Is your super on track?
Super 101 | Date Posted 4 December 2024
No matter where you are in your working life, there are benefits to giving your super a little boost. But how do you know what the end goal should be and therefore, how much of a boost is needed?
A general rule of thumb is not to compare yourself to others, but when it comes to your super balance, comparison can be a very strong motivator. According to the Association of Superannuation Funds of Australia (ASFA), the mean super balance for a male aged between 40 to 44 years is about $107,000. When you consider the current aged pension doesn’t kick in until 67 years and that a single person will need more than $52,0001 per year to live comfortably, the numbers speak for themselves.
Check out the table below to see how your balance stacks up against others your age.
| Mean super balance2 | ||
| Age group | Male | Female |
| 18 to 24 years | $4,198 | $3,899 |
| 25 to 29 years | $17,243 | $17,528 |
| 30 to 34 years | $41,849 | $35,716 |
| 35 to 39 years | $74,062 | $57,401 |
| 40 to 44 years | $106,771 | $77,644 |
| 45 to 49 years | $139,850 | $96,575 |
| 50 to 54 years | $167,002 | $112,943 |
| 55 to 59 years | $191,263 | $130,714 |
| 60 to 64 years | $211,996 | $158,806 |
| 65 to 69 years | $213,986 | $201,233 |
If you’re unsure of your balance, you can check how much super you have by logging in to your online account.
Did you know? The average super balance for women is around $70,000 less than the average for men, so it’s clear that women have a much bigger task to get their super in shape than men. Read more about women and super.
How much money will you need?
Talk about a million-dollar question! There are lots of factors which influence what this magic number could be, such as what age you want to retire at, what sort of lifestyle you have or want to have, whether you own your home, or if you still have dependants. Generally, ASFA research3 suggests people will need the following balance for retirement at age 67:
| Modest retirement | Comfortabe retirement | |
| Single | $100,000 | $595,000 |
| Couple | $100,000 | $690,0000 |
The balance needed for a modest lifestyle is relatively low, as it takes in consideration the Age Pension, as well as various pension supplements, and as a result both couples and singles would need the same savings. The balance required for a comfortable retirement assumes you’ll draw down on all your super and receive a part Age Pension.
Super tip: Check out Super Guru to see how much super you should have today to reach a comfortable retirement by age 67.
How to boost your super
If you want to grow your balance faster, there are a number of options to boost your super savings. Read more about the different options. It’s also worthwhile to check if you have any lost super you’ve forgotten about, and think about combining your super if you have more than one account. For a comprehensive breakdown that outlines the best options for you, talk with your financial adviser.
Turn to Mine
If you have any questions about your super or what strategies might work to help you achieve your retirement goals, you can reach us on 13 64 63, Monday to Friday, 8am to 6pm, or contact us via our website. We can also put you in touch with Mine Super Financial Advice for additional support to help you decide what’s right for you. Mine Super members are entitled to a complimentary appointment. And did you know? Advice on how your account is invested is at no extra cost, but there are fees associated with providing personal financial advice. During your appointment your adviser will discuss the fees and how you’d like to proceed.
Meet the team or request an appointment with Mine Super Financial Advice.
1 Source: ASFA Retirement Standard, June quarter 2024
2 Source: An update on superannuation account balances, ASFA, November 2023, page 8