The average super balance in Australia has increased from $173,000 to $183,000, new ATO data has revealed. · Source: AAP/Getty
Australian Taxation Office (ATO) data has revealed how much Aussies have stashed away in their superannuation accounts by age. It’s exposed a significant gap between men and women approaching retirement.
Superannuation balances are continuing to grow, with the average balance increasing from $173,000 to $183,000. That means millions of Aussies saw an increase of 5.5 per cent overall.
While the gender super gap is narrowing for younger women, Super Members Council analysis found that for Aussies approaching retirement it now stands at 26 per cent.
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The average super balance for men in the 60 to 64 age bracket is $413,700, while for women it is $327,400. That represents a difference of $86,300. The gap is similar when looking at median balances, with men in this pre-retirement bracket sitting at about $236,000 and women at about $175,000, representing a $61,000 gap.
“Super balances are growing, which is great news for millions of Australians’ retirement incomes — but women are still retiring tens of thousands of dollars behind men, and that gap must be fixed,” Super Members Council CEO Misha Schubert said.
The gap also persisted despite women making extra personal contributions at a higher rate than men (11.6 per cent compared to 10 per cent), and at a slightly higher average amount ($28,900 versus $28,100).
Payday super laws, paying super on parental leave and increasing the LISTO are expected to help boost super balances in the coming years.
However, the Council has said more could be done, including paying super to all workers, including nannies, housekeepers and carers and those aged under 18.
What is the average super balance by age?
The ATO data, which was released this week, is based on the tax data from the 2023-24 financial year.
Here is the average super balance for men and women at various ages.
Age
Male
Female
Under 18
$8,465
$5,291
18 to 24
$10,353
$9,204
25 to 29
$29,044
$26,569
30 to 34
$58,461
$49,446
35 to 39
$101,642
$80,647
40 to 44
$150,305
$117,067
45 to 49
$206,484
$158,331
50 to 54
$271,498
$205,029
55 to 59
$341,115
$260,199
60 to 64
$413,700
$327,440
65 to 69
$466,600
$407,328
70 to 74
$516,393
$468,678
75 and over
$562,305
$484,818
How much super should I have at my age?
ASFA now estimates a single homeowner needs a lump sum of $630,000 by age 67 to retire comfortably, while couple homeowners would need $730,000.
Here’s how much you would need at different ages to be on track to reach that amount as a single, assuming a future pre-tax wage income of $65,000 per annum.