A healthy super balance is a key ingredient to living comfortably in retirement. So, if you’re a little above average, based on that as a comparison, you’re still a long way from having sufficient super for the retirement you hope to have. Aussie is a trade mark of AHL To help give you a picture of where you stand, here’s an estimate of how much super is needed to retire comfortably, what the gap is between current super balances and what you may actually need, and an analysis of why it’s important to consider your super fund’s investment options and fees now. Your enquiry has been sent to Aussie Home Loans. Average super balances . Does your super stand up to the test? We’ll work solely on the single person today. If you have found your super balance isn’t on track, Canstar money expert Effie Zahos said there were a few things you could do to bump it up: During the current uncertainty around finances for many Australians due to COVID-19, some people may be feeling nervous about their super balance. By submitting this form you agree to Aussie's Privacy Policy. When should you retire and how much money will you need? Find out more about coming up with a super balance target, for … It would be great to be able to ask two things about a person – their age and their current super balance – and be able to have a quick-fire answer as to whether they’re on track or not for what’s considered to be a “comfortable” retirement. AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 ("Aussie") and its appointed credit representatives. Image source: Atstock Productions (Shutterstock). At age 50, you should have $604,000 in super. $23,590 for an individual and $35,570 for a couple. This is just a guide but it allows you to get a feel for how your current savings are tracking. Australian Super Balanced – 18% infrastructure and private equity MTAA Super – 35% in non market linked assets Etc. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. Please note that all information about performance returns is historical. You may need financial advice from a suitably qualified adviser. Aussie is a trade mark of AHL Investments Pty Ltd. Aussie is a subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. Ellie has a keen interest in analysing data and research, and is passionate about sharing people’s personal experiences with managing money. Of course that extra $10,000 has to cover extra costs as the ‘rich couple’ do not get any pensioner discounts. Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall or rise. Start typing, then select your suburb from the list. So how much super should you have? The biggest of which is: “What sort of lifestyle do you want in retirement?”. So today, I’m going to try to put some numbers around that. Money and Life (Financial Planning Association of Australia) Its all very well having retirement savings as a financial goal, but just how much should you plan to have in your super balance now, and when you retire? (I’ll aim to test them further in the coming weeks.). Women currently in their 60s face the biggest super gap of more than $275,000, based on this data. My wife and I have realised that by the time we retire (close to 60) we want to have $900k-$1mil in combined Super as well as other assets and growth options. This website is provided by AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898 Superannuation Fund Number (SFN): 2683 519 45, Superannuation Product Identification Number … A couple seeking to retire with a comfortable living standard should retire with $640,000 together, and a single person will need $545,000, according to the Association of Superannuation Funds of Australia (ASFA). By subscribing to Canstar’s monthly Home Loans newsletter, you also agree to Canstar's Privacy Policy. We look at the average super balances for different age groups in Australia so you can see how your super savings compare. Inflation and cost of living increases have been taken into consideration. If customers purchase a product after clicking a certain link, Canstar may be paid a commission or fee by the referral partner. Women currently in their 60s face the biggest super gap of more than $275,000, based on this data. See the provider’s Product Disclosure Statement and in particular applicable age groups for more information about how providers determine their investment profiles. I don't want to hear excuses as to why you can't save if you want to be free. The Australian Bureau of Statistics (ABS) has worked out the average super balance for each age group, which you can use as a guide to see how your balance compares.. The Superannuation Star Ratings in this table were awarded in March, 2020. The benchmark in this area is the ASFA Retirement Standard, which says for a “comfortable” retirement (I’ll assume all. The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Three times, four times, etc. We’ll work solely on the single person today. Click here to learn more. How much super should I have now for someone my age? These are the “average” super balances for people at ages of five-year intervals. To get an idea of how your super savings compare with others your age, the Association of Superannuation Funds of Australia (ASFA) has published average super balances held by different age groups, including figures for men and women. Top performing super funds on Canstar’s database, Canstar’s superannuation comparison selector, Services Australia Financial Information Service officer, Canstar’s Financial Services and Credit Guide (FSCG). Source: Association of Superannuation Funds of Australia, Superannuation account balances by age and gender 2015-16, October 2017, pg. So, if you’re going to work through until 65, you’d need a super pot of approximately $535,197 for a single and $732,121 for a couple. The Canstar Research team crunched the numbers on a range of super fund investment options and fees to see how much average balances could grow by the time a person reaches retirement age. Applicable administration fees based on the single person today with a yes a! 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