Financial adviser James Wrigley encouraged Aussies to consider extra contributions if they wanted to boost their super balance. (Source: TikTok\/@iamjameswrigley\/Getty) <\/p>\n
The superannuation balance<\/a> you would need to be in the top 10 per cent across different age groups has been revealed. Superannuation balances have hit a record high<\/a>, with employers now required to put 12 per cent of your earnings<\/a> into your retirement fund.<\/p>\n For those hitting or approaching retirement<\/a> at age 60 to 64, the latest Australian Taxation Office (ATO) data<\/a> revealed the top 10 per cent of males had more than $993,785 stashed away in superannuation. The top 10 per cent of females had more than $769,800 in their retirement savings<\/a>.<\/p>\n Financial adviser James Wrigley told Yahoo Finance that while comparison to others wasn\u2019t the best thing to do, it could serve as a \u201cstarting point\u201d when taking stock of your super<\/a>.<\/p>\n RELATED<\/p>\n \u201cIf people are looking at those numbers, whether they think they\u2019re low or whether they think they\u2019re high, different people will have a different view on it,\u201d he said.<\/p>\n \u201cThe more important thing is, rather than trying to compare to others, it’s taking stock of what you\u2019ve got.<\/p>\n \u201cIs there some work that you need to do in improving what you’ve got? Or have you done a really great job and you’ve got a lot in there now?\u201d<\/p>\n Do you have a story to share? Contact tamika.seeto@yahooinc.com<\/a><\/p>\n Age<\/p>\n Male<\/p>\n Female<\/p>\n Under 20<\/p>\n $5,269<\/p>\n $4,307<\/p>\n 20 to 24<\/p>\n $22,816<\/p>\n $20,770<\/p>\n 25 to 29<\/p>\n $57,995<\/p>\n $52,131<\/p>\n 30 to 34<\/p>\n $117,787<\/p>\n $99,587<\/p>\n 35 to 39<\/p>\n $206,958<\/p>\n $164,874<\/p>\n 40 to 44<\/p>\n $305,064<\/p>\n $243,589<\/p>\n 45 to 49<\/p>\n $426,783<\/p>\n $332,432<\/p>\n 50 to 54<\/p>\n $583,059<\/p>\n $432,454<\/p>\n 55 to 59<\/p>\n $762,968<\/p>\n $576,249<\/p>\n 60 to 64<\/p>\n $993,785<\/p>\n $769,800<\/p>\n 65 to 69<\/p>\n $1,111,841<\/p>\n $960,606<\/p>\n 70 to 74<\/p>\n $1,226,845<\/p>\n $1,090,274<\/p>\n The average superannuation balances<\/a>, of course, are much lower than this.<\/p>\n For those in the 60 to 64 age group, the average balance for males was $417,604, which is less than half of those in the top 10 per cent. The average balance for females was lower at $320,224.<\/p>\n Wrigley posted a video to his social media about the data and found there was one \u201coverwhelming\u201d factor that people in the top 10 per cent had in common.<\/p>\n \u201cThey all said that they\u2019d been contributing extra money<\/a> to their superannuation for a long time,\u201d he told Yahoo Finance.<\/p>\n \u201cSo you can learn from what others are doing. Super is a long game. The more that you can contribute for the longer period of time, you’re going to have a better outcome there.\u201d<\/p>\n As your balance gets larger, Wrigley said your investment returns can make a bigger impact on your balance.<\/p>\n Even contributing small amounts can be better than nothing, but it does depend on your individual circumstances.<\/p>\n If you\u2019ve got a big credit card bill or other big debts, you want to put any extra cash towards paying this off first.<\/p>\n \u201cIf it’s just a mortgage, for example, that you’ve got and you’re contemplating, do I put more into my mortgage or more into my super?” Wrigley said<\/p>\n “Often, the maths says more into super is the better way to go.\u201d<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n