Warren Morrison is living a full life on just $350,000 of superannuation and challenging the age-old belief that Australians need $1 million saved up before retirement.
Share and Follow

Warren Morrison is living a full life on just $350,000 of superannuation and challenging the age-old belief that Australians need $1 million in their account before retirement.

The 67-year-old’s career spanned local government, banking and media before he decided to retire in 2022. 

“I didn’t have a million bucks, but I had a plan,” he said.

Warren Morrison is living a full life on just $350,000 of superannuation and challenging the age-old belief that Australians need $1 million saved up before retirement.
Warren Morrison (middle) is living a full life on just $350,000 of superannuation. (Supplied)

Morrison figured out how much he would need day-to-day, what brought him joy, and then built his retirement around that.

“I’m not sitting still, I’m officiating weddings, hosting trivia nights, doing a bit of acting, and even judging roller skating competitions,” he said.

“It’s not about being rich, it’s about being purposeful. I still have my coffee and cake with mates. I’m careful, but I’m not missing out.”

According to AustralianSuper, Morrison is one of hundreds debunking the myth that Australians need $1 million in superannuation to retire comfortably.

A YouGov survey commissioned by the largest superannuation fund in April questioned more than 1000 Australians who retired in the past five years. 

It found that 94 per cent retired with less than $1 million in their accounts, and 54 per cent said they did not need $1 million to live well. 

Another 89 per cent agreed that superannuation is not the only factor contributing to financial security.

The findings are true to the reality of most Australians aged between 60 to 64, who the Australian Tax Office say are retiring with a median super balance of $211,996 for men, and $158,806 for women.

Two old people walk down the street in Brisbane
A YouGov survey found most Australians are retiring with less than $1 million in super. (Glenn Hunt/Fairfax Media)

AustralianSuper estimates that single households wanting to live a comfortable retirement — with regular activities, eating out, owning a car, travel, and private health insurance — only need about $51,805 a year, while couples need $73,077.

AustralianSuper Head of Advice and Guidance Ross Ackland said the research offered a more realistic view of what is needed to retire comfortably and that super was just “one piece of the retirement puzzle”.

“Some people think they need to be chasing a seven-figure balance to live well in retirement, but many Australians are thriving with less because they’ve planned around their lifestyle, not just a number,” he said.

“The key to retirement confidence is to be realistic, understand your needs and make the most of all the tools available to you, whether that’s superannuation, the age pension, good spending habits or even simple planning tools that help you get a clearer picture of what you might need.”

Ackland added that future generations of retirees will continue to have better outcomes as compulsory super was only introduced in 1992.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

Share and Follow
You May Also Like
Prime Minister Anthony Albanese keynote speech John Curtin research centre

“Prime Minister’s Subtle Hint on Australia’s Independence from US”

Anthony Albanese seemingly made a subtle attempt to distance Australia’s reliance on…

Dozens of people, including over 20 kids, tragically die in Texas floods during ongoing search efforts

Key Points The death toll from catastrophic floods in Texas has reached…
WASHINGTON, DC - MAY 30: Tesla CEO Elon Musk speaks alongside U.S. President Donald Trump to reporters in the Oval Office of the White House on May 30, 2025 in Washington, DC. Musk, who served as an adviser to Trump and led the Department of Government Efficiency, announced he would leave his role in the Trump administration to refocus on his businesses.  (Photo by Kevin Dietsch/Getty Images)

Elon Musk announces the creation of The America Party, further distancing himself from Trump

Tesla founder and billionaire Elon Musk has announced the name of his…

PM denounces synagogue attack as police uncover additional incident

Victoria Police has not declared an arson attack at a Melbourne synagogue…

The famous musician and wildlife enthusiast who played a key role in NAIDOC Week.

Ted Egan isn’t just a songwriter with an extensive and well-known catalogue…
Tammy Hembrow leaves fans confused as she's seen wearing her diamond wedding ring following split from husband Matt Zukowski

Tammy Hembrow wears wedding ring after breakup with Matt Zukowski – causing confusion among fans

Tammy Hembrow is heading for divorce after splitting from her husband of…

Tragic Texas floods claim 32 lives, with many children still unaccounted for

US authorities say 32 people, including 14 children are confirmed dead after…

Introducing a Revolutionary Tool to Combat Australia’s Leading Cause of Death

Lung cancer is Australia’s fifth most diagnosed cancer, but causes the greatest…