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 super balance you should be aiming for based on 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|
Source: Super Guru's Super Balance Detective, accessed July 2023.
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)|
|75 and over||$370,900||$314,100|
Source: Australian Bureau of Statistics (ABS), Household Income and Wealth, Australia 2019–20. Accessed 2 August 2023.1
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.
Want to know more about how much super you need? Read these frequently asked questions.
From 1 July 2023, your employer must pay at least 11% of your ordinary time earnings to your super. This is called the superannuation guarantee rate (SG rate).
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, says 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, says 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.
With retirement getting closer, 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, says 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.
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:
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.
1. Australian Bureau of Statistics, Household income and wealth 2019-20, Table 12.3 superannuation account balances, released 28 April 2022. Accessed 2 August 2023.
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.