By the time you reach your 70s, superannuation usually shifts from being something to grow into something you draw upon. It becomes not just a savings account but the engine that supports your retirement lifestyle.
But even after retirement begins, it can still be useful to see how your balance compares with others your age.
So, where does the average 70-year-old stand?
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What is the average superannuation balance at age 70?
Unfortunately, there's no precise figure for Australians at age 70. But looking at the closest brackets gives us a solid guide.
According to Rest Super, Australians aged 70–74 have an average balance of $422,348 for women and $474,898 for men. For those aged 75 and above, the averages are $416,279 for women and $487,525 for men.
Based on this, it would be fair to assume that the average 70-year-old woman has about $419,000 and the average man of the same age has around $481,000 in superannuation.
Should your balance be growing or shrinking?
At 70, most Australians are either in drawdown phase or transitioning into it. That usually means balances are slowly reducing as retirees take income streams to fund their lifestyle.
That said, some Australians continue working part-time into their 70s or delay significant withdrawals. This can keep their super growing, especially if investment returns remain solid.
If you're already drawing an income stream, a gradual decline is to be expected. The pace of that decline will depend on factors such as withdrawal rates, investment performance, and spending levels.
Is the average balance enough to live comfortably?
According to the Association of Superannuation Funds of Australia (ASFA), a single retiree needs around $595,000 in super for a comfortable lifestyle, while a couple needs about $690,000.
By this measure, the average 70-year-old single retiree may fall slightly short of the benchmark. However, on average, couples easily meet the comfortable standard when their balances are combined.
ASFA defines a comfortable retirement as one that covers essentials like food, housing, transport, and health, plus discretionary extras like dining out, leisure activities, quality appliances, and the occasional domestic or international holiday.
On the other hand, ASFA estimates that a modest retirement is achievable with just $100,000 for singles or couples, which covers the basics but without many luxuries.
Foolish takeaway
Reaching 70 is a milestone, but it doesn't mean your superannuation story ends. Whether you're already drawing down, still invested, or planning how to pass on your wealth, super remains central to financial wellbeing in retirement.
Knowing how your balance compares to others your age is useful, but it is only part of the picture. What matters most is whether your savings — combined with other income sources — can support the lifestyle you want in the years ahead.
