To determine how much superannuation one should have at a specific age, it depends on various factors including personal retirement goals, lifestyle expectations, and financial situation. Here is some guidance based on up-to- date Australian data:
Average Super Balances by Age
- In general, average superannuation balances increase as people get closer to retirement.
- For example, the average super balances (men/women) at selected ages are approximately:
- Age 25-34: $42,100 / $34,500
- Age 35-44: $107,700 / $76,900
- Age 45-54: $219,300 / $136,000
- Age 55-64: $326,200 / $246,300
- Age 65-74: $435,900 / $381,700
Recommended Super Balance for a Comfortable Retirement by Age 67
- The Association of Superannuation Funds of Australia (ASFA) suggests lump sums needed at retirement (age 67) for a comfortable lifestyle:
- Singles: around $595,000
- Couples: around $690,000
Suggested Super Balances at Intermediate Ages for a Comfortable
Retirement
- Approximate super balances you should aim to have saved by certain ages to be on track:
- Age 25: ~$26,000
- Age 30: ~$66,500
- Age 35: ~$111,500
- Age 40: ~$168,000
- Age 45: ~$226,000
- Age 50: ~$296,000
- Age 55: ~$377,000
- Age 60: ~$469,000
- Age 65: ~$571,000
Key Considerations
- These benchmarks assume home ownership, part Age Pension eligibility, and a 6% return on super investments.
- Individual needs may vary based on lifestyle choices, debts, other income sources, and health.
- Many Australians find their super balances below these recommended targets and may need to save more or adjust retirement plans accordingly.
If you indicate your specific age, a precise target can be provided relative to these benchmarks to help assess how much super you should ideally have accumulated by now for a comfortable retirement at age 67.
