At age 62, you're reaching your final few years before retirement. So it's important to know exactly how much you need in your superannuation fund before that time comes.
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What is the average superannuation balance at age 62 in Australia?
Average superannuation balances are generally broken down into age brackets and also divided between men and women. So there isn't an exact figure for a 62-year-old's superannuation amount in 2026.
But there is a loose estimate.
Rest Super has run numbers, and the final figure might surprise you.
Keep in mind, though, that there is a sharp difference between genders across the age groups, thanks to women pausing from work to have children, reducing their hours, or taking time out of the workforce altogether.
On average, women in their early 60s retire with less superannuation than men of the same age.
The data shows that the average superannuation balance for Australians aged 60 to 64 is $395,852 for men and $313,360 for women.
While the figure is for a bracket of ages, at age 62, it would be safe to assume it's pretty much bang on.
How much will it cost me to retire?
The cost of your retirement varies widely depending on the type of retirement you want to live.
In Australia, retirement is generally split into two categories: modest or comfortable.
A modest retirement, according to the Association of Superannuation Funds of Australia (ASFA) means you have enough to cover expenses slightly above what the full Centrelink Age Pension amount.
Whereas a comfortable retirement lifestyle means you have enough money to maintain a good standard of living.
ASFA data shows that a comfortable retirement is expected to cost approximately $54,240 per year for individuals and $76,505 per year for couples.
To fund that, couples need a combined superannuation balance of around $690,000, and a single person needs around $595,000.
I'm way behind. How can I catch up?
The easiest way to boost your super balance before retirement is to add as much to it as you can.
Individuals can make concessional (before-tax) super contributions, such as salary sacrificing, taxed at a reduced rate of 15%. The general cap for FY 2025-26 is $30,000.
You can also add after-tax money to your super, and then claim a tax deduction for it, reducing the tax on those funds down to 15%. You can make these contributions up to age 67 without extra work testing or exemptions.
If you don't have the funds available to add more cash into your balance, the next best thing you can do is ensure the money that's already in there is working as best as possible.
After all, even slightly underperforming a benchmark such as the S&P/ASX 200 Index (ASX: XJO) over a long period of time can negatively impact your end balance.
