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The average super balances for Australians at different ages may be one way to compare how much super you should have and how confident you can be about readiness for retirement.
The Association of Superannuation Funds of Australia (ASFA) has created a Retirement Standard to help give you a clearer understanding of what retirement lifestyle your savings may give you.
It is updated quarterly to reflect inflation and provides detailed budgets of what singles and couples would need to spend to support their chosen lifestyle.
ASFA’s March quarter 2023 figures suggest that single people will need $50,004 in retirement savings per year for a “comfortable retirement”, and couples will need about $70,482 per year.1
To retire modestly, the ASFA March quarter 2023 figures suggest that single people aged about 65 will need about $31,785 a year and couples will need about $45,808 per year.
To achieve a comfortable retirement, ASFA calculates the amount of savings required by retirement at age 67 are around $595,000 for a single person and $690,000 for a couple.
The Australian Bureau of Statistics has published the average superannuation balances of Australians across age brackets.2
Here’s the average super account balance for Australians at each age:
Source: Australian Bureau of Statistics, Gender Indicators Australia, accessed 26 May 2023.
While it's helpful to see how average super balances compare, it's important to remember that many Australians' super balances are falling behind what they should be.
Websites like Super Guru show the estimated super balance you should have at each age to help you achieve the savings required for a comfortable retirement.
Here's the super balance to aim for at each age:3
Source: Super Guru, Super Balance Detective, accessed 17 May 2023.
If your super balance is falling short of your expectations, there are still plenty of ways to help grow your super. These include:
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1. Association of Superannuation Funds of Australia, Retirement Standard March 2023, at superannuation.asn.au/resources/retirement-standard
2. Australian Bureau of Statistics, 28 April 2022, Household income and wealth 2019-20, Table 12.3 superannuation account balances, at www.abs.gov.au, accessed 26 May 2023.
3. Figures are calculated using the Super Guru Super Balance Detective calculator. Accessed 26 May 2023.
4. Before you consolidate your super, you should check with your other super funds about any fees or loss of insurance or other benefits. You should also consider any other individual circumstances at the time.
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