How much super should I be aiming to have at my age?
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.
Source: ATO 2021-22 Retirement Statistics (Snapshot Table 5) - Super balance by age and sex (most recent statistics available)
ASFA’s views on what your average super balance should be today
These recommended super balances have been calculated (October 2023) using ASFA’s Super Guru Super Balance Detective Calculator, averaged across different age groups.
Certain age groups have limited data.
How do I take action if there’s a gap?
If you’re looking at your super balance and the averages above, and think your balance could do with a boost, here’s some things you could consider doing:
Regularly compare your superannuation funds performance with the market.
Regularly comparing the performance of your superannuation fund is crucial for ensuring that your retirement savings are growing effectively. Just as you would monitor any other investment, keeping a close eye on your super fund can help identify any potential issues or areas for improvement.
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Disclaimer
The information on this website is General Information only and therefore does NOT take into consideration your personal financial situation, objectives and needs. Prior to acting on any information on this website you should consider what is appropriate for your own personal financial situation, objectives and needs. Aus Super Solutions is not associated or affiliated with any super funds, we aren’t a financial advisory firm, we do not sell financial products nor do we give financial advice. Our role is to connect clients with fully licensed financial advisors that operate compliantly under an Australian Financial Services Licence. Aus Super Solutions does not take in any way responsibility for any advice or recommendations provided by the financial advisors. Prior to acting on any advice provided by the financial advisor you should and can ask as many questions as you deem necessary to ensure you have received the right advice for your personal financial situation. All fees and costs must be clearly explained and after speaking with a referred advisor you are under no obligation to commit to any recommendations made nor cost payable to Aus Super Solutions should you decide against the advice provided. Before making any decisions regarding your super you should obtain the super fund’s Product Disclosure Statement (PDS) and consider its contents. However our goal and mission is to only recommend and connect clients with fully licensed financial advisors and firms with established, positive track records in enhancing and servicing their clients financial situation, objectives and needs.
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