Superannuation balances are funny things. Most of us know that they periodically grow with every paycheque. But most of us don't really start paying attention to our super until we reach a certain age. After all, it's pretty hard to think about yourself retiring when you're 25, 30 or even 40 years old.
Often, the age when Australians really start giving their superannuation the attention it deserves is around 60. After all, 60 is the current preservation age (when you're allowed to access your super) for anyone born after 30 June 1964.
We've recently looked at the average super balances for people who are approaching or have already reached, retirement age. We've also dug into the average super balances of younger Australians.
But today, let's talk about the average superannuation balance at age 60. We'll also discuss the median balance as well. If you're a bit hazy on statistics, the median figure can be more accurate as it gets less distorted by the largest numbers in a sample size (in this case, ultra-rich 60-year-olds).
What's the average superannuation balance at age 60?
So according to the Australian Taxation Office (ATO)'s Taxation Statistics report, which covers the 2021 financial year, the average balance for an Australian aged between 60 and 64 was $361,539. The median figure came in at $183,524.
That figure includes all genders. But when broken down, females had an average balance of $318,203, and a median balance of $158,806. For men, we got an average figure of $402,838 and a median figure of $211,996.
But let's also look at the numbers from the 55-59 age group.
So for these pre-retirees, the average super balance was $277,327. The median balance came in at $158,462.
What do these figures tell us?
Quite frankly, these figures tell us that there are going to be many Australians around age 60 today who won't be able to fund a comfortable retirement on their own.
In the past, we've looked at figures from financial services company AMP that estimate that a single retiree needs to have $1.25 million in their super funds to have a shot at funding a "comfortable retirement" (that allows for $50,207 in annual expenses) using only their superannuation.
For a "modest retirement", that single retiree would still need $795,000 (for $31,867 per annum).
These figures do drop for coupled-up retirees, but only slightly.
So if you haven't done a super checkup for a while, now is as good a time as any. Hopefully, you're pleasantly surprised by what you find, now that you know where the average 60-year-old Aussie stands.
