By age 30, a good benchmark for how much superannuation (super) to have is about the equivalent of your annual salary. For example, if you earn $70,000 a year, aim to have around $70,000 saved in your super by that age. This assumes you have had regular employer contributions and possibly some voluntary contributions along the way. This guideline helps ensure you are on track for a comfortable retirement by gradually increasing your super savings as you age.
More specifically, some experts and calculators suggest that a 30-year-old should have around $59,000 to $66,500 in super to be on track for a comfortable retirement by age 67.
Key Points:
- Aim to have roughly your annual salary amount saved in super by age 30.
- Check your super fund’s fees and consider consolidating multiple super accounts.
- Voluntary contributions, even small ones, can significantly boost your balance over time.
This approach aligns with retirement standards set by organizations like the Association of Superannuation Funds of Australia (ASFA), which estimate a comfortable retirement requires around $595,000 for singles. Building your super steadily from a younger age helps reach that goal.
