Check what your super balance should be now to retire comfortably. And see how your super savings compare to the average super balance by age.
It depends on the lifestyle you want when you retire. The more you want to do, the more savings you'll need. Let's say you're keen for a comfortable retirement by the age of 67.
It's easy to see what your super balance should be at your age, using Super Guru's Super Balance Detective Calculator.
The Association of Superannuation Funds of Australia (ASFA) says a comfortable retirement allows you to enjoy a good standard of living. So your retirement budget would cover:
Private health insurance, new clothes, and a decent car
Local holidays, social outings, exercise classes
Home repairs, air conditioning, streaming services.
| Age (years) | Super balance |
|---|---|
| 25 | $18,500 |
| 30 | $59,000 |
| 35 | $101,500 |
| 40 | $156,000 |
| 45 | $213,000 |
| 50 | $281,000 |
| 55 | $361,000 |
| 60 | $453,000 |
| 65 | $549,000 |
Source: Super Guru's Super Balance Detective, accessed March 2024.
The Australian Bureau of Statistics (ABS) has worked out the average super balances for each age group. See how you compare. Remember that many Australians' super balances are falling behind what they should be for a range of reasons.
A survey of more than 2,000 Australians found many worry about how much super they'll have for retirement. Run by YouGov for Australian Retirement Trust in 2022, it also found:
But there are things you can do now to help improve your future lifestyle.
| 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 (ABS), Household Income and Wealth, Australia 2019–20. Accessed 1 March 2024.1
Start by checking your super balance – is it where you expected it to be?
It's easy to see your details at the touch of a button. Log in to Member Online or our app to get on top of your super.
Check your balance
There's plenty of ways you can build up your super. Like adding extra money to your account or taking advantage of government payments.
If you're nearing retirement
Check if you can top up your retirement income with the Age Pension.
How to grow your super balance
Great work on having a solid super balance already. Of course, how much you should have depends on your personal goals. So think about whether you need to add a little extra.
Keep in mind your yearly limit for super contributions.
Whether you're behind or ahead, a financial adviser can help you get more from your super.
Your ART membership includes advice about your super account.2
Advice options Not a member? Join todayKenny's 36 years old and earns $90,000 a year. His employer pays the standard 11% super guarantee (SG) to Kenny's super in 2023–24. To boost his superannuation balance, Kenny decides to salary sacrifice $100 per month. This gives him an extra $41,300 in today’s dollars when he retires at age 67.
And he could save up to $234 per year in tax.
See the difference adding extra to your super can make to your retirement.
This case study is for illustrative purposes only. Everyone's situation is different and this may not be right for you.
Asking yourself 'how much super should I have at my age'? Find the answers here.
Under the superannuation guarantee (SG) rules, your employer must pay at least 11% of your ordinary time earnings to your super.
Ordinary time earnings includes your ordinary hours of work, over-award payments, shift loading, commissions, bonuses, and paid leave.
If your award or employment agreement gives you a higher super rate than 11%, your employer has to pay the higher rate.
The SG rate is rising every year until it reaches 12% on 1 July 2025.
Check your account in our app or Member Online to see how much your employer is paying into your super.
Women have less super on average than men – called the gender super gap – for a combination of reasons. (The ABS doesn't list data on non-binary people's super.)
There are ways that can help you close the gender superannuation gap and grow your super. It's a good idea to get financial advice through your super fund about what's best for you.
On average, women's superannuation starts with a balance 50% lower than men's and women retire with 23% less (ATO, 2022). But they live 4-5 years longer in retirement, according to the ABS.
There can be many reasons for this gender super gap, such as:
At age 30, you should have $59,000 if you want enough saved for a comfortable retirement by the age of 67. (source: Super Guru's Super Balance Detective Calculator)
If your balance is lower, you have plenty of time on your side to boost your super. Here's some tips.
You should have $156,000 in your super account at age 40 for a comfortable retirement by the age of 67. (source: Super Guru's Super Balance Detective Calculator)
Already dreaming about what you're going to do when you finish working? Having some solid financial goals can help. And if your super's not matching those goals, it's worth looking at the types of financial advice you can get.
Your membership includes personal financial advice about your accounts with us.
You should have $281,000 in your super account at age 50. This'll give you enough for a comfortable retirement by the age of 67. (source: Super Guru's Super Balance Detective Calculator)
Is your super on track for your retirement plans? Regardless of whether your balance is higher or lower, now's the time to make sure you have your financial plans in place for life after work.
Check your financial advice options. And think about the type of advice you need to reach your goals. Your membership includes personal financial advice about your super account.2
You should have $453,000 in your super account for a comfortable retirement by the age of 67. (source: Super Guru's Super Balance Detective Calculator)
Our Income accounts are designed to make the most of your super and work together with our Lifetime Pension. Our advisers can help you plan ahead before you retire, and make the most of your super after you've already stopped work. Your membership includes personal financial advice about your super account.2
If your balance is falling short of how much super you should have, the good news is that there's still ways to help it grow. Even a little bit extra can make a big difference over time.
Some ways to boost your super include:
Keep in mind there are limits on how much you can add to your super.
Making sure you're with a good super fund could also make a big difference to your super balance. As one of Australia's largest super funds, we’re here to help our members manage their super and retire well.
Get value for money and the support you need to keep your super balance on track. It takes less than 5 minutes to join.
1. Australian Bureau of Statistics, Household income and wealth 2019-20, Table 12.3 superannuation account balances, released 28 April 2022. Accessed 1 March 2024.
2. Employees in the Australian Retirement Trust group give 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 Australia Retirement Trust. SFS is a separate legal entity responsible for the financial services it provides. Eligibility conditions apply. Refer to the Financial Services Guide (pdf) at australianretirementtrust.com.au/fsg for more information.
3. This case study is provided only to show how salary sacrificing works, so it's not about any real member, and the numbers shown don't take into account your personal financial situation. Additionally, figures may be rounded for ease of understanding. Members should seek advice from a qualified licensed professional, regarding their own circumstances. These figures were calculated using the Australian Retirement Trust Contributions Calculator on 21 August 2023. Please see the calculator for all assumptions made by the calculation. The information is not a guide to the future performance of any investment, including a Super Savings account or QSuper Accumulation account. Investment returns can be positive or negative and this does not guarantee a future outcome. The total saved does not take inflation into account. Check with your chosen savings product provider in regard to actual interest calculations. The calculation is based on tax rates for the 2023–24 financial year and assumes that all terms and conditions have been met.
