Superannuation is the largest asset for Australians aside from the family home and will be the primary way for most Australians to fund retirement. In this post, we’ll take a look at the average and median super balances by age in Australia for men and women so you can see how you compare and provide some guidance on how to increase your super balance.
How Much Super Should I Have?
The Association of Superannuation Funds of Australia (ASFA) have calculated that the required balance for a comfortable retirement is $595,000 for a single person and $690,000 for a couple.
This assumes ownership of own home and no financial dependents. How much super is needed by retirement age is the balance needed to be able to draw down funds each year to fund living expenditure for the remainder of a persons life.
The balance needed at each age is an estimate of how much is needed to be on track for the final balance.
| Age | Balance for Comfortable Retirement* |
|---|---|
| 23 | $5,500 |
| 24 | $11,000 |
| 25 | $18,500 |
| 26 | $26,000 |
| 27 | $34,000 |
| 28 | $41,500 |
| 29 | $50,000 |
| 30 | $59,000 |
| 31 | $66,500 |
| 32 | $74,000 |
| 33 | $83,000 |
| 34 | $93,000 |
| 35 | $101,500 |
| 36 | $111,500 |
| 37 | $122,500 |
| 38 | $133,000 |
| 39 | $144,000 |
| 40 | $156,000 |
| 41 | $168,000 |
| 42 | $179,000 |
| 43 | $190,000 |
| 44 | $201,000 |
| 45 | $213,000 |
| 46 | $226,000 |
| 47 | $239,000 |
| 48 | $252,000 |
| 49 | $266,000 |
| 50 | $281,000 |
| 51 | $296,000 |
| 52 | $311,000 |
| 53 | $328,000 |
| 54 | $344,000 |
| 55 | $361,000 |
| 56 | $377,000 |
| 57 | $393,000 |
| 58 | $415,000 |
| 59 | $431,000 |
| 60 | $453,000 |
| 61 | $469,000 |
| 62 | $490,000 |
| 63 | $509,000 |
| 64 | $531,000 |
| 65 | $549,000 |
| 66 | $571,000 |
| 67 | $584,000 |
*This data has been sourced from ASFA’s consumer website – SuperGuru.
Median Super Balances by Age
| Age | Men | Women |
|---|---|---|
| 18-24 | $4131 | $3772 |
| 25-29 | $17495 | $16956 |
| 30-34 | $38764 | $32904 |
| 35-39 | $65220 | $50108 |
| 40-44 | $92303 | $65840 |
| 45-49 | $118686 | $80303 |
| 50-54 | $139444 | $92671 |
| 55-59 | $162337 | $109639 |
| 60-64 | $178808 | $137051 |
| 65-69 | $189856 | $180718 |
| 70-74 | $195656 | $188006 |
| 75+ | $144773 | $139579 |
The median super balance is the midpoint of all balances and usually provides a better indication of the typical balance of Australians. According to the Association of Superannuation Funds Australia (ASFA), the median super balance for those aged 25-29 was $17,495 for men and $16,956 for women as of June 2019, a relatively small gap which increases with age. By ages 45-49 balances were $118,686 for men and $80,303 for women. Balances peak at ages 70-74 at $195,656 for men and $188,006 for women, a slight narrowing of the gap in percentage terms.
Average Super Balances by Age
| Age | Men | Women |
|---|---|---|
| 18-24 | $8072 | $6994 |
| 25-29 | $25173 | $21774 |
| 30-34 | $51175 | $42240 |
| 35-39 | $83723 | $66611 |
| 40-44 | $121119 | $92680 |
| 45-49 | $165587 | $122228 |
| 50-54 | $214795 | $157124 |
| 55-59 | $286283 | $209653 |
| 60-64 | $359870 | $289179 |
| 65-69 | $414380 | $370042 |
| 70-74 | $464565 | $403268 |
| 75+ | $436370 | $380386 |
The average super balance is the sum of all balances divided by the number of people and may be skewed by a small number of large balances. According to ASFA, the median super balance for those aged 25-29 was $25,173 for men and $21,774 for women as of June 2019. Balances increased to $165,587 for men and $122,228 for women for those aged between 45-49, and peak at $464,565 for men and $403,268 for women at ages 70-74. Again, the difference between men and women persists across all age groups, with the gap being widest in percentage terms around the middle age before reducing somewhat to retirement age.
Average and Median Super Balance by Age 30
For those aged 30-34, the median super balance was $38,764 for men and $32,904 for women, while the average balance was $51,175 for men and $42,240 for women. The difference between the median and average suggests that even at a relatively young age a small number of individuals have much higher super balances, skewing the average.
Average and Median Super Balance by Age 40
For those aged 40-44, the median super balance was $92,303 for men and $65,840 for women, while the average balance was $121,119 for men and $92,680 for women. The gender gap increases dramatically in the 30’s particularly the median, indicating again that the average is skewed by some individuals with high balances.
Average and Median Super Balance by Age 50
For those aged 50-54, the median super balance was $139,444 for men and $92,671 for women, while the average balance was $214,795 for men and $157,124 for women. The gender gap further increases in percentage terms in the 40’s as does the difference between the median and the average.
Average and Median Super Balance by Age 60
For those aged 60-64, the median super balance was $178,808 for men and $ 137,051 for women, while the average balance was $359,870 for men and $289,179 for women. The gender gap reduces significantly in the 50’s whilst the difference between the median and the average continues to hold, with a small number of individuals that have much higher super balances, skewing the average.
How To Increase Your Super
Increasing your superannuation can be achieved by taking a few key steps. Firstly, it’s important to regularly review your super fund to ensure its performance and fees are competitive in comparison to other options in the market. This can be done by comparing the returns, fees, and insurance offered by different funds. Check out your fund’s fees and performance in our list of superannuation funds and compare it against the best super funds. If you find a better option, consider switching to a more suitable fund. Secondly, making additional contributions to your super can significantly increase your balance over time. You can do this by making personal contributions, salary sacrificing, making spouse contributions, or taking advantage of government co-contributions if you’re eligible. Lastly and perhaps most importantly, getting super advice from a financial advisor can be highly beneficial in helping you make informed decisions about your super. They can help you with all of the above, help determine the best strategies for you, and ensure you are on track to achieve your retirement goals.
