For many Australians, turning 65 marks the doorstep of retirement. With the pension age now at 67, this is the point where most people seriously weigh up their superannuation and ask the big question: is it enough?
Super isn't something most of us compare openly, so it can be hard to know whether your balance is ahead, behind, or in line with others your age. The good news is we do have data to provide a guide.
What is the average superannuation balance at 65?
While the numbers vary between men and women, data from Rest Super gives us a clear indication of where the averages sit.
Data shows that the average balance for women is $300,717 aged 60-64 and $379,483 aged 65-69.
Whereas for men it is $380,737 aged 60-64 and $428,533 aged 65-69.
Based on these numbers, I feel it is fair to assume that the average 65-year-old woman has approximately $340,000 and the average 65-year-old man has approximately $404,000.
But it is worth remembering that "average" doesn't necessarily mean "adequate." What matters most is whether your balance is aligned with the lifestyle you want in retirement.
How much do you really need?
According to the Association of Superannuation Funds of Australia (ASFA), a single person requires around $595,000 in super at age 67 to fund what it calls a "comfortable" retirement. For couples, the benchmark is around $690,000 combined.
That standard covers the essentials such as housing, food, transport, and insurance, along with discretionary extras like dining out, leisure activities, and the occasional holiday.
If your balance falls short, it doesn't necessarily mean you're destined for a frugal retirement, but it may mean you will need to rely more heavily on the age pension.
Why averages can be misleading
It is worth noting that averages can mask big differences between individuals.
For example, some women reach retirement with lower balances due to career breaks or part-time work, which skews the average. Meanwhile, some Australians enter retirement with significant non-super assets — like investment properties or shares — which don't show up in these numbers.
That's why it is crucial to consider your full financial picture, not just your super balance, when planning for retirement.
What if you're behind?
If you're approaching 65 and your superannuation isn't where you'd like it to be, there are still levers you can pull.
Downsizing contributions allow eligible Australians to tip up to $300,000 from the sale of the family home into super. Or you can make personal concessional (before-tax) contributions.
And even at this stage, reviewing your investment option and ensuring your fees are competitive can make a meaningful difference to your balance over the years you have left before relying fully on your superannuation.
Foolish takeaway
Knowing the average superannuation balance at age 65 can be a useful benchmark, but what really counts is how well your savings line up with your retirement goals.
For some, being close to the average may be enough. For others, it could mean making some last-minute adjustments or leaning on other assets to fill the gap.
Either way, the important step is to have a clear understanding of where you stand — because once you know your number, you can plan your retirement with confidence.
