How Much Super Should I Have at My Age?

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How Much Super Should I Have at My Age?

See the average super balance for your age group, so you can get an idea of how your super savings compare.

A healthy super balance can be a key ingredient in being able to live the life we want in retirement. But for many people, retirement is a long way off, and it can be hard to know if your super is on track. If you’ve been asking yourself – how much super should I have at my age?

Below we look at what figures from the Association of Superannuation Funds of Australia (ASFA) reveal. We will examine how you might go about topping up your super, if you’re in a position and choose to do so.

How Does Your Super Stack Up?

If you’re curious to know the average super balance by age, view our table below. This shows the average super balances by age for employed men and women across Australia. This data is according to ASFA.

Age Average balance – men Average balance – women
20-24 $9,481 $8,051
25-29 $28,319 $23,773
30-34 $58,035 $45,968
35-39 $92,425 $72,098
40-44 $134,992 $98,572
45-49 $182,146 $127,687
50-54 $242,007 $159,188
55-59 $311,163 $207,254
60-64 $371,599 $251,409
65-69 $384,539 $313,050

Source: Association of Superannuation Funds of Australia, ASFA Experience to date with the early release of super – June 2020 – page 15.

If your balance looks a bit low compared to the average for your age group, there could be several reasons for this. These include taking time out of the workforce to study, travel, raise children or care for older relatives. Alternatively, you may have been out of work, working part-time, or earning a lower wage than others your age.

You might also notice that women are more likely to have lower super balances than their male counterparts. This is likely due to factors impacting their financial situation, such as taking time off work to raise children.


How Much Super Do You Need Anyway?

The amount of super you need to live comfortably in retirement depends on a range of factors. This includes your expenses, any outstanding debts you might have and whether you have access to other forms of income. Other forms of income include investments, savings and inheritance. The government’s Age Pension, which not everyone will be eligible for, is another form of income.

According to March 2021 figures, individuals and couples, around age 65, who are looking to retire today would need an annual budget of around $44,412 or $62,828 respectively to fund a comfortable lifestyle.

To live a modest lifestyle, which is considered better than living on the Age Pension alone, individuals and couples would need an annual budget of around $28,254 or $40,829 respectively.

Note, that these figures are based on the assumption people own their homes outright and are relatively healthy.

Meanwhile, everyone’s situation is different. It is hard to compare every situation to the average super balance by age. If you want a better idea as to how much super you should have at a certain age, so if you want a better idea as to how much super you may need at a certain age, try the retirement needs calculator.

What You Could Do If Your Super Balance Needs a Boost?

If you notice your super balance isn’t as high as you’d like it to be, here are some steps that could help you to increase what you have.

Find your lost super

If you’ve changed jobs, your name or address over the years, or worked part-time or casual jobs, there’s a chance you may have lost track of some of your super. You could be paying multiple fees on different accounts. Find out more about how to find your lost or unclaimed super.

Consider whether consolidating funds might be worthwhile

There may be advantages to rolling multiple super accounts into one, like fewer fees and less admin. You’ll need to be across potential exit fees, tax implications and if you could lose certain benefits, such as insurance.

Review your investment options

Depending on how far you are from retirement, you might think about switching to a more growth-focused super investment option. Keep in mind however that returns aren’t guaranteed and the opportunity for higher returns are often accompanied by higher risk, so do your research before making any decisions.

Check out other important details

Your super should be working for you, so it’s important to review it at least once a year. You should check things like fund performance, fees you might be paying, what insurance you might have inside your super and whether it suits your current needs.  Read our Ultimate Super Guide for further information.

Consider voluntary contributions with benefits

  • Salary sacrifice contributions – This is where you choose to have some of your before-tax income paid into your super by your employer, on top of what they might pay you under the super guarantee, if you’re eligible. It does mean a reduction in your take-home pay. However, as you’ll only be taxed 15% on the money you salary sacrifice (or 30% if your total income exceeds $250,000), for most people it means you’ll likely pay less tax on these contributions than you do on your income.
  • Tax deductible contributions – These are voluntary contributions you may choose to make using after-tax dollars (such as when you transfer funds from your bank account into your super), which you then claim a tax deduction for. These can be made by both self-employed people and employees.
  • Co-contributions from the government – If you’re a low to middle-income earner and have made an after-tax contribution to your super fund, which you don’t claim a tax deduction for, you might be eligible for a government co-contribution of up to $500.
  • Spouse contributions – If you’re earning more than your partner and would like to top up their retirement savings, or vice versa, you may be able to claim an 18% tax offset on up to $3,000 through your tax return.
  • Downsizer contributions – If you’re 55 or over and eligible, you may be able to make an after-tax downsizer contribution to your super of up to $300,000, using the proceeds from the sale of a qualifying property, regardless of your work status, super balance, or restrictions that otherwise apply.

Find out more about super contribution types and how much you can contribute, noting limits apply and if you exceed caps, additional tax and penalties may apply.

Other Things to Keep in Mind

  • The value of your investment in super can go up and down.
  • There are general rules around when you can access your super.
  • If you’re 67 or over and making a voluntary contribution, you’ll need to have met (or be exempt from) the work test.

Where to go for more information

If you are worried about how much super you should have or you’d like to review your super please contact us at (08) 8357 3999 to make an appointment with a financial
planner. Alternatively, you can book directly online with a financial adviser of your choice.


Source: AMP July 2021

1 ASFA Experience to date with the early release of super – June 2020 – page 15.
2, 3 , 4 ASFA Retirement Standard

This information is provided by AMP Life Limited. It is general information only and hasn’t taken your circumstances into account. It’s important to consider your particular circumstances and the relevant Product Disclosure Statement or Terms and Conditions, available by calling |PHONE|, before deciding what’s right for you.
All information in this article is subject to change without notice. Although the information is from sources considered reliable, AMP and our company do not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP and our company do not accept any liability for any resulting loss or damage of the reader or any other person. Any links have been provided for information purposes only and will take you to external websites. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.