• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

SuperGuide

Superannuation and retirement planning information

  • SuperGuide Premium
  • Account
  • Log In
  • SuperGuide Premium
  • Account
  • Log In
  • How super works
    • Super for beginners
    • Super rules
    • Employers guide to super
    • Super contributions
    • Super and tax
    • Accessing super
    • Super news
    • Women and super
    • Super tips and strategies
    • How-to guides
    • Super quizzes
    • Superannuation Q&As
    • Superannuation glossary
  • Super funds
    • Best performing super funds
    • Super fund rankings
    • Best performing pension funds
    • Pension fund rankings
    • Super fund average returns
    • Super investing strategies
    • Comparing super funds
    • Choosing a super fund
    • Choosing an investment option
    • Super fund fees
    • Insurance and super
    • Super fund profiles
  • SMSFs
    • SMSFs for beginners
    • SMSF administration
    • SMSF checklists
    • SMSF compliance
    • SMSF investing
    • SMSF pensions
    • SMSF strategies
    • SMSF Q&As
  • Plan your retirement
    • Retirement planning for beginners
    • When should I retire?
    • How long will I live?
    • How much super do I need?
    • Will I get the Age Pension?
    • How much will I spend in retirement?
    • Financial advice
    • Retiring overseas
    • Preparing for retirement
    • Retirement planning strategies
    • Retirement calculators and reckoners
  • In retirement
    • Income in retirement
    • Super lump sums
    • Super pensions
    • Age Pension
    • Working in retirement
    • Life in retirement
    • Senior concessions and services
    • Aged care
    • Estate planning
    • Super death benefits

Home / Plan your retirement / How much super do I need? / Falling behind with your super? How your super balance compares

Falling behind with your super? How your super balance compares

October 2, 2019 by Janine Mace Leave a Comment

Reading time: 3 minutes

On this page

  • How the balance of your super account compares
  • Super account balances: How they change over time
  • What retirement lifestyle will your account balance provide?
  • Behind the average super balance for your age? Five action steps to consider

Everyone likes to know how their financial position compares to others of the same age. It’s no different when it comes to your super account.

But how can you find out how you compare with your peers and whether you are on track – or behind the pack?

To make things easy, SuperGuide has pulled together the latest statistics so you can rate your performance and work out if you need to take some action.

How the balance of your super account compares

One of the most reliable ways to find out what’s going on in other people’s super accounts is to check the superannuation data released by the Australian Bureau of Statistics (ABS).


Latest statistics for super accounts

  • 1 in 3 women have no super account
  • 1 in 4 men have no super account
  • 25% of women aged 60–64 are retiring with no super
  • 13% of men aged 60–64 are retiring with no super
  • $122,848 is the median super balance for females retiring aged 60–64
  • $154,453 is the median super balance for males retiring aged 60–64

Source: ASFA Better Retirement Outcomes: A snapshot of account balances in Australia, July 2019


According to the latest ABS statistics, in 2017/18 the average super account balance for people aged 15 and over was $168,500 for men and $121,300 for women. In 2015/16, the average super account balance was $158,700 for men and $105,400 for women.

The Association of Superannuation Funds of Australia (ASFA) has also calculated the average super account balance in different states and territories. It found ACT ($186,743), Victoria ($142,412) and NSW ($133,643) have average balances above the national average of $132,646. The average balance is lower in South Australia ($131,914), Tasmania ($126,348), Queensland ($123,636), WA ($119,980) and the Northern Territory ($95,170).


Advertisement
SuperGuide Premium is ad-free

Although these average super account balances are interesting to know, it’s a lot more useful to find out how much people of a similar age to you currently have in their super account.

If you look closely at the average super balances for different age groups, you get a much clearer picture of where your super savings sit in comparison to your peers.

Average super account balance for Australians in different age groups during 2017/18

AgeMenWoenAll people
15-24$6,300$6,100$6,200
25-34$41,700$31,600$36,800
35-44$100,300$69,300$85,100
45-54$196,400$129,100$162,200
55-64$332,700$245,100$286,800
65-74$417,900$378,600$402,600
75 and over$366,200$270,300$317,600

Super account balances: How they change over time

The ABS statistics show for both men and women the average balance of your super account is likely to increase steadily as you get older. This continues until well into retirement.

Aussies aged over 55 tend to have a higher super balance. This is largely due to additional pre-retirement contributions. The super accounts of pre-retirees have also had a longer period to enjoy the benefits of compounding. To learn more, see SuperGuide article The magic of compounding interest.

Once you reach age 75, however, you have usually started drawing down on your super account and have stopped making contributions, so your super account starts to decline.

On average, women still have lower super balances than men, but the difference is reducing. In 2017/18, only 69.5% of women reported to the ABS that they had a super account, compared to 74.4% of men. The percentage for women aged 65 and over was much lower, with only 40% reporting they had a super account. This compared to 51.3% of men aged 65 and older.

Compare super funds

Read more...

Advertisement

To learn more, see SuperGuide article Superannuation for the self-employed.

What retirement lifestyle will your account balance provide?

Just as everyone has a different super account balance, everyone has a different idea of how much money they will need for a comfortable retirement.

To find out approximately how much retirement income the savings in your super account might be able to generate, check out SuperGuide’s Super to income reckoner.

But if you want to know what retirement lifestyle your current super account balance is likely to deliver compared to other retirees, a good place to start is the ASFA Retirement Standard. This benchmark is updated quarterly and is used throughout the super and retirement industry as a starting point for retirement planning.


Need to know: The ASFA Retirement Standard assumes you own your own home outright and are in relatively good health.


