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Millions of Aussies are hoping their superannuation savings will be enough to fund a comfortable retirement, but many may be falling short of the mark.
Having enough superannuation can make a significant difference to a retiree's quality of life after work, covering everything from everyday living expenses and healthcare costs to leisure activities and unexpected bills.
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Having → see → activities
Comparing your balance with others in your age group can provide a useful reference point, with Association of Superannuation Funds of Australia (ASFA) figures published by Rest Super showing average balances by age and gender.
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Comparing → compare → age
In your 40s
According to the data, the average superannuation balance for men aged 40 to 44 was $140,680, compared to $109,209 for women in the same age bracket.
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balance → accord → bracket
Men aged 45 to 49 had an average super balance of $193,501, while women had an average of $147,146.
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women → age → 147,146
In your 50s
For Aussies aged 50 to 54, the average super balance was $254,071 for men and $190,175 for women.
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balance → age → women
Millions of Aussies are hoping their superannuation savings will be enough to fund a comfortable retirement, but many may be falling short of the mark
Having enough superannuation can make a significant difference to a retiree's quality of life after work, covering everything from everyday living expenses and healthcare costs to leisure activities and unexpected bills
Men aged 55 to 59 had an average of $319,743 in superannuation, compared to $242,945 for women.
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Men → hop → women
In your 60s
Among those aged 60 to 64, the average super balance was $395,852 for men and $313,360 for women.
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balance → age → women
Men aged 65 to 69 had an average super balance of $448,518, while women had an average of $392,274.
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women → age → 392,274
How much super will you need in retirement?
ASFA uses two benchmarks to estimate retirement costs: a comfortable retirement and a modest retirement.
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ASFA → need → retirement
Its comfortable retirement standard is designed to cover more than just the essentials, allowing retirees to meet day-to-day expenses while enjoying travel, hobbies and social activities.
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retirees → design → travel
ASFA data estimates a single homeowner would need $55,923 a year for a comfortable retirement, while homeowner couples require $78,566 annually.
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couples → estimate → 78,566
Association of Superannuation Funds of Australia figures published by Rest Super show average balances by age and gender
A modest retirement is described by ASFA as a lifestyle that is slightly better than relying solely on the Age Pension, covering basic health insurance and occasional social, leisure and recreational activities.
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that → publish → insurance
For a modest retirement, singles who own a home need $36,434 a year, while homeowner couples require $52,473 annually.
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couples → own → 52,473
How to catch up on your super
Rest Super suggests workers could consider making additional contributions on top of their employer’s compulsory payments, depending on their circumstances.
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workers → catch → circumstances
Even small contributions made regularly may benefit from compound investment returns over time, although returns are not guaranteed.
Rest Super also suggests reviewing your fund’s fees and performance regularly, as small differences in costs and investment returns can have a significant impact over several decades.
Rest Super says consolidating multiple accounts may help some members avoid duplicate fees and insurance premiums, but warns they should first check whether they would lose insurance cover or other benefits.
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they → make → cover
The figures are general benchmarks only and do not take into account individual circumstances.
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figures → take → circumstances
Australians should consider seeking licensed financial advice before making major changes to their superannuation.
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Australians → consider → superannuation
The Aporia
