Australian Finance Podcast

3 big retirement changes you need to know (plus your 5-step retirement plan)

Mar 16, 2026
Guest
James O'Reilly
James O'Reilly, financial adviser and co-host of the Australian Retirement Podcast, explains big 2026 retirement updates. He covers ASFA's refreshed lump sum and income benchmarks. He outlines Age Pension changes including deeming and asset limits. He reviews rising super contribution and transfer balance caps. Then he walks through a practical five-step retirement checklist.
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INSIGHT

ASFA Raised Comfortable Retirement Targets

  • ASFA updated lump-sum targets for a comfortable retirement after three years of no change, raising singles to $630,000 and couples to $730,000.
  • These figures assume homeowners age 67, paid-off homes, no debt, and some Age Pension support, so they blend assets and pension income.
INSIGHT

What Comfortable Income Actually Means

  • ASFA's comfortable annual income benchmarks are roughly $54,840 for singles and $77,375 for couples, reflecting assumed lifestyles and travel patterns.
  • The comfortable standard assumes paid-off home, no debt, domestic trips and an overseas trip every seven years, which may understate some retirees' travel desires.
ADVICE

Confirm Whether You're Asset Or Income Tested

  • Check whether Centrelink uses the assets test or income test for your Age Pension because only income-tested part-pensioners are mainly affected by deeming changes.
  • Review your Centrelink statement to confirm which test applies and plan accordingly.
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