can be one of the most empowering financial steps you take today.

Your retirement number is simply the amount of money you’ll need set aside to maintain your lifestyle after you stop working. But it’s not a one-size-fits-all figure. It depends on when you want to retire, how long you might live, and what kind of life you want to live in those years.

A helpful rule of thumb? Start by estimating your annual retirement needs. The Australian government suggests a “comfortable” retirement costs around $50,000 per year for a single person or $75,000 for a couple. Multiply that by 25 years (to account for living to around age 90), and you’re looking at a ballpark of $1.25–$1.5 million.

That might feel overwhelming—but this isn’t about fear. It’s about power. Once you know your number, you can start closing the gap between where you are and where you want to be.

Step one: Review your current assets and liabilities. What’s in your superannuation? Do you have other investments, a home, or savings? Subtract any debts. This gives you a snapshot of your current net worth.

Step two: Forecast your growth. Use online calculators to project how your savings and investments will grow over the next 5, 10, and 15 years. The MoneySmart website offers free, user-friendly tools for this.

Step three: Identify the gap. Compare your projected future net worth with your retirement number. Are you close? Ahead? Behind?

If there’s a shortfall, don’t panic. Small, consistent changes to your spending habits can have a huge impact. Many women find savings in three key areas: eating out, groceries, and insurance. For example, swapping one weekly takeaway meal for a home-prepped version could save you $1,500 a year—money that could be compounding in an investment account.

And don’t forget your mortgage. Paying it fortnightly instead of monthly, or adding even $200 extra each month, can save you tens of thousands in interest and help you pay it off years earlier.

Most importantly, this process puts you in the driver’s seat. Instead of leaving your future to chance, you gain a sense of direction—and momentum. Every time you review your numbers, adjust your spending, or set aside a bit more for the future, you’re building financial confidence.

If you’re not sure where to start or want help with the numbers, consider a one-off financial future review. It could be the clarity you need to move forward with purpose.

Because when you know your number, you know your power.