How much super should I have at my age? Well, it depends.
Do you know how much super you should have saved by now? Understanding how your super balance compares to other people your age can help you understand how yours is tracking. And good news, we’ve made it easy to check using our Super comparison tool. Simply enter a few details to find out how much super other people your age have, and if you’re on track for a comfortable retirement.
How much super you might need for a ‘comfortable retirement’
The Association of Superannuation Funds of Australia Limited (ASFA)’s Retirement Standard estimates the amount needed for a comfortable retirement is around $690,000 for couples and around $595,000 for singles.1
This assumes you’ll own your own home with no mortgage by the time you retire. It covers daily essentials, as well as money to spend on home improvements, health costs, and opportunities to keep social, like occasional travel, eating out and hobbies.
But your situation is unique:
- Your goals for retirement are individual: what do you want to do when you finish working? Travel, eat out, renovate your home? These are things that will determine how much super you will need.
- Your housing status: owning vs renting can have an impact on how you will fund your retirement. How long you will be retired: life expectancies are increasing, so your super might need to last longer or you may need to keeping working longer
- Your health needs.
Six ways to get your super on track
There’s plenty you can do to get your super on track. Understanding how much super you have is a great first step.
- Check your balance through MemberOnline or on your annual statement, and ensure your employer (if applicable) is paying your compulsory super guarantee (SG) contributions – head to the ‘Account activity’ section to check
- Combine your super – one account means one set of fees and paperwork, and more money stays invested for your retirement
- Consider adding a bit extra to your super when you can, as soon as you can – for example, if you receive a pay rise, a bonus, an inheritance or a tax return. If you’re self-employed, ensure you’re contributing to your super: and seek guidance from your super fund, or trusted professional, if you need help
- Check the investment option(s) your super’s invested in – the same one may not be appropriate for you at every age.
- If you take a career break and have a partner, they can help boost your super by contributing to your super account with a spouse contribution or even split their contributions with you.
- Make sure your super account’s set up correctly: register and log in to your online account – check we have your tax file number (TFN) so you don’t pay any unnecessary tax, and make sure your personal details are correct so we can notify you of important information about your account
1 Association of Superannuation Funds of Australia Limited (ASFA) Retirement Standard, December quarter 2022 All figures are in today’s dollars using 2.75% AWE as a deflator and an assumed investment earning of 6 per cent.