How much super should I have right now?
A sufficient super balance is key to being able to live the life you want in retirement. However, if you’re like many Australians, it can be hard to know whether your super is on track or how much super you should have at your age.
3 minute read
How does your super compare to the average super balance?
To compare your super balance, the Association of Superannuation Fund of Australia (ASFA) has provided the average super balance for Australian men and women of different ages..
Table 1: Superannuation balances by age and gender, 2016-2017
Average account balance $
Average account balance $
Source: Association of Superannuation Funds of Australia, Better Retirement Outcomes: a snapshot of account balances in Australia July 2019.
If your balance is lower than the average
There are a number of valid reasons why your super balance may be lower. Particularly for women, who may have taken career breaks to have and raise children, their balance may be lower as a result.Read our article on the superannuation gender gap and how you can bridge it
For others, they could have taken a break from work to study, travelled overseas or perhaps they worked part-time or simply earned a lower salary. Whatever the reason, there are always a few simple steps you can take that can help increase your super balance so that you will have more superannuation savings in retirement.
Top ways to boost your super:
- Find lost super
- Consolidate multiple super accounts
- Salary sacrifice through your employer
- Voluntary contributions
- Spouse contributions
- Government co-contributions (for those on a lower incomes)
For more details on each of these, visit our article on 6 ways to grow your super balance.
If you’re super balance is higher than the average
Even if your super balance is above the average, it’s never too early, or too late, to give it an additional boost. After all, small contributions made now can make a big difference to your overall balance in retirement.
Lauren is a 36 year old and earns $90,000 a year. She is receiving her standard 9.5% Superannuation Guarantee contributions from her employer. To boost her super balance, she has decided to salary sacrifice $100 per month. This will result in an extra $46,100 in today’s dollars when she retires at age 67.
For more information, visit our superannuation contributions calculator page.
Need more help? Call us on 13 11 85 to speak to a qualified financial advisor.
The information contained on this website is general information only and does not take into account your individual objectives, financial circumstances or needs. You should consider your own objectives, financial circumstances and needs, before making a decision about the financial product. You should consider the Product Disclosure Statement before deciding whether to acquire, or continue to hold the product. For more information or financial advice from Sunsuper, call us on 13 11 84.