How much superannuation you should have depends on your age and desired retirement lifestyle
. The Association of Superannuation Funds of Australia (ASFA) says that a comfortable retirement lets you enjoy a good standard of living, covering private health insurance, new clothes, a decent car, local holidays, social outings, exercise classes, home repairs, air conditioning, and streaming services
. You can use online calculators to estimate how much super you'll have when you retire and the effect of fees on your final super balance
. The following table shows super balances for a comfortable retirement at different ages for a single person
:
Age (years)| Super balance for a single person
---|---
25| $18,500
30| $59,000
35| $101,500
40| $156,000
45| $213,000
50| $281,000
55| $361,000
60| $453,000
65| $549,000
The average super balances for males and females in different age groups are:
Age| Male| Female
---|---|---
25–29| $25,407| $23,273
30–34| $53,154| $44,053
35–39| $90,822| $71,686
40–44| $131,792| $102,227
To determine if you're on track to fund a comfortable retirement, compare your current super balance against the average for your age group or use a Super Balance Detective Calculator
. Keep in mind that the right amount of super for you will depend on how you want to live when you retire
