Guess how many Australians know their superannuation balance?

We reveal how much you need in superannuation to properly enjoy your retirement.

Smiling elderly couple looking at their superannuation account, symbolising retirement.

Image source: Getty Images

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Just 30% of Australians know their superannuation balance to the nearest $1,000, according to new research from Findex Group.

A further 30% have only a vague idea or no idea of their superannuation balance today.

The results show a lack of engagement in superannuation planning and management within the Australian population, Findex says.

Let's investigate.

Do you know how much you've got in superannuation?

The survey shows that the knowledge gap is more pronounced among women and younger Australians.

Baby Boomers were the most likely to know their superannuation balance to the nearest $1,000. Fifty-one per cent of boomer respondents said they could name the number.

Gen Zs were the least likely generation to know their superannuation balance. The survey found that 26% had a vague idea, and 22% had no idea at all.

Of course, it's not surprising that baby boomers are more acutely aware of their superannuation balances.

Born between 1946 and 1965, the bulk of this generation is already well into their retirement years.

The youngest group within the baby boomers is turning 63 years old this year.

Their 'retirement age' — meaning the year they are eligible to receive the age pension — is only four years away at 67. So, they're much more likely to be crunching the numbers now to prepare for this change.

And with the Bank of Mum and Dad expanding into superannuation, many baby boomers have already shared some of their super monies with their kids to help them buy a house.

Why don't you know your super balance?

Perhaps one of the reasons why so many Australians cannot name their super balance is because they don't know where to start in managing their superannuation.

The survey also revealed that 64% of respondents, or almost two-thirds of the population, do not feel confident about managing and growing their superannuation.

As we've recently covered, Australians tend to overestimate how much money they need in retirement.

A survey by Colonial First State revealed that, on average, Australians think they need $1.6 million in superannuation or savings for a comfortable retirement.

No, no, no.

Not according to the official guidelines!

How much do you need for a comfortable retirement?

The Association of Super Funds of Australia (AFSA) publishes a regularly updated Retirement Standard.

The standard says couples aged 65 to 84 years who own their own homes without debt need $690,000 in superannuation, plus a part-pension, to fund a 'comfortable lifestyle'.

Annual living expenses for a comfortable existence are estimated at about $72,000 per couple.

Single retirees aged 65 to 84 years who own their own homes without debt need $595,000 in superannuation. Their living expenses run to about $51,000 per annum for a comfortable retirement.

ASFA also provides guidelines for a 'modest retirement'.

In this case, both singles and couples need $100,000 in superannuation and a part pension to pay the bills. They also need to own their homes without a mortgage.

AFSA estimates living expenses of $46,944 for couples and $32,666 for singles aged 65 to 84 years.

AFSA's estimates assume you will draw down all your super capital, invest it, and receive a 6% return per annum.

Do you have enough in superannuation yet?

If you're an 'average' Aussie aged 65 to 69 years, then you probably do.

The latest Australian Taxation Office (ATO) figures tell us the average superannuation balance for people aged 65 to 69 years is $428,738.

The average for men is $453,075, and the average for women is $403,038.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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