Age 70 is an interesting moment in the retirement journey.
For most Australians, work is firmly in the rear-view mirror by this point. Superannuation has usually shifted from accumulation mode into drawdown, meaning balances are gradually being used to fund everyday living costs.
This stage of life raises a different question from the ones people ask in their 40s and 50s. Instead of wondering "Am I saving enough?", many retirees are now asking "How long will my savings last?"
That makes understanding the typical super balance at 70 particularly revealing.
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What the numbers show
According to the latest data from Rest Super, Australians aged 70–74 hold average superannuation balances of $449,540 for women and $501,785 for men.
Taken together, that means a typical retired couple in their early 70s may have close to $950,000 in superannuation assets combined.
At first glance, these figures may seem surprisingly high, particularly given that retirees are already drawing down their super to fund retirement.
But there are a couple of reasons balances remain relatively strong at this age.
Why balances often remain high at 70
First, many Australians retire with more super than they immediately spend. Withdrawals are often conservative, particularly in the early years of retirement.
Second, investment returns can continue to support balances even after retirement begins. A well-diversified portfolio that remains invested in growth assets can still generate returns that offset some of the withdrawals retirees make.
And finally, some retirees continue working part-time in their 60s, which allows them to delay drawing heavily on their super.
Together, these factors mean superannuation balances don't necessarily collapse as soon as retirement begins.
How does that compare to what retirees actually need?
According to the ASFA Retirement Standard, a comfortable retirement lifestyle currently requires annual spending of about $54,840 for singles and $77,375 for couples.
To support that lifestyle, ASFA estimates retirees need approximately $630,000 in superannuation for singles and $730,000 for couples, assuming they own their home outright.
Based on those benchmarks, the average couple in their early 70s appears to be comfortably above the suggested threshold, while the average single retiree sits a touch below the recommended level. However, it is worth highlighting that these figures assume retirement at age 67, not 70.
Furthermore, averages never tell the whole story. Savings in your Commonwealth Bank of Australia (ASX: CBA) account, housing costs, health, travel plans, and lifestyle choices all play major roles in determining how far retirement savings will stretch.
Foolish takeaway
The average Australian in their early 70s now holds roughly $450,000 to $500,000 in superannuation, with couples approaching $1 million combined.
But retirement isn't defined by a single number. Ultimately, what matters most is whether your savings, combined with the age pension and other assets, can support the lifestyle you want throughout the years ahead.
