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50 to 60 years old

Recommended Balance

Those aged between 50-60 are on average $108,173 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 navigate through your 50s, a pivotal decade leading up to retirement, it's crucial to focus on fortifying your financial future, with a particular emphasis on superannuation. This stage of life calls for a thoughtful assessment of your superannuation balance in comparison to others in your age group.

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Understanding where you stand is more than just a number game; it's about ensuring you have the necessary funds to enjoy a retirement that's not just comfortable but fulfilling. At this age, it's imperative to consider if your current savings trajectory will meet your retirement goals. Remember, it's not just about reaching retirement; it's about thriving in it. Therefore, taking proactive steps now to boost your superannuation can make a significant difference in your later years, giving you peace of mind and financial security.

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

  1. Regularly compare your superannuation funds performance with the market.


  2. Transition to Retirement (TTR) Strategy: As you near retirement, consider a TTR pension. This allows you to access some of your super while still working, potentially reducing work hours without affecting income.


  3. Downsizer Contribution: Allows you to contribute proceeds from the sale of a family home into superannuation, without the amount counting towards standard contribution caps. The result is a higher amount invested in superannuation and a greater income throughout retirement.


  4. Asset Preservation: Safety becomes paramount. Review your investment strategy again, possibly moving towards more conservative options.


  5. Stay Updated: Legislation around super can change. Keep yourself informed and adjust your strategy accordingly. Regular meetings with your financial advisor can be beneficial.

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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