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Do you ever dream of retirement? The day when you can finally kick up your heels and just live your best life?

To make that dream come true, you need to make sure your superannuation balance is on track and will be able to provide you with enough income for retirement. 

You can think about your budget and debt management, but your super is an extremely important part of your retirement plan.

The important question is: do you have enough super for your age?

Everyone’s retirement will look different, meaning that everyone’s retirement budget will also look different. While it’s helpful to learn from the average super balance by age, remember that your number may be different. 

In fact, many Australians will retire without enough savings and without enough super. 

How can you make sure you will have enough super?

How Much Super Should You Have In Your 20s?

If you’re in your twenties, it’s the perfect time to get ahead with your super. 

It’s a good idea to start contributing now, while you’re still in the beginning stages of your adult life. On average, Australians have between $8,000 to $25,000 in superannuation by the time they are in their mid-20s. 

How Much Super Should You Have In Your 30s?

At this point in life, you still have the comfort to rethink your career plans and plenty of time until retirement. Many adults at this age even switch jobs to pursue an interest they feel more passionate about.

By the time you have reached your 30s, you’ve likely been working for a decade and are now earning a decent salary. This means your super is likely to look a little healthier than when you were in your 20s. 

However, it’s still important to review your super balance. Because of the power of compound interest, if you have more in your super at an earlier age, you can expect it to continue growing strongly. 

On average, Australians between the ages of 35 and 39 will have a super within the range of $45,000 to $90,000. 

How Much Super Should You Have In Your 40s?

In your 40s, retirement is a little closer within reach. It may be wise to start considering your super contributions with some care.

The average range here sees even more of a gap between genders. Women tend to have around an average of $95,000 to $125,000 in their super account by this age group. Meanwhile, men see an average of $135,000 to $180,000.

How Much Super Should You Have In Your 50s?

Now comes the time to really start taking care of your superannuation fund. Consider how much you can tax-effectively contribute to your super. 

  • Women in their 50s have an average super balance between $159,000 and $207,000
  • Men in their 50s have an average super balance between $242,000 and $311,000

It’s also wise to think about retirement planning in your 50s. Think about setting your personal financial goals and how you’re going to sustain your lifestyle now and in retirement. 

In general, you’ll want to be hitting your peak earnings at this age so you can supplement your super. 

How Much Super Should You Have In Your 60s?

You are inches away from retirement in your 60s and you may even be retiring early which highlights the importance of looking after your super in your 60s. 

On average, Australians have an average super balance of around $300,000 for women and $380,000 for men. Don’t let this number limit you, though. 

Again, while these are the average super balance of Australians, remember that you can be above average. 

You can achieve a higher ending balance with the right investments, budget, and debt management strategies.

In fact, most Australian retirees won’t have enough superannuation to provide themselves with a comfortable retirement. This means you will probably want to have a higher amount than the average if you are looking to retire stress-free!

You can achieve a higher ending balance with the right investments, budget, and debt management strategies.

Here is the average super balances for men and women in Australia from June 20201

Age Average balance – menAverage balance – women

Everybody’s journey to retirement is different, so you can’t always rely on exact numbers. 

Average super balances can provide a good starting point to know how you compare to other people your age. 

If you want to increase your super, make sure you have a healthy balance of personal contributions, salary contributions, and investment earnings. A financial advisor can help you on your way to achieving your superannuation, retirement and general financial goals.

HH Wealth specialises in financial advice and retirement planning in Brisbane. Our goal is to help every client achieve financial freedom. 

Contact us for a complimentary consultation today and take your first step to a brighter future. 


1  https://www.superannuation.asn.au/ArticleDocuments/359/2006-Experience-to-date-with-the-early-release-of-superannuation.pdf.aspx?Embed=Y

CB Wealth Australian Pty Ltd T/As HH Wealth is a Corporate Authorised Representative (No. 1283595) of Axies Pty Ltd ABN 38 136 704 446 AFSL No 339 384. Chris Holme is an Authorised Representative (No. 1004793) of Axies Pty Ltd ABN 38 136 704 446 AFSL No 339384.
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