Have you ever wondered if you have the right amount of super for your age?
We are all different, and that’s what makes us awesome. Everyone’s financial situations, goals and lifestyles are different, so naturally some people will have more super than others.
A simple way of gauging the health of your super is finding out how your balance compares with the recommended balance amount for your age group.
The Association of Superannuation Funds (ASFA) has created this quick guide to help you work out if your super is on track with the average amount of super held across your age group and gender.
Average super balances by age and gender
| Under 18 |
$11,710 |
$7,455 |
| 18-24 |
$8,148 |
$7,328 |
| 25-29 |
$25,981 |
$23,429 |
| 30-34 |
$56,344 |
$46,289 |
| 35-39 |
$95,937 |
$75,785 |
| 40-44 |
$139,431 |
$107,538 |
| 45-49 |
$190,716 |
$142,037 |
| 50-54 |
$246,955 |
$182,167 |
| 55-59 |
$316,457 |
$236,530 |
| 60-64 |
$402,838 |
$318,203 |
| 65-69 |
$453,075 |
$403,038 |
| 70-74 |
$509,059 |
$451,523 |
| 75 or more |
$507,556 |
$436,865 |
We do want to take this moment to acknowledge that in the table above, we can still see a difference in super balances between genders at every age. Women in their early 60s still retire, on average, with less super than men the same age. This is due to several reasons, including taking time out of the work force for caring, as well as taking on a greater amount of unpaid work at home.
We believe that every Australian is entitled to the same comfort and security in retirement regardless of their gender. Which is why you can find tools, advice, and super-boosting strategies in this article and across the Rest website (including our Women and Super webpage) to empower you to help level the playing field between men and women’s super.
How much do you need in your super for your retirement?
The amount you will need to retire will be different for everyone according to your target retirement age and goals. As a guide, the ASFA2 suggests the minimum annual amount required for a ‘comfortable retirement’ is:
- $51,630 for singles
- $72,663 for couples
Alternatively, ‘modest retirement’ offers a slightly higher quality of life than what the Age Pension offers. For this, ASFA suggests:
- $32,915 for singles
- $47,387 for couples
The numbers above are correct for the March 2024 quarter.
Keep in mind these benchmarks only apply to retirees aged 65-84 who own their own home outright.
What to do if your super balance falls short of the recommended amount?
Firstly, don’t worry, there may be many things you can do now to improve your super. These numbers are simply a guide – it doesn’t consider your individual circumstances and work arrangements. For example, you may have less in your super if you:
- took a career break for personal reasons
- are or were a casual, part-time, or freelance worker
- withdrew funds from your super during COVID-19
So, while super isn’t something you should put on the backburner, don’t panic if you have less than the official recommendations as super isn’t a ‘one size fits all’ situation. If you think your super could use a boost, here are a few realistic ways to enhance your future savings:
- Consider topping up your super – Adding small after-tax contributions to your super regularly could mean more for your retirement down the track. Bonus: you might also be able to benefit from tax breaks – speak to a tax adviser for professional advice about this.
- Consider consolidating your super – According to figures from the Treasury3, 4.4 million Australians hold 6 million super accounts. If you’re one of them and have multiple super funds under your name, combining your super may mean avoiding multiple sets of fees and insurance premiums. Note that leaving a super fund may incur exit charges from your existing fund and may have implications on your insurance cover and tax situation – it’s best to speak with a licensed financial adviser before consolidating.
- Take control of your super – It’s a good idea to review your super fund’s fees and performance regularly. Generally, the higher the fees, the more money you’ll have left over at retirement. When looking at the investment performance of a super fund, Moneysmart4 reckons people should compare long-term returns over at least 5 years.
