Ensuring a good superannuation balance is crucial for securing a comfortable retirement. However, it’s also wise to have other sources of income so you don’t necessarily have to rely solely on your superannuation balance. Diversifying your retirement savings can provide added security and flexibility.

The Association of Superannuation Funds of Australia (ASFA) recommends that by age 67, couples should aim for a combined superannuation balance of $690,000, while singles should aim for $595,000 to achieve a comfortable retirement. For a modest retirement, ASFA recommends a balance of $100,000 for both couples and singles.

A comfortable retirement allows retirees to maintain a high standard of living, covering daily essentials, private health insurance, various exercise and leisure activities, and occasional dining out. This standard also includes an annual domestic trip and an international trip once every seven years, helping to keep families connected. Conversely, a modest retirement budget provides for a lifestyle slightly above the Age Pension, with basic health insurance and occasional exercise, leisure, and social activities.

Both retirement budgets assume retirees own their homes outright and are relatively healthy.

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Australian Retirement Trust (ART) offers a helpful resource outlining how much superannuation you should have at different ages, from 25 to 65, in five-year intervals. You can find detailed information on their website: How much super should I have at my age?

Age Average Male Balance Average Female Balance ASFA Comfortable Balance
15-24 $6,500 $5,100 $18,500 (25)
25-34 $42,100 $34,500 $59,000 (30)
35-44 $107,700 $76,900 $101,500 (35)
45-54 $219,300 $136,000 $213,000 (45)
55-64 $326,200 $246,300 $361,000 (55)
65-74 $435,900 $381,700 $549,000 (65)
75+ $370,900 $314,100  

Source: Super Guru’s Super Balance Detective, accessed March 2024.

From 1 July 2025, Super Guarantee (SG) will be paid on Parental Leave, read more here.

Don’t be stressed if your superannuation balance doesn’t align with ART’s recommendations. There are ways to increase your balance, and your spending needs may differ from the assumptions used in these guidelines. At Funded Futures, we can help you manage and grow your superannuation to ensure you reach your retirement goals. Whether you need advice on investment strategies, contributions, or understanding your retirement options, we’re here to support you every step of the way.

Feel free to reach out to us for personalised advice and strategies tailored to your unique financial situation and retirement aspirations.

If you have any questions or need further assistance, please contact us today. You can also browse our other blog posts for topics that may be of interest to you.

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