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<\/p>\nHow much super do Australians your age have?<\/p>\n
ASFA\u2019s latest research, using Australian Taxation Office data for the year to June 2024, provides average and median balances across the age groups approaching and moving through retirement.<\/p>\n
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The difference between the two columns becomes particularly striking as people get older.<\/p>\n
Among 50 to 54-year-olds, the average is about $77,000 higher than the median.<\/p>\n
By 60 to 64, the gap has grown to more than $168,000.<\/p>\n
For those aged 70 to 74, the average balance is $492,903, while the median is less than half that amount at $227,982.<\/p>\n
These figures cover Australians in each age group who have a super account and exclude people with a nil balance.<\/p>\n
Men and women are still retiring with different balances<\/p>\n
There is another substantial gap in the figures. Among Australians aged 60 to 64, men have an average super balance of $413,700, compared with $327,440 for women.<\/p>\n
Look at the median and the numbers fall to $236,126 for men and $174,655 for women.<\/p>\n
That puts the median gender gap at more than $61,000 for people nearing traditional retirement age.<\/p>\n
ASFA says the gender gap in super has been narrowing, but differences remain as Australians reach retirement.<\/p>\n
How much do you actually need?<\/p>\n
Comparing yourself with people your age is useful, but it doesn\u2019t necessarily tell you whether you have enough for the retirement you want.<\/p>\n
ASFA\u2019s Retirement Standard currently estimates that homeowners retiring at 67 would need savings of approximately $630,000 for a single person and $730,000 for a couple to fund what it describes as a comfortable retirement.<\/p>\n
Those estimates assume retirees draw down their capital during retirement and receive a part Age Pension where eligible.<\/p>\n
ASFA\u2019s current guide suggests a single person aiming for its comfortable retirement standard would be on track with approximately:<\/p>\n
Age 50: $296,000
Age 55: $377,000
Age 60: $469,000
Age 65: $571,000<\/p>\n
Those figures assume a future pre-tax income of $65,000 a year that keeps pace with inflation.<\/p>\n
Put that beside the new balance data and the difference is substantial.<\/p>\n
ASFA\u2019s suggested balance at age 60 is $469,000.<\/p>\n
The actual median among Australians aged 60 to 64 with super is $203,326.<\/p>\n
That doesn\u2019t mean somebody with $200,000 has failed to prepare for retirement.<\/p>\n
Super is only part of the equation. Home ownership can make an enormous difference, as can being single or part of a couple, other savings and investments, debt, spending habits, Age Pension eligibility and whether someone intends to continue working.<\/p>\n
ASFA\u2019s comfortable standard is a benchmark, rather than a personalised retirement target.<\/p>\n
Super balances are getting bigger<\/p>\n
The broader trend is encouraging for Australians heading towards retirement.<\/p>\n
ASFA says average super balances have reached record highs, with the average across Australians aged 15 and over now sitting at $202,644 for men and $164,206 for women.<\/p>\n
Reliance on the Age Pension has also fallen.<\/p>\n
About 56 per cent of Australians aged 65 and over now receive a full or part Age Pension, compared with 70 per cent in 2012.<\/p>\n
Today\u2019s retirees, however, didn\u2019t enjoy the current level of compulsory super for most of their working lives.<\/p>\n
The Superannuation Guarantee remained at 9 per cent from 2002 until 2013 and only reached its current 12 per cent rate in July 2025.<\/p>\n
That history is important when looking at the balances of today\u2019s 60 and 70-somethings.<\/p>\n
Maybe the most reassuring finding in the new figures is simply this: if your balance is considerably below the published \u201caverage\u201d, you may be much closer to the middle of the pack than that average suggests.<\/p>\n","protected":false},"excerpt":{"rendered":"How much super do Australians your age have? ASFA\u2019s latest research, using Australian Taxation Office data for the…\n","protected":false},"author":2,"featured_media":876959,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,186,187,44,184,185,5792],"class_list":["post-876958","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-au","tag-australia","tag-business","tag-finance","tag-money","tag-news","tag-personal-finance","tag-personalfinance","tag-superannuation"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/876958","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=876958"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/876958\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/876959"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=876958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=876958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=876958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}