Compare your super balance
Not sure if you have a big enough super balance for your age? Seeing how your balance stacks up against other people’s, and knowing how much superannuation you need to retire comfortably, can help you plan for the retirement you want. Take a look at the data on this page to see if you’re on the right path to a comfortable future.
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Read the transcript
How much super should I have?
A lot of people ask me, how much super should I have?
Well, the answer to that really depends on the kind of lifestyle you want to live when you retire. It also depends on whether you're retiring as a single person or sharing the cost of living with a partner.
According to the Association of Superannuation Funds of Australia, a single person planning to retire today with a balance of $100,000 could expect to enjoy a ‘modest’ lifestyle. This figure would combine with the Age Pension to allow for things like a basic level of private health cover and occasional domestic travel.
Now, on the other hand, if that same person planned to retire with a balance of $595,000, they could expect to enjoy a ‘comfortable’ lifestyle, with top level health cover, annual interstate travel, and even occasional overseas travel.
If retirement is still quite a way off, you may be asking yourself how much super should I have at my age? Well, once again, the answer will depend on things like your retirement goals and your personal circumstances. Comparing your super balance to the average super balance per age is a good way to see if your super is on the right track.
Depending on your goals, you could try to top up your super with personal contributions or consider a salary sacrifice arrangement, or even adjust your investment strategy to try to grow your balance. You could even do a combination of all these options. It really is up to you.
At the end of the day, whatever your plans, UniSuper has some great tools to help you understand how much super you might have in the future, and how to track your progress along the way. You don't even need to be a UniSuper member to use them.
For more information on how much super you should have, visit unisuper.com.au/howmuchsuper.
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Average super balance by age
Comparing your super to others your age is a good way to see if your super is on the right track. The table below shows you the average balances for super by age.Age Men Women <18 $11,710 $7,455 18–24 $8,148 $7,328 25–29 $25,981 $23,429 30–34 $56,344 $46,289 35–39 $95,937 $75,785 40–44 $139,431 $107,538 45–49 $190,716 $142,037 50–54 $246,955 $182,167 55–59 $316,457 $236,530 60–64 $402,838 $318,203 65–69 $453,075 $403,038 70–74 $509,059 $451,523 75 or more $507,556 $436,865 Source: The Association of Superannuation Funds of Australia, November 2023 (PDF, 144 KB)
How much super should you have at retirement?
The Association of Superannuation Funds of Australia (ASFA) Retirement Standard1 gives benchmarks for comfortable and modest standards of living for singles and couples in retirement.
How much super you’ll need depends on the lifestyle you want. Below you’ll find ASFA’s recommended super balances for retirement at age 67 and based on preferred standard of living. These figures are current as of March 2023.
Modest lifestyle
Single: $100,000
Couple: $100,000
A lifestyle slightly above the Age Pension with basic private health, infrequent social and leisure activities, limited meals out and occasional domestic travel.
Comfortable lifestyle
Single: $595,000
Couple: $690,000
A standard of living that includes top private health, regular social and leisure activities, occasional meals out, annual interstate travel and infrequent overseas travel.
Comparing super balances for men & women
Between 2017 and 2021, the average super balance for women rose by 2% more than for men.2 However, women still retire with noticeably less super. In the table below you can see the average super balance for men and women across a range of ages, as well as the total average for anyone aged 15 and over with a super balance.
Source: ATO, June 2021
Choose the right super fund for you
Not all super funds perform equally. Choosing the best fund for your current and future needs can be the difference between a modest and comfortable retirement. Things to look for include low fees, a history of strong long-term returns and good member support.*
Learn how to compare super funds to make the right decision for you.
Ways to grow your super
If you’re worried your super savings aren’t where you’d like them to be for your age group, there are plenty of ways to grow your super before retirement.
Keeping all your super in one place could save you money in fees and help you cut down on admin. To learn more about the benefits of consolidating your super into one easy-to-manage account, read more about consolidating your super.
You may be able to redirect part of your pay into your super account instead. This is called salary sacrificing and, as it reduces your take-home pay, it may even result in tax benefits. You can set this up through your employer.
If you’re eligible, you could also boost your retirement savings by making after-tax, or non-concessional contributions. It’s a good idea to check the limits on personal contributions as there can be tax implications.
If you have a partner, you can help each other save for retirement. Your spouse can top up your super account at any time by making an after-tax contribution on your behalf or splitting their super contributions.
FAQs
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How much super should you have at 40?
According to the ASFA Super Guru website, people born in 1984 should have $156,000 in super at age 40 to be on track for a comfortable retirement.3 In June 2021, the average super balance for an Australian worker aged 40-44 was $139,431 for males and $107,538 for females.
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How much super should you have at 60?
If you were born in 1964, the ASFA Super Guru website recommends a super balance of $453,000 at age 60 to allow for a comfortable lifestyle in retirement. The average super balance for Australians aged 60-64 was $402,838 for males and $318,293 for females, as at June 2021.
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How much super should you have as a couple?
According to ASFA’s 2023 Retirement Standard, a couple who retire with $100,000 between them at age 67 can live a modest lifestyle in retirement, assuming they’re eligible to receive the full Age Pension. That figure increases to $690,000 if the couple aims to live a comfortable lifestyle while receiving a part Age Pension.
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What are the factors influencing how much super you need for a comfortable retirement?
How much super you need to retire comfortably will depend on the kind of retirement you want. The Age Pension is designed to cover only your most basic needs and, depending on your income and assets, you may receive a reduced amount or not be eligible at all. That’s why it’s valuable to have other income sources, such as your super. The ASFA Retirement Standard outlines how much you’ll need to retire comfortably at age 67, assuming you own your home outright and are relatively healthy. The figures take into account the Consumer Price Index, current living standards and retirees’ spending patterns. The actual amount you’ll need will be influenced by your personal spending habits, your goals, whether you’ll have any debt in retirement and your health.
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Things you need to know
1https://www.superannuation.asn.au/resources/retirement-standard
2Between end of June 2017 and end of June 2021, the average super balance was up 29.7 per cent for males and 32.0 per cent for females. Source: Ross Clare, An update on Superannuation account balances (The Association of Superannuation Funds of Australia Limited Paper, November 2023).
3https://www.superguru.com.au/calculators/super-detective
*Past performance is not an indicator of future performance. Consider the PDS and TMD on our website and your circumstances before making decisions, because we haven’t. Read the full disclaimer.