What's the average super balance?
The average super balance for males is $162,280 and for females is $146,420. This is according to the Association of Superannuation Funds of Australia (ASFA) as of 2019 (this is the latest data). It looks at the average super balance for people with super across all age groups.
Because it's looking at the balances across all ages, this figure might be a lot more, or less, than your own super balance.
Average super balance for each age group
Age | Average balance (male) | Average balance (female) |
---|---|---|
18–24 | $8,072 | $6,994 |
25–29 | $25,173 | $21,774 |
30–34 | $51,175 | $42,240 |
35–39 | $83,723 | $66,611 |
40–44 | $121,119 | $92,680 |
45–49 | $165,587 | $122,228 |
50–54 | $214,795 | $157,124 |
55–59 | $286,283 | $209,653 |
60–64 | $359,870 | $289,179 |
65–69 | $414,380 | $370,042 |
Average super balance for men and women based on different age groups, according to ASFA as of June 2019.
Finder survey: How much money would Australians like to have at retirement?
Response | |
---|---|
1000000 | 24.51% |
500000 | 17.52% |
2000000 | 8.96% |
100000 | 4.33% |
1500000 | 3.94% |
10000000 | 3.44% |
300000 | 3.25% |
50000 | 3.15% |
200000 | 2.76% |
5000000 | 2.66% |
3000000 | 2.46% |
400000 | 2.46% |
800000 | 2.46% |
600000 | 2.17% |
750000 | 2.17% |
250000 | 1.87% |
700000 | 1.77% |
150000 | 1.08% |
900000 | 0.79% |
2500000 | 0.59% |
350000 | 0.59% |
1200000 | 0.49% |
60000 | 0.49% |
4000000 | 0.39% |
450000 | 0.39% |
80000 | 0.39% |
550000 | 0.3% |
650000 | 0.3% |
850000 | 0.3% |
999999 | 0.3% |
1600000 | 0.2% |
240000 | 0.2% |
70000 | 0.2% |
7500000 | 0.2% |
8000000 | 0.2% |
9000000 | 0.2% |
99999 | 0.2% |
1050000 | 0.1% |
1250000 | 0.1% |
1300000 | 0.1% |
180000 | 0.1% |
1900000 | 0.1% |
1999999 | 0.1% |
2000082 | 0.1% |
200500 | 0.1% |
2100000 | 0.1% |
3500000 | 0.1% |
3600000 | 0.1% |
375000 | 0.1% |
4000001 | 0.1% |
425000 | 0.1% |
500009 | 0.1% |
6000000 | 0.1% |
600900 | 0.1% |
65000 | 0.1% |
670000 | 0.1% |
87000 | 0.1% |
89000 | 0.1% |
90000 | 0.1% |
950000 | 0.1% |
980000 | 0.1% |
How to check your current super balance
There are 2 ways to check your super balance:
- Via myGov. If you've got an online myGov account you can see your current super balance under the ATO portal after you log in. It'll also list the super fund or funds you have open in your name.
- Via your fund. You should receive an annual statement from your fund around July with your balance details. You can also log in to your member account on your fund's website or using the mobile app if it has one to see your most up-to-date balance.
How much super do I need to have for a comfortable retirement?
The average super balance for those of retirement age (65–69) is $392,211. Men in this age group have larger balances of $414,380 compared to $370,042 for women.
According to the latest retirement standard by ASFA you need a balance of $545,000 (or $640,000 for couples) to have a comfortable retirement.
ASFA estimates you'd need to spend around $46,494 per year in retirement to live comfortably (or $65,445 for couples). This also assumes you own your own home – if you don't, you'll need more money in super.
ASFA says you need to have $70,000 saved to fund a modest retirement. This would also be used in conjunction with the aged pension.
Comfortable vs modest retirement
Here's a brief overview of what the ASFA Retirement Standard considers to be a modest retirement versus a comfortable retirement.
Modest retirement | Comfortable retirement | |
---|---|---|
Leisure activities |
|
|
Utilities and services |
|
|
Personal items |
|
|
Is your super on track for retirement?
