By age 30, a good benchmark for superannuation savings in Australia is to have roughly the equivalent of your annual salary saved in super. For example, if earning about $66,500, aim to have around $66,500 in super. This goal assumes consistent employer contributions and some voluntary contributions. More detailed guidance from various sources includes:
- The Association of Superannuation Funds of Australia (ASFA) suggests around $66,500 at age 30 for a comfortable retirement at age 67.
- Average super balances for people aged 30-34 tend to be lower, around $44,000 to $53,000 depending on gender and individual circumstances.
- Starting early and making voluntary contributions can maximize compound growth over time.
- Regularly checking your super fund’s fees and performance and consolidating multiple accounts can improve your balance.
Overall, targeting an amount equivalent to your yearly salary is a widely accepted goal by age 30 to be on track for retirement savings in Australia.
