How Much Super Should I Have By Now?

It’s important to get familiar with your super balance whether you’ve just entered the workforce, you’re midway through your career or you’re a few years away from retirement. But it’s hard to know from your balance how you’re tracking against your retirement goals.

The balance of your super may play a big part in how comfortably you live in retirement, along with a range of factors such as your assets, expenses, streams of income, and eligibility for governmental support. It can be difficult to gauge whether your super is on the right track or if you need to save a little extra to live the lifestyle you want in retirement.

You could consider the figures released by the Association of Superannuation Funds of Australia (ASFA), which show the average super balances for employed women and men of different age groups across Australia in the table below.

It’s worth noting that, on average, Australian women have less in their super than their male counterparts which is likely due to factors impacting their financial situation, the gender pay gap and super balances being closely linked to paid work.

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What can I do if there’s a gap?

If you’ve compared your super balance with the averages above and are thinking your balance needs a boost you could adopt one of these strategies:

Get the basics of your super sorted

Take the time out to learn about your fund, make sure it is set up correctly, that your tax file number (TFN) is recorded, and your personal details are up to date. You should also remember to annually review your fund to make sure it aligns with your future needs. This will help you stay on top of your super fund growth.

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Think about consolidating your super accounts

If you have multiple super accounts it may be worthwhile to consolidate them into one. It could save you multiple fees and cut time spent on administrative work. You should make sure you’re aware of any fund exit fees, benefit losses and tax implications before you commit to rolling the balance over.

"Lost” super: If you’ve changed your name, address or job you may have lost track of some of your super. To find out more about lost or unclaimed super check out the search page at the Australian Taxation Office.

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Consider voluntary super contributions

Adding more money into your super will give you the opportunity to grow your balance at a quicker rate. The earlier you begin voluntary contributions the bigger the compounded benefit you’ll receive. You can do this through salary sacrifice, by making tax-deductible or non-tax-deductible contributions, and by taking advantage of co-contributions from the government in some cases.

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Know your super investment options

It's important you understand your investment strategy and the super investment options available. You may be able to switch from a conservative option to a growth-focused investment super option or vice versa, depending on what is better suited to your investment profile.

Make sure you do your research before making any decisions and consider consulting a professional. The options you choose can make a big difference to how your super grows.

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* The information provided in this article is general information only and does not take into account your objectives, financial situation or needs. Before making a financial decision, please assess the appropriateness of the information to your individual circumstances and consider seeking professional advice.

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