Is your superannuation balance normal for your age? Here's how Australians really compare
Is Your Super on Track? Comparing Balances by Age
We Australians are generally private people when it comes to money. We might talk about house prices or the cost of petrol, but we rarely discuss our superannuation balances openly. This makes it hard to know: "Am I doing okay?"
While everyone's goals are different, looking at the averages can provide helpful context for your own planning.
The Benchmarks (Averages)
According to recent data, super balances typically rise steadily as we age:
20s: Balances are modest ($10k - $30k) as we are just starting our careers.
30s: Compounding begins to take hold ($50k - $90k).
40s: This is where we see the biggest jumps ($110k - $190k) as incomes peak and contribution histories grow.
50s: The home stretch ($200k - $320k).
60s: As retirement approaches, the average balance is between $310k and $450k.
The "Comfortable" Gap
Here is the reality check: The Association of Superannuation Funds of Australia (ASFA) suggests that for a comfortable retirement, a single person needs about $595,000 and a couple needs $690,000 (assuming they own their home).
As you can see, the average Australian balance actually falls quite short of the comfortable target. This highlights why relying solely on employer contributions is often not enough.
What Should You Do?
Knowing where you stand is the first step. If you are behind the benchmark for your age, you have "levers" to pull: salary sacrifice, co-contributions, or reviewing your investment strategy to ensure it's not too conservative for your age.
At Humble Goode, we don't aim for "average"—we aim for a plan that delivers the specific lifestyle you want for your future in Adelaide.
For further information, or to book an appointment to ensure your business/trust affairs are in order, give Humble Goode Financial a call on 08 7477 8252 or email planning@hgfp.com.au.
General Advice Warning:The information on this website is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making an investment decision in relation to a financial product.