How much super should I have?
The average super balance for all age groups is $154,350, according to the Association of Superannuation Funds of Australia (ASFA). But how much should you have at your age?
Average super balance by age
| 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.
If you're behind the curve, it might be worth looking for a new super fund.
How much super do I need for retirement?
ASFA says you need $545,000 (or $640,000 for couples) to have a comfortable retirement. This also assumes you own your own home – if you don't, you'll need more in super.
The average super balance for those of retirement age (65–69) is $392,211, which is below the ASFA target.
How to grow your super if it's not on track
If your balance is a bit behind the average, don't worry, there are a few things you can do to help it grow:
- Consolidate funds. Check if you've got more than 1 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 extra contributions. Consider making extra super contributions (either by direct bank transfer or via 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. If your balance is lower than you were expecting, you could be in an underperforming fund. Compare your super fund 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.
Haven't checked your super fund in a while? It could be time to switch.
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, where data is not available from SuperRatings for a product, the data is provided directly by the superannuation fund.
*Past performance data and fee data is for the period ending August 2024