How much super should I have at my age?

We look at the average super balances for different age groups in Australia so you can see how your super savings compare.

A healthy super balance can be a key ingredient in being able to live the life we want in retirement. But for many people, retirement is a long way off, and it can be hard to know if your super is on track. If you’ve been asking yourself – how much super should I have at my age? – read on to find out.

How does your super compare?

The table below shows the average super balances for Australian men and women of different ages (excluding those with no super) so you can compare your balance to others your age.

Age Average balance – men Average balance – women
20-24 $5,924 $5,022
25-29 $23,712 $19,107
30-34 $43,583 $33,748
35-39 $64,590 $48,874
40-44 $99,959 $61,922
45-49 $145,076 $87,543
50-54 $172,126 $99,520
55-59 $237,022 $123,642
60-64 $270,710 $157,049

Source: Association of Superannuation Funds of Australia, Superannuation account balances by age and gender 2015-16, October 2017, pg. 9.

Does your super stack up?

If your balance looks low, there could be a number of reasons why your super is lagging your peers, such as taking time out of the workforce to study, travel, raise children, care for older relatives, or being out of work, working part-time, or earning a lower wage than others your age.

As the figures show, these issues particularly affect women, as they have lower super balances than men across all age groups.

Will your super be enough to retire on? Even if your balance is above others of your age, will it be enough for a comfortable retirement?

The Association of Superannuation Funds of Australia (ASFA) says that “many people will still retire with inadequate superannuation savings to fund the lifestyle they want in retirement” and that “most people retiring in the next few years will rely partially or substantially on the Age Pension for some or all of their retirement as they have inadequate super savings”.i

The ASFA retirement standard estimates singles will need retirement savings of $545,000 for a comfortable retirement, while couples will need combined retirement savings of $640,000.ii

What to do if your super needs a boost

 

 

 

Once you’ve got your super sorted with these quick wins, you can consider ways to boost your balance, including:

 

 

 

 

 

 

Need more help?

Speak to your Axios financial planner for more help to ensure you’re on track for a comfortable retirement.

 

Sources:

i Association of Superannuation Funds of Australia, Superannuation account balances by age and gender 2015-16, October 2017, pg. 7.

ii Association of Superannuation Funds of Australia, ASFA Retirement Standard, pg. 4.

iii Or 30% if you earn $250,000 a year or more.

iv Providing your total super balance at 30 June 2017 is less than $1.4 million.

© AMP Life Limited. First published May 2018


Axios Financial Solutions are a team of respected and highly regarded financial planners with offices on St Kilda Rd Melbourne.  Axios helps their clients meet their desired outcomes by providing tailored financial services, strategies, advice and solutions.  You can contact them at info@axios.com.au or (03) 9869 5555.

Axios Financial Solutions Pty Ltd (ACN 007 299 014), is an Authorised Representative of Charter Financial Planning Ltd, Australian Financial Services Licensee 234665

Please note that the information in this article is of a general nature only and has not taken into consideration your individual circumstances. Should you wish to discuss your personal circumstances please call us on 03 9869 5555 or email info@axios.com.au.

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