{"id":122476,"date":"2025-09-06T05:51:06","date_gmt":"2025-09-06T05:51:06","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/122476\/"},"modified":"2025-09-06T05:51:06","modified_gmt":"2025-09-06T05:51:06","slug":"here-is-the-average-australian-superannuation-balance-at-age-67","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/122476\/","title":{"rendered":"Here is the average Australian superannuation balance at age 67"},"content":{"rendered":"\n

Age 67 is a financial milestone in the lives of working Australians because it’s when most of us become eligible for the age pension<\/a>.<\/p>\n

While there is no official retirement<\/a> age in Australia, age 67 is often referred to in this way, and with good reason. <\/p>\n

Research from the Australian Bureau of Statistics (ABS) shows the primary reason most workers retire is new access to money. <\/p>\n

Thus, when people reach ‘pension age’ \u2014 or age 67 \u2014 that’s the event that often prompts them to retire. <\/p>\n

Australian workers can retire earlier if they can afford it, which usually means relying on an income stream from their superannuation<\/a>. <\/p>\n

People born on or after 1 July 1964 can access their superannuation from age 60, or the ‘preservation age’, if they retire. <\/p>\n

If they want or need to keep working beyond age 60, they can access part of their super via a transition to retirement income stream<\/a>. <\/p>\n

This allows people to work a bit less as they get older, without reducing their income. <\/p>\n

From age 65, people can access their entire superannuation even if they are still working.<\/p>\n

Of course, not all workers have a golden lump sum sitting in their superannuation. <\/p>\n

The Superannuation Guarantee was introduced in 1992, which means baby boomers have not had it for their entire working lives. <\/p>\n

Many baby boomers do not have enough superannuation to retire at age 60, so they wait until age 67 when they can get the pension. <\/p>\n

What is the average superannuation balance at age 67? <\/p>\n

The Association of Superannuation Funds (ASFA) says the average balance of workers aged 65-69 years is $428,533 for men and $379,483 for women.\u00a0<\/p>\n

Unfortunately, that’s not enough to fund what ASFA defines as a ‘comfortable’ retirement. <\/p>\n

ASFA says a 67-year-old single needs $595,000 in superannuation and a couple needs $690,000 for a comfortable retirement. <\/p>\n

And that assumes you also own your own home, receive at least a part pension, and achieve 6% annual returns on your investments, too. <\/p>\n

However, ASFA says $428,533 (men) and $379,483 (women) is more than enough to fund a ‘modest’ retirement. <\/p>\n

ASFA says a superannuation balance of $100,000 is all that is required to fund a modest retirement for either couples or singles. <\/p>\n

Again, that’s assuming debt-free homeownership, receipt of the full pension or close to it, and 6% annual investment returns. <\/p>\n

According to ASFA’s Retirement Standard<\/a>, a comfortable\u00a0retirement\u00a0costs $73,875 per annum for couples and $52,383 for singles.<\/p>\n

A modest retirement costs $48,184 per year for couples and $33,386 per year for singles. <\/p>\n

Retirement costs more for renters, and there is an increasing number of Australians who are in this position when they stop working.<\/p>\n

ASFA estimates that a modest retirement for renters<\/a> costs $64,259 per annum for couples and $46,663 per annum for singles.<\/p>\n

You can check out ASFA’s specific definitions of a modest and comfortable retirement here<\/a>. <\/p>\n

How much is the pension? <\/p>\n

The\u00a0pension<\/a>\u00a0will rise, as will the value of assets you can own and the income you can earn while still qualifying for it, on 20 September.<\/p>\n

Single pensioners will receive an extra $29.70\u00a0per fortnight, and couples will receive an extra $22.40 per person in the next round of CPI updates.<\/p>\n

This will raise the full pension, with both supplements included, to $1,178.70 per fortnight for singles and $888.50 per partner for couples.<\/p>\n

The pension is subject to assets<\/a>\u00a0and\u00a0income<\/a>\u00a0tests, and the thresholds for both tests are also going to increase. <\/p>\n

This means more people will qualify for the pension. <\/p>\n","protected":false},"excerpt":{"rendered":"Age 67 is a financial milestone in the lives of working Australians because it’s when most of us…\n","protected":false},"author":2,"featured_media":122477,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,6166,186,184,185],"class_list":{"0":"post-122476","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-editors-choice","12":"tag-finance","13":"tag-personal-finance","14":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/122476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=122476"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/122476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/122477"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=122476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=122476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=122476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}