{"id":780801,"date":"2026-07-05T00:39:31","date_gmt":"2026-07-05T00:39:31","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/780801\/"},"modified":"2026-07-05T00:39:31","modified_gmt":"2026-07-05T00:39:31","slug":"average-superannuation-balance-for-59-year-olds-in-2026-how-does-yours-compare","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/780801\/","title":{"rendered":"Average superannuation balance for 59 year olds in 2026. How does yours compare?"},"content":{"rendered":"

Your late 50s are a turning point in your life when your priority shifts from building your superannuation to planning what your retirement<\/a> might look like.<\/p>\n

After all, at the age of 59, you’re just one year from preservation age (when you can access your super<\/a> if you’ve stopped working), six years from the average Australian retirement age of 65, and eight years from potentially receiving the Age Pension payment at age 67.<\/p>\n

The question is: do you know how your super balance compares to others your age? Do you know exactly how much money you need to fund your retirement?<\/p>\n

Here’s a breakdown of what the average Aussie has at age 59, and what you actually need to retire comfortably in the next few years.<\/p>\n

\"A<\/p>\n

Image source: Getty Images<\/p>\n

What is the average superannuation balance at age 59?<\/p>\n

There isn’t an exact figure for the average superannuation balance at age 59, but the Association of Superannuation Funds of Australia (ASFA) has a good guideline.<\/p>\n

ASFA’s data shows that at age 55-59, the average Australian male has around $319,743 in superannuation. The average female the same age has approximately $242,945.<\/p>\n

But given that age 59 is right on the boundary of the 55-59 age bracket, it can be helpful to consider the bracket above as well.\u00a0<\/p>\n

Ideally you want to be somewhere in between the two.\u00a0<\/p>\n

ASFA’s data shows that at age 60-64, the average Australian male has around $395,852 in their superannuation. Meanwhile, the average 60-64-year-old female has less, at approximately $313,360.<\/p>\n

So, how does your balance compare to the average Aussie the same age?<\/p>\n

How much does it cost to retire?<\/p>\n

In Australia, retirement is generally split into two broad categories: modest and comfortable.\u00a0<\/p>\n

A modest retirement is defined as being able to cover expenses slightly above what the full Centrelink Age Pension would provide from age 67.\u00a0<\/p>\n

ASFA estimates that a modest retirement will cost<\/a> around $36,434 per year for singles and $52,473 per year for couples. These figures assume you’ll also receive a part Age Pension and that you own your home outright.<\/p>\n

A comfortable retirement as one that enables retirees to maintain a good standard of living well beyond the age pension.\u00a0<\/p>\n

ASFA data shows that a comfortable retirement is estimated to cost around $55,923 per year for singles and $78,566 for couples. Again, it assumes you’ll receive a part Age Pension and that you own your home in full.\u00a0<\/p>\n

That means ASFA’s data indicates that by age 67, single Australians need a superannuation balance of approximately $630,000. And couples should have closer to $730,000.<\/p>\n

At age 59, is the average superannuation balance on track for retirement?<\/p>\n

If your superannuation is in line with the rest of the population, then you’ll be able to afford a very basic and modest retirement lifestyle from the age of 67.<\/p>\n

It could cover things like basic health insurance and home repairs, but wouldn’t leave much room for leisure activities or meals out, let alone a holiday.<\/p>\n

But if you’re expecting to live a retirement lifestyle beyond the basics, you’re already falling behind.\u00a0<\/p>\n

I’ve crunched the numbers, and at age 59, you should have around $479,500 in your superannuation.\u00a0<\/p>\n

As you can see, this is significantly higher than the average balances in both age brackets.<\/p>\n

Is it too late to catch up?<\/p>\n

Thankfully, no.<\/p>\n

At age 59, there is still time to boost your superannuation before it’s too late.<\/p>\n

The first thing to do is check that your super fund is performing well and your risk profile is appropriate for your age.\u00a0<\/p>\n

Next, you’ll need to focus your attention on making extra contributions however you can. Individuals can make concessional (before-tax) super contributions, such as salary sacrificing, which are taxed at a reduced rate. You can also make after-tax payments within your annual limits.\u00a0<\/p>\n

It also makes sense to check in with Government contribution rules. There are several rules and co-contribution rules you might be eligible for, depending on your personal circumstances. Every cent counts when it comes to compound<\/a> growth!<\/p>\n","protected":false},"excerpt":{"rendered":"Your late 50s are a turning point in your life when your priority shifts from building your superannuation…\n","protected":false},"author":2,"featured_media":780802,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,7475,133,131,132],"class_list":["post-780801","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-editors-choice","tag-finance","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/780801","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=780801"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/780801\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/780802"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=780801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=780801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=780801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}