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Find out if your retirement savings are on track
There are a couple of ways you can check if your super is on target, such as comparing your super balance with the average of other people of the same age, or by looking at the estimated balance you should have at each age to achieve a comfortable retirement.
The Australian Bureau of Statistics (ABS) has worked out the average super balance for each age group, which you can use as a guide to see how your balance compares.
This table shows the average super balances for both Australian men and women by age.1 Keep in mind that women have less average superannuation balances than men for a combination of reasons.
If you're a QSuper member, you can log in to Member Online to check your current super balance.
View my balance
While it's helpful to see how your super balance compares to your peers, for a more accurate target, websites like Super Guru show the estimated super balance you should have at each age to make sure you can live a comfortable retirement.
Here's what super balance you should be aiming for based on your age, using the Super Guru Super Balance Detective Calculator. This is the approximate amount a person should have in superannuation now to reach the ASFA Comfortable Standard balance by age 67.
Get an idea of the kind of retirement you are likely to have by looking at your super balance now. We run you through the key figures.
You can use our Super Projection Calculator to estimate how much super you'll have by the time you retire. We also have some other calculators that may be helpful to you when planning ahead.
To feel more confident about your financial future, you might consider making additional contributions or regularly salary sacrificing.
If you're a low income earner and make voluntary after-tax contributions, you may be eligible to receive a co-contribution from the Australian Government.
Grow your super
Keep in mind that the figures above should only be used as a guide and how much you should have will depend on your personal goals and circumstances.
A financial adviser can work with you to get more from your super account today, so you can feel confident you are on track to live the lifestyle you want in retirement.
Here are a few simple things you can do to help give your account balance that extra boost.
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1. Source: Australian Bureau of Statistics Household Income and Wealth, Australia 2017-2018. Accessed 17 September 2019.