This will depend largely on your expectations i.e., how much you will need / want to live on per year and how long you will live for.

The Australian Government in conjunction with the Association of Superannuation Funds of Australia, propose the following scenario.

If you retire at 65 and live until you are 85 you will need a lump sum of $524,000.  This will give you an annual income of $40,297.

The above target will be more achievable using a Superannuation Fund or a Self Managed Superannuation Fund (SMSF) as by and large the tax laws that operate with in Superannuation are more favourable than those outside Superannuation.