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40 to 49 years old

Recommended Balance

Those aged between 40-49 are on average $64,070 behind the recommended super balance. If this is you, it's not your fault but it's an issue you'll want to address. That's where we come in!

As you journey through your 40s and into your 50s, it's crucial to focus on fortifying your financial future, particularly through superannuation. This stage of life often brings increased financial responsibilities, such as supporting children's education or caring for ageing parents. It's a pivotal time to evaluate and potentially boost your superannuation contributions.

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Understanding how your super balance compares with others in your age group can be enlightening. It serves as a benchmark, helping you to assess whether you're on track to achieve a financially secure retirement. Remember, the decisions you make now can significantly impact the quality of your retirement life. Therefore, it's essential to ensure that your superannuation strategy is robust and tailored to meet your future needs.

a graph showing asfa 's views on what your average super balance should be today
a table showing today 's average super balance and recommended super balance today for a comfortable retirement

How do I take action if there’s a gap?

1. Review Fees and Performance: Regularly review the fees and performance of your super fund. High fees can erode your retirement savings over time, so it's important to ensure you're getting good value and competitive returns.


2. Salary Sacrifice: By this age, your earnings are likely at a peak. Consider a salary sacrifice strategy, where a portion of your pre-tax salary goes directly to your super, potentially reducing your taxable income.


3. Check Beneficiaries: Ensure that you've nominated beneficiaries for your super. Life can be unpredictable, and this step ensures that your hard-earned savings go to the right people.


4. Review Investment Strategy: While you may still be comfortable with risk, it's a good time to assess and perhaps tweak your investment mix to protect your growing super

How much super do I need for a ‘Comfortable Retirement’?

According to the Association of Superannuation Funds of Australia Limited (ASFA) Retirement standard explainer, for those wanting a ‘comfortable retirement', the average super balance at retirement should be around $690,000 for couples and around $595,000 for singles.


How much is ‘enough’, is different for every individual. It's essential to recognise that each individual's financial needs and lifestyle  aspirations are unique. What constitutes a comfortable living for one person might differ vastly for another. Guidelines can provide a foundational perspective, personalising your retirement planning based on your unique circumstances and aspirations is paramount.

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FAQs

  • CONSOLIDATING AND COMPARING YOUR FUNDS

    - Compare funds - Take advantage of a superannuation comparison website to examine how your fund measures up against the highest-performing funds. Despite the fact that performance may fluctuate from year to year and past performance is not an indication of future results, it's sensible, if possible, to choose a fund with a positive reputation for success and stability.


    - Decide - Choose a fund that suits your financial needs


    - Check your insurance - Guarantee that you are able to attain a suitable insurance level in the fund of your selection.


    - Open an account - When selecting a super fund, don't forget to create an account with them and obtain all the information that your employer would need in order to make contributions. Be sure you are completely satisfied with the insurance level before making any changes!


    - Notify your employer - Make sure your employer is aware of where to put in your superannuation payments, as well as how to properly identify you when transferring money into the fund.


    - Roll over super to your selected fund - For a more in-depth look, visit the Australian Taxation Office (ATO)'s monitoring of your superannuation page. The easy way to do this is through myGov online - and if you wish to move your balance over to another fund, simply contact them via website or phone!

  • WHY CONSOLIDATE MULTIPLE FUNDS INTO ONE?

    With a variety of administration fees, charges and life insurance premiums associated with different super funds, having multiple accounts may lead to paying more than is necessary. Maintaining just one fund means you will only have to pay one set of fees so that your super can grow faster.

  • WHAT IS SALARY SACRIFICE AND HOW DOES IT WORK?

    Salary sacrifice is an arrangement where you agree to forego a portion of your salary to contribute extra to your superannuation. These contributions are made before tax, potentially lowering your taxable income. This can be a tax-effective way to increase your super balance, but it's important to consider contribution limits and personal circumstances.


    Read our case study HERE.

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