How much super should I have?

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

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?

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.

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.

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

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Name	Last 1 year performance (p.a.)	Last 3 year performance (p.a.)	Last 5 year performance (p.a.)	Last 10 year performance (p.a.)	Fees on $50k balance (p.a.)
Aware Super Future Saver - MySuper Lifecycle High Growth Industry fundLifestageHigher risk	Last 1 year performance (p.a.) +17.97%	Last 3 year performance (p.a.) +5.6%	Last 5 year performance (p.a.) +8.39%	Last 10 year performance (p.a.) +8.9%	Fees on $50k balance (p.a.) $457	Go to siteMore Info Compare
Vanguard Super SaveSmart - High Growth Higher risk	Last 1 year performance (p.a.) +22.68%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $270	Go to siteMore Info Compare
Hostplus Australian Shares Industry fundHigher risk	Last 1 year performance (p.a.) +23.07%	Last 3 year performance (p.a.) +7.66%	Last 5 year performance (p.a.) +8.9%	Last 10 year performance (p.a.) +9.32%	Fees on $50k balance (p.a.) $350	Go to siteMore Info Compare
Australian Retirement Trust - High Growth Industry fundHigher risk	Last 1 year performance (p.a.) +17.49%	Last 3 year performance (p.a.) +7.8%	Last 5 year performance (p.a.) +9.15%	Last 10 year performance (p.a.) +9.44%	Fees on $50k balance (p.a.) $517	Go to siteMore Info Compare
Virgin Money Super - LifeStage Tracker Lifestage	Last 1 year performance (p.a.) +22.42%	Last 3 year performance (p.a.) +6.92%	Last 5 year performance (p.a.) +8.01%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $363	Go to siteMore Info Compare
HESTA High Growth Industry fundHigher risk	Last 1 year performance (p.a.) +18.53%	Last 3 year performance (p.a.) +7.22%	Last 5 year performance (p.a.) +9.28%	Last 10 year performance (p.a.) +9.21%	Fees on $50k balance (p.a.) $537	Go to siteMore Info Compare
Hostplus Indexed Balanced Industry fund	Last 1 year performance (p.a.) +20.61%	Last 3 year performance (p.a.) +6.56%	Last 5 year performance (p.a.) +7.57%	Last 10 year performance (p.a.) +7.82%	Fees on $50k balance (p.a.) $135	Go to siteMore Info Compare
Spaceship - GrowthX Higher risk	Last 1 year performance (p.a.) +29.35%	Last 3 year performance (p.a.) +7.11%	Last 5 year performance (p.a.) +11.39%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $482	Go to siteMore Info Compare
Australian Ethical Super International Shares Green Company EthicalHigher risk	Last 1 year performance (p.a.) +26.03%	Last 3 year performance (p.a.) +8.32%	Last 5 year performance (p.a.) +10.61%	Last 10 year performance (p.a.) +10.53%	Fees on $50k balance (p.a.) $648	Go to siteMore Info Compare
Superhero Super - High Growth Higher risk	Last 1 year performance (p.a.) +25%	Last 3 year performance (p.a.) +7.53%	Last 5 year performance (p.a.) +8.63%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $397	Go to siteMore Info Compare
UniSuper - Sustainable High Growth Finder Award Best Rated Brand Industry fundEthicalHigher risk	Last 1 year performance (p.a.) +26.59%	Last 3 year performance (p.a.) +4.81%	Last 5 year performance (p.a.) +9%	Last 10 year performance (p.a.) +9.89%	Fees on $50k balance (p.a.) $326	Go to siteMore Info Compare
Vanguard Super SaveSmart - International Shares Higher risk	Last 1 year performance (p.a.) +26.52%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $280	Go to siteMore Info Compare
Australian Retirement Trust - International Shares Index (unhedged) Finder Award Industry fundIndexed investmentHigher risk	Last 1 year performance (p.a.) +25.87%	Last 3 year performance (p.a.) +9.76%	Last 5 year performance (p.a.) +11.7%	Last 10 year performance (p.a.) +12.09%	Fees on $50k balance (p.a.) $192	Go to siteMore Info Compare
Vanguard MySuper - Lifecycle Age 47 and under Lifestage	Last 1 year performance (p.a.) +22.73%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $280	Go to siteMore Info Compare
Virgin Money Super Indexed Overseas Shares Indexed investmentHigher risk	Last 1 year performance (p.a.) +27.49%	Last 3 year performance (p.a.) +10.98%	Last 5 year performance (p.a.) +12.55%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $385	Go to siteMore Info Compare
Aware Super Balanced Industry fund	Last 1 year performance (p.a.) +15.9%	Last 3 year performance (p.a.) +4.99%	Last 5 year performance (p.a.) +6.93%	Last 10 year performance (p.a.) +7.58%	Fees on $50k balance (p.a.) $422	Go to siteMore Info Compare

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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 October 2024

Frequently asked questions

• How do I know if my super is on track?

  You can look at the average super balance for your age group in the table at the start of this guide, to get an idea of how you compare to your peers. Keep in mind that these are just average balances, so your balance doesn't need to match this exactly.

• What do I do if I don't have much super?

  You can boost your super by making additional voluntary contributions, reducing the fees you pay, making sure your fund is getting good investment returns and consolidating funds if you've got more than one.

• How much do I need to retire?

  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. However, this is just one estimate and there are other estimates that suggest you don't need quite so much.

• How do I grow my super on a low income?

  If you're on a low income, you can supplement your employer contributions by making additional voluntary contributions yourself (if your budget allows for this). If you earn less than $60,000 a year you may also be eligible for the government's super co-contribution scheme.

To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.

Written by

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise

Alison has written 625 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living