How Does Your Super Balance Compare to Others Your Age?
Superannuation is designed to be invisible while you're working — money flows in quietly, the fund handles the investing, and you don't think about it until retirement is suddenly close. That invisibility has a downside: most Australians have no idea whether they're on track or not.
The ATO publishes superannuation statistics annually, and the picture they reveal is sobering for many people.
Average vs Median — Which Number Matters More?
When looking at super balances, the median is almost always more useful than the average. High balances among the wealthy skew the average upward significantly. The median — the midpoint where half of people have more and half have less — gives you a truer picture of where a 'typical' person stands.
Super Balance Benchmarks by Age Group
Based on the most recent ATO data (2022–23 tax year), here are approximate figures. Note that average figures are higher than medians due to the concentration of large balances at the top:
| Age Group | Average Balance | Median Balance |
|---|---|---|
| 25–29 | $23,000 | $10,500 |
| 30–34 | $44,000 | $23,000 |
| 35–39 | $72,000 | $42,000 |
| 40–44 | $107,000 | $65,000 |
| 45–49 | $152,000 | $94,000 |
| 50–54 | $198,000 | $124,000 |
| 55–59 | $265,000 | $163,000 |
| 60–64 | $360,000 | $210,000 |
| 65–69 | $430,000 | $245,000 |
These figures include all account holders, including those who've taken career breaks, worked part-time, or moved between employers with long gaps. If you've had continuous full-time employment in Australia, you should generally be above the median for your age group.
What 'Enough' Looks Like at Retirement
The Association of Superannuation Funds of Australia (ASFA) publishes retirement living cost benchmarks every quarter. For a comfortable retirement at 67:
- Comfortable lifestyle (couple): approximately $73,000/year, requiring around $690,000 in super at retirement
- Comfortable lifestyle (single): approximately $51,000/year, requiring around $595,000 in super at retirement
- Modest lifestyle (couple): approximately $46,000/year — largely covered by the Age Pension plus a modest super balance
'Comfortable' means reasonable travel, car ownership, and private health insurance. It does not mean luxury.
Use the Retirement Savings Calculator to plug in your current balance, years to retirement, and expected return to see what you'll actually have when you stop working.
The Gender Super Gap
The data consistently shows a significant gap between male and female super balances across all age groups. At retirement age (60–64), the average male balance is typically 30–40% higher than the average female balance — a result of lower average wages, career interruptions for caring responsibilities, and higher rates of part-time work among women.
The gap compounds over decades. A woman who takes five years out of the workforce between ages 30–35 may retire with $80,000–$120,000 less than a continuous worker with the same salary, depending on investment returns.
What If You're Behind?
Falling short of benchmarks is common and fixable — especially if you're still more than 10 years from retirement. The most effective strategies:
1. Voluntary Concessional Contributions
You can contribute up to $30,000 in concessional (pre-tax) contributions per year (2025–26), including the compulsory employer amount. These are taxed at 15% inside super — much lower than most people's marginal rate. The difference is real money.
2. Carry-Forward Unused Contributions
If your super balance was below $500,000 on 30 June of the previous financial year, you can carry forward unused concessional contribution caps from the past five years and use them in one hit. This is especially useful after a career break.
3. Spouse Contributions
If one partner has a significantly lower income, the higher earner can make after-tax contributions to the lower earner's super and claim a tax offset of up to $540 per year.
4. Find Lost Super
The ATO estimates billions of dollars sits in unclaimed or lost superannuation accounts. Use myGov to check for multiple funds under your name and consolidate into one — multiple accounts mean multiple sets of fees eroding your balance.
Projecting Forward
The Super Balance Growth Calculator lets you enter your current balance, salary, employer contribution rate, and investment return assumption to project your super at any future age. It's worth running two scenarios: one with just compulsory contributions, and one where you add a voluntary contribution — the difference at retirement often justifies the short-term cashflow sacrifice.
For a clear-headed framework on building wealth through and around super, the Barefoot Investor remains the most-read personal finance book in Australia for good reason.
Also check the Super Contribution Calculator to see exactly how much extra you could be adding each fortnight without meaningfully affecting your take-home pay.
Key Ages to Know
- Preservation age (60 for most): When you can first access your super if you've retired or met another condition of release
- Age Pension age (67): When government support kicks in if needed
- Age 75: The cutoff for most voluntary super contributions