In 2018, ASFA calculated how big the super lump sum both a single person and a couple required to generate sufficient income to enjoy either a ‘comfortable’ or a ‘modest’ lifestyle in their retirement:

Retirement lifestyle

Super savings required at retirement

Comfortable lifestyle – Couple

$640,000

Comfortable lifestyle – Single

$545,000

Modest lifestyle – Couple

$70,000

Modest lifestyle – Single

$70,000

* All figures in 2018 dollars using 2.75% AWE as deflator and assumed investment earning rate of 6%.

Advertisement

The $70,000 lump sum needed for a modest lifestyle is relatively low as the Age Pension and pension supplements are sufficient to meet much of the expenditure required for this lifestyle.

A comfortable retirement requires a larger balance in your super account. If you want to be able to take domestic holidays and the occasional overseas holiday, go to restaurants and enjoy a good range and quality of food and take part in a range of regular leisure activities, you will need to ensure you have this sort of balance in your super account.


Good to know: ASFA estimates the percentage of Australians who are self-funded at retirement age will rise from 22% in 2000 to 43% in 2023.


Behind the average super balance for your age? Five action steps to consider

  1. Check for any lost super: Ensure you don’t have super savings sitting in an account you’ve forgotten.
  2. Consider consolidating multiple super accounts: Combining super accounts could save fees and charges, but check for any exit fees. And ensure you won’t lose valuable insurance protection.
  3. Review your investment option: Think about switching to a more growth focused investment option, but remember this usually comes with more investment risk.
  4. Consider making additional contributions: Personal tax-deductible contributions add to the balance in your super account and could cut your annual tax bill. Non-concessional (after-tax) contributions can also be used to boost your super account.
  5. Ask your employer about a salary sacrifice arrangement: Adding extra cash into your super account from your before-tax salary will increase your super balance and is usually taxed at a lower rate than your marginal tax rate.
Want to plan your retirement but not sure where to begin?

Become a SuperGuide Premium member and access independent expert guidance on how to plan your retirement, including how much super you need, how long you are likely to live for, whether you could be eligible for the Age Pension, the implications of retiring at different ages, how to prepare for retirement and much more.

Includes performance rankings for 235 super funds and 166 pension funds, more than 600 articles, how-to guides, checklists, tips and strategies, calculators, case studies, quizzes and a monthly newsletter.

Find out more


Learn more about how much super is enough in the following SuperGuide articles:

How to use the MoneySmart Retirement Planner

January 21, 2021

Super to income Reckoner

February 18, 2020

Income from super Reckoner

February 18, 2020

Is $500,000 in super enough to retire on?

February 11, 2020

Is $750,000 in super enough to retire on?

February 11, 2020

Is $1 million in super enough to retire on?

February 11, 2020

Is $1.6 million in super enough to retire on?

February 11, 2020

Is $2 million in super enough to retire on?

February 11, 2020

Is $3.2 million in super enough for a couple to retire on?

February 11, 2020

How much super do I need to retire on $40,000 a year?

February 11, 2020

How much super do I need to retire on $60,000 a year?

February 11, 2020

How much super do I need to retire on $80,000 a year?

February 11, 2020

How much super do I need to retire on $100,000 a year?

February 11, 2020

How much super do I need to retire?

February 11, 2020

How accurate are ‘retirement estimates’? 7 assumptions you need to understand

November 21, 2019

Related topics

How much super do I need? Plan your retirement

IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more

© Copyright SuperGuide 2009-21. Copyright for this article belongs to SuperGuide Pty Ltd, and cannot be reproduced without express and specific consent. Learn more

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

How super works
Super for beginners
Super rules
Employers guide to super
Super contributions
Super and tax
Accessing super
Super news
Women and super
Super tips and strategies
How-to guides
Super quizzes
Superannuation Q&As
Superannuation glossary
Super funds
Best performing super funds
Super fund rankings
Best performing pension funds
Pension fund rankings
Super fund average returns
Super investing strategies
Comparing super funds
Choosing a super fund
Choosing an investment option
Super fund fees
Insurance and super
Super fund profiles
SMSFs
SMSFs for beginners
SMSF administration
SMSF checklists
SMSF compliance
SMSF investing
SMSF pensions
SMSF strategies
SMSF Q&As
Plan your retirement
Retirement planning for beginners
When should I retire?
How long will I live?
How much super do I need?
Will I get the Age Pension?
How much will I spend in retirement?
Financial advice
Retiring overseas
Preparing for retirement
Retirement planning strategies
Retirement calculators and reckoners
In retirement
Income in retirement
Super lump sums
Super pensions
Age Pension
Working in retirement
Life in retirement
Senior concessions and services
Aged care
Estate planning
Super death benefits
Advertisement
Compare super funds

Join SuperGuide Premium and give your retirement plans a boost.

Get access to independent expert commentary on the latest super, retirement and SMSF issues, including the top performing super and pension funds, how much super is enough, the latest super rates and thresholds and new super measures and strategies.

You’ll have access to more than 600 articles, how-to super guides, checklists, tips, calculators, reckoners and other tools, as well as a monthly newsletter.

Find out more

Footer

Important: Disclaimer

All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs.

You should consider whether any information on SuperGuide is appropriate to you before acting on it.

If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.

Learn more

About SuperGuide

SuperGuide is Australia’s leading superannuation and retirement planning website. Learn more

Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629

  • Contact us
  • Advertise on SuperGuide
  • Careers

Before using this website

  • New to SuperGuide?
  • Terms and Conditions of Use
  • Financial Services Guide
  • Privacy Policy and Privacy Collection
  • Copyright Policy
  • Editorial Policy and Complaints
  • Disclaimer

  • SuperGuide Premium
  • Subscriber feedback
  • Sitemap