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What is the average superannuation balance by age?

Jodie Humphries avatar
Jodie Humphries
- 4 min read
What is the average superannuation balance by age?

Having an idea about what is the average superannuation balance in Australia for your age can help you take the necessary steps to boost any shortfall.

The Association of Superannuation Funds of Australia (ASFA) is the peak body for super in the country. The ASFA periodically estimates the average super balance by age needed by individuals and couples for a comfortable retired life.

You can use an online calculator to input your date of birth to see how much balance should currently be available in your super. Knowing the shortfall between the current balance and the average super balance by age can help you find ways to boost the balance to ensure a comfortable retirement.

What is the average superannuation balance by age in Australia?

The average superannuation balance as per figures released by ASFA as of July 2019 is shown in the table below:


Average Account Balance ($)

Median Account Balance ($)





25 – 29





30 – 34  





35 – 39





40 – 44





45 – 49





50 – 54





While checking the average superannuation balance in Australia, you should remember that it may be higher or lower depending on your personal situation and needs. 

There can be several reasons if the current balance in your super is lower than the average for your gender and age group. It may be because you took time off from working for further studies, travelling, or caring for an older relative. It can also be because you were working part-time or earning lower than others in your age group or have been unemployed.

Women typically have lower superannuation balances due to the gender super gap. Keep in mind that if you or a partner take time off for caretaker purposes, such as maternity leave, you can consider spousal super contributions to help close this gap.

What annual income should you aim to save for retirement?

According to AMP,

  • The annual budget for a comfortable retired life for couples and individuals aged around 65 would be $62,828 and $44,412, respectively.
  • For a modest lifestyle, couples would need around $40,829 while an individual would require approximately $28,254 per annum.

 The average budget needed to fund your retirement

Age pension only

Comfortable lifestyle

Modest lifestyle









This depends on multiple factors, such as your regular expenditure, outstanding loans and savings, investments, inheritance, or whether you are receiving the government’s Age Pension

The above numbers are based on the assumption that they own their house and are healthy. To know exactly how much you would need based on your situation, you can use an online retirement needs calculator.

Another way to estimate how much you’ll need during your retirement is to refer to the benchmark provided by the Organisation for Economic Co-operation and Development. According to this benchmark, you’ll need about 70 per cent of your pre-retirement income every year to sustain your lifestyle.

How can you boost your super balance?

If you notice that your potential average superannuation balance at 67 won’t be as high as needed, here are some ways to boost it:

Find lost super accounts

If you’ve changed jobs, worked casually or part-time, or changed your address or name, there’s a possibility you may have lost track of your super and are paying multiple fees for various accounts.

Switch super funds

Even a small difference between the performances of two funds can affect the returns over the years. Consider moving to a top performing fund to earn higher returns and accumulate a higher balance in your super.

Make additional contributions

Some ways to boost your super balance include salary sacrifice, non-concessional contributions, and government co-contributions. Consult a financial advisor to know the best option for your situation.

Check the fees you’re paying

Higher fees reduce your super’s growth, and ensuring you aren’t paying too much is important. You can check the fund’s profile tab to see the fees you’re paying.


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Product database updated 14 Jul, 2024

This article was reviewed by Personal Finance Editor Alex Ritchie before it was published as part of RateCity's Fact Check process.