When considering how much super you should have, it’s important to understand that the amount you need is deeply intertwined with your unique circumstances. Your age, income, lifestyle expectations, and retirement goals are important in helping determine how much super is sufficient for you. While there are general guidelines available, there’s no one-size-fits-all answer.
How much Superannuation do I need to retire?
Your superannuation is purpose-built to help support you during your retirement, so understanding how much you’ll need is crucial.
Many people limit their retirement plans to what they think they can afford instead of starting with what they truly desire. So, to accurately answer how much super I should have, use this information as a general guide and take the time to assess your personal needs and circumstances.
How much super you’ll need in retirement depends on the lifestyle you want. According to the government’s MoneySmart website, if you own your home, the rule of thumb is that you’ll need two-thirds (67%) of your current income each year to maintain the same standard of living.
You can also use the Retirement Standard from the Association of Superannuation Funds of Australia (ASFA), which estimates how much the average Australian would need to retire. This standard assumes that you retire at age 67, own your home (no mortgage), and are relatively healthy.
Super Balance by Age
Understanding average super by age can give you a decent indication of how much you should have saved at different stages of your life.
The latest data from ASFA helps us see where the average Australian super balance is at different stages of life. How does your current balance compare?
| Age | Average balance (Men) | Average balance (Women) |
| Under 18 | $11,710 | $7,455 |
| 18-24 | $8,148 | $7,328 |
| 25-29 | $25,981 | $23,429 |
| 30-34 | $56,344 | $46,289 |
| 35-39 | $95,937 | $75,785 |
| 40-44 | $139,431 | $107,538 |
| 45-49 | $190,716 | $142,037 |
| 50-54 | $246,955 | $182,167 |
| 55-59 | $316,457 | $236,530 |
| 60-64 | $402,838 | $318,203 |
| 65-69 | $453,075 | $403,038 |
| 70-74 | $509,059 | $451,523 |
| 75 and over | $507,556 | $436,865 |
Source: The Association of Superannuation Funds of Australia, June 2021
Is your balance on track?
According to the Super Guru’s Super Balance Detective, here’s what super balance you should be aiming for based on your age. This is the approximate amount of super a person should have now to reach a ‘comfortable’ retirement by age 67, according to the Association of Super Funds of Australia (ASFA).
| 25 years | $18,500 |
| 30 years | $59,000 |
| 35 years | $101,500 |
| 40 years | $156,000 |
| 45 years | $213,000 |
| 50 years | $281,000 |
| 55 years | $361,000 |
| 60 years | $453,000 |
| 65 years | $549,000 |
Source: Super Guru’s Super Balance Detective[1], (May 2024).
What if you’re affected by the gender super gap?
On average, superannuation for women starts with a balance 50% lower than men’s, and women retire with 23% less (ATO, 2022) but live 4-5 years longer in retirement (ABS, 2021). This gender super gap can be because of many reasons, such as being paid less, part-time employment, or having to take time out from the workforce as a parent or carer without receiving spouse contributions[2]. But some strategies can help you close the super gap.
What if your balance is lower?
Don’t feel bad if your balance is lower than you would like. You can usually do something to improve your finances, such as adding extra money to your super or receiving the government’s co-contribution. You may also be able to supplement your super with the Age Pension (if eligible).
What if your balance is on track?
Congratulations on having a solid super balance already. Of course, how much you should have depends on your personal goals, so you might be able to add a little extra, keeping in mind your yearly limit for super contributions.
It’s all about finding the right balance that fits your financial position and retirement goals. We have helped many individuals like you determine how much super they would need based on their goals and situations.
Working with a financial adviser can help you to get more from your super and investments, so you can feel confident you’re on track to live the lifestyle you want in retirement.
[1] https://www.superguru.com.au/calculators/super-detective
[2] https://www.australianretirementtrust.com.au/lp/how-much-super
The purpose of this website is to provide general information only and the contents of this website do not purport to provide personal financial advice. JourneyNest strongly recommends that investors consult a financial adviser prior to making any investment decision. The contents of this website does not take into account the investment objectives, financial situation or particular needs of any person and should not be used as the basis for making any financial or other decisions. The information is selective and may not be complete or accurate for your particular purposes and should not be construed as a recommendation to invest in any particular product, investment or security. The information provided on this website is given in good faith and is believed to be accurate at the time of compilation.