How much super should I have?
Is your balance on track?
Here's what super balance you should be aiming for based on your age.
25 years
$18,500
30 years
$59,000
35 years
$101,500
40 years
$156,000
45 years
$213,000
50 years
$281,000
55 years
$361,000
60 years
$453,000
65 years
$549,000
Source: Super Guru's Super Balance Detective, accessed May 2024.
This is the approximate amount of super a person should have now to reach a "comfortable" retirement by age 67, according to the Association of Super Funds of Australia (ASFA).
| Age | Average balance (men) | Average balance (women) |
|---|---|---|
| 15-24 | $6,500 | $5,100 |
| 25-34 | $42,100 | $34,500 |
| 35-44 | $107,700 | $76,900 |
| 45-54 | $219,300 | $136,000 |
| 55-64 | $326,200 | $246,300 |
| 65-74 | $435,900 | $381,700 |
| 75 and over+ | $370,900 | $314,100 |
Source: Australian Bureau of Statistics, Household Income and Wealth, Australia, 2019-2020.
Frequently asked questions
There's a lot to consider when asking the question 'is your super balance on track'. These are some common questions that are asked.
Don't feel bad if your balance is lower than you would like. There's usually something you can do to improve your future finances, such as adding extra money to your super, or receiving the government's co-contribution.
You may also be able to supplement your super with the Age Pension (if eligible).
How to grow your super balanceCongratulations on having a solid super balance already. Of course, how much you should have depends on your personal goals, so you might be able to add a little extra, keeping in mind your yearly limit for super contributions.
You can also work with a financial adviser to get more from your super and investments. So you can feel confident you're on track to live the lifestyle you want in retirement.
Get appointmentOn average, superannuation for women starts with a balance 50% lower than men's, and women retire with 23% less (ATO, 2022 ), but live 4-5 years longer in retirement (ABS, 2021). This gender super gap can be because of many reasons, such as being paid less, part-time employment, or having to take time out from the workforce as a parent or carer without receiving spouse contributions.
But there are strategies that can help you close the super gap, and you can also get financial advice through your super fund about what's best for you.
How much super you'll need in retirement depends on the lifestyle you want. According to the government's MoneySmart website, if you own your home, the rule of thumb is that you'll need two-thirds (67%) of your current income each year to maintain the same standard of living.
Or you can use the Retirement Standard from the Association of Superannuation Funds of Australia (ASFA), which estimates how much the average Australian would need to retire. This standard assumes that you retire at age 65, own your home (no mortgage), and are relatively healthy.
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1. Over the 10 years to 31 March 2024, our Balanced option returned 8.3% p.a. (Accumulation), 8.3% p.a. (Super Savings Lifecycle Investment Strategy - Balanced Pool), and 9.1% p.a. (Income). The option has adopted the pre-merger investment strategy of the Sunsuper Balanced option. Source: SuperRatings Fund Crediting Rate Survey - SR50 Balanced (60-76) Index, 31 March 2024. The industry median return for the SR50 Balanced (60-76) Index comprises the 50 largest investment options with a similar asset allocation to growth style assets between 60-76%. The Balanced option has identical investments to the Balanced Pool in the Lifecycle Investment Strategy. Members invested in the Lifecycle Investment Strategy invest a portion of their balance in the Balanced Pool from age 50. Past performance is not a reliable indicator of future performance. Ratings and awards are only one factor to be taken into account when deciding to invest. Investment returns are net of investment fees and costs, transaction costs, and investment taxes (where applicable). Investment tax generally doesn’t apply to Retirement Income accounts. Super Savings products issued by Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL No. 228975) as trustee for Australian Retirement Trust (ABN 60 905 115 063). Consider the Super Savings product disclosure statements and TMDs before deciding.
2. Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL No. 228975), the trustee of the Australian Retirement Trust (ABN 60 905 115 063): (i). does not endorse these products or services; (ii). members should make their own inquiries about the products and services shown; (iii). is not an agent, dealer or promoter for the products and/or services shown; (iv). is not liable for any representations made by the suppliers of these products and services; (v). respects your privacy and does not supply your personal details to the suppliers.
3. You can find out more at art.com.au/advice or by calling us on 13 11 84. Employees in the Australian Retirement Trust group provide advice to members and employers as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No. 227867) (SFS), that is wholly owned by the Trustee as an asset of Australian Retirement Trust. SFS is a separate legal entity responsible for the financial services it provides. Eligibility conditions apply. Refer to the Financial Services Guide at art.com.au/fsg for more information.
4. Australian Retirement Trust has established a panel of accredited external financial advisers who are not employees of the Australian Retirement Trust group. The Trustee is not responsible for the advice provided by these advisers and does not receive or pay any referral fees. These advisers will explain to you how their advice fees are determined.