It's hard to tell if your super is on track for a comfortable retirement just by looking at the lump sum balance you'll need. If you're still in your 20s or 30s, being told you need a balance of more than $500,000 at retirement to live comfortably is probably a bit hard to imagine right now.
Your super benefits from compound growth over many years. What looks like a small balance now will continue to grow and actually be worth a lot more by the time you retire. And the more your balance grows, the more you'll benefit from compound growth.
The table below shows the average balance needed for each age group, in order to be on track to reach the retirement target set out by ASFA. As you can see, every age group is below target on average.
Men's vs women's super balances
As you can see in the table at the top of this page, men have larger super balances on average across all age groups. For under-30s, men have around 14% more super than women. But after age 30, the gap between men's and women's super balances continues to widen.
At age 30–34, men have on average 21% more super than women in the same age group. By age 50–54, that increase jumps to 37%.
There are a few reasons for this gap. Firstly, super is paid as a percentage of your earnings and men, on average, earn more than women. When comparing the weekly earnings of men working full-time against women working full-time, men are earning 13.8% more, according to the government's Workplace Gender Equality Agency.
Another reason for the super gap is that super isn't generally paid while you take time out of the workforce. With women still being far more likely to take time out of the workforce to raise kids, it means they're also more likely to miss out on super payments during this time compared to men.
How to grow your super if it's not on track
If your balance is a bit behind the average there are a few things you can do to help it grow:
- Consolidate funds. Check if you've got more than one super fund open in your name by looking at your myGov account linked to the ATO. If you do, consolidate them so your super is all in one place and you're not paying multiple sets of fees.
- Make additional contributions. If your income and budget allows for it, consider making additional voluntary super contributions either by direct bank transfer or by setting up a salary sacrifice arrangement with your employer. This will really give your balance a boost, plus there are tax benefits too.
- Look at your investment option. Most funds offer a high-growth option as an alternative to their default balanced option. High-growth options invest more of your balance into shares, which generally achieve higher returns over the long term (although they also attract more volatility in the short term).
- Compare your fund. Compare your super fund with others in the market and make sure you're in a low-fee, high-performing fund. The less you pay in fees, the more you'll get in returns. And the better your returns are, the more your balance will benefit from compound returns and continue to grow.
Compare super funds
The information in this table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd ABN 11 151 658 561, Australian Financial Services Licence No. 421445. In limited instances, data for a small number of products is provided directly by the individual super fund.
*Past performance data and fee data is for the period ending July 2024
Frequently asked questions
More guides on Finder
-
Superannuation calculator
Use our free superannuation calculator to see your projected retirement balance, and how this could change by switching funds.
-
Revealed: The 10 best-performing super funds over the past 10 years
Super funds had a terrible year, but a great decade. Here are the 10 funds that have performed best over the long term.
-
Worst Super Funds
Here’s a current list of the worst-performing super funds in Australia and steps for how to switch to a better fund.
-
Conservative super funds
Conservative super funds are designed to protect your superannuation savings. These funds have more money invested in low-risk, defensive assets like cash, fixed interest and bonds and less money invested in shares.
-
Australian Retirement Trust vs HESTA: Which super fund is right for you?
We've compared the fees, investment options and performance for both Australian Retirement Trust and HESTA to help you choose between these two popular super funds.
-
AustralianSuper vs LUCRF Super
We compare the fees, investments and performance of AustralianSuper and LUCRF Super so you can see which super fund might be right for you.
-
AustralianSuper vs Hostplus: Which super fund is right for you?
Can't decide between AustralianSuper or Hostplus? We've compared their fees, performance and investment options side-by-side to help you choose.
-
AustralianSuper vs QSuper: How do these super funds compare?
Trying to decide between AustralianSuper and QSuper? We've compared their fees, investment options, performance and extras side by side to help you choose.
-
AustralianSuper vs Australian Retirement Trust (formerly Sunsuper)
Trying to decide between AustralianSuper and Sunsuper? We've compared their fees, investment options, performance and extras side by side to help you choose.
-
Superannuation investment options
Here’s how to choose between the different investment options offered by your super fund, including balanced, growth and ethical options.
Ask a question