One in three Australians don't know their superannuation balance, and one in nine have never checked it, according to new research.
The CommBank Financial Fitness Report also found that 63% of Australians don't think they'll have enough for a comfortable retirement.
About 31% do not know how their superannuation savings are invested. This increases to 46% among women and Gen Z workers.
CommBank surveyed 3,146 people nationally and discovered 29% had a goal to build their retirement savings and/or superannuation.
If you're wondering how much super you need for a comfortable retirement, we can answer that question for you right now.
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How much superannuation do you need?
Australia's Retirement Standard, created by the Association of Super Funds of Australia (ASFA) in 2004, is the benchmark guide for budgeting in retirement.
ASFA says we need a super balance of $690,000 for couples or $595,000 for singles by age 67 to fund a 'comfortable' retirement.
These figures assume retirees own their homes outright, receive a part-pension, and get an average 6% annual return on their investments.
ASFA defines a comfortable retirement as being able to pay for the essentials plus top-level private health insurance, a variety of exercise and leisure activities, occasional restaurant meals, a domestic trip once per year, and an overseas trip every seven years.
ASFA estimates that a comfortable retirement costs couples $73,875 per year and $52,383 per year for singles.
So, are you on track with your superannuation savings to meet the goal of $690,000 for couples or $595,000 for singles by age 67?
Let's find out.
Here's how much super you should have now
ASFA's Super Detective calculator allows you to enter your age to find out how much superannuation you should have right now to be on track for a comfortable retirement.
If you're aged 25, your superannuation balance should be $26,000.
If you're aged 30, your superannuation balance should be $66,500.
If you're aged 35, your superannuation balance should be $111,500.
If you're aged 40, your superannuation balance should be $168,000.
If you're aged 45, your superannuation balance should be $226,000.
If you're aged 50, your superannuation balance should be $296,000.
If you're aged 55, your superannuation balance should be $377,000.
If you're aged 60, your superannuation balance should be $469,000.
If you're aged 65, your superannuation balance should be $571,000.
The Superannuation Guarantee (SG) went up from 11.5% to 12% on 1 July. This is the last legislated increase for the SG.
The Guarantee is the compulsory minimum amount of super that employers must pay into their workers' super accounts.
ASFA says a 12% SG means a 30-year-old worker on the average wage of $75,0000 for life will be able to afford a comfortable retirement.
How much did superannuation return in FY25?
Chant West says the final numbers for FY25 aren't in yet.
However, it estimates that the median growth superannuation fund (61–80% invested in growth assets) will return about 9%.
This follows a 9.1% return in FY24 and a 9.2% return in FY23.
Senior Investment Research Manager, Mano Mohankumar, said:
A final return close to 9% would be an astonishing result in light of the volatility we've seen this past year.
The FY25 experience highlights the importance of remaining patient and not getting distracted by short-term noise.
President Trump's 'Liberation Day' tariff announcements rocked share markets in early April, but his subsequent pause on tariffs on most countries soon after resulted in a strong share market rally that continued into June.
Mohankumar said FY25 would be the 14th year of positive returns out of the past 16 years for the median super growth fund.
So, if you haven't checked your superannuation balance in a while, take a look. You might be in for a very pleasant surprise!
A new tool to help with all things money
Jess Irvine, CommBank Personal Finance Expert, said CBA's new Financial Fitness program aimed to help people achieve their goals.
Irvine said:
Many Australians are doing their best, but still feel unsure about key parts of their finances – from how much super they have, to the best ways to budget.
The truth is, being financially confident doesn't mean having it all figured out. It means being informed, asking questions, and taking small steps forward.
