It's important to keep on top of how much superannuation you have (and should have) at any age.
How else would you know if you're on track for the ultimate goal of a comfortable retirement?
That's one where retirees are able to maintain a good standard of living. It includes top level private health insurance, ownership of a reasonable car brand and regular leisure activities. It also includes funds for home repairs and renovations, occasional meals out, and an annual domestic trip.
The thing is, Australians at age 45 and age 60 are at a very different stage of their life. That means there is usually a significant gap between balances at each age.
At age 45, many Australians feel like they're at a financial crossroads. It's the point that bridges what they've accumulated in their early careers and the stage when their superannuation begins to grow more rapidly.
This acceleration is usually driven by higher incomes and long-term exposure to growth assets like shares on the S&P/ASX 200 Index (ASX: XJO).
Age 45 is also a significant time when many women return to the workforce, or increase their hours, after raising children.
By age 60, Australians are largely moving to the next stage. Superannuation balances have grown significantly, and retirement is just around the corner.
At this point, Australians should be focusing on whether there is enough in their superannuation to make retirement an immediate reality and, if not, have a short-term plan to get there.
Here's a rundown of the average superannuation balance for 45-year-olds versus 60-year-olds in 2026.
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How much superannuation does the average Australian have at age 45?
There isn't an exact figure for Australians aged 45. But it's straightforward to estimate using some of the data from the Association of Superannuation Funds of Australia (ASFA). According to ASFA, at age 40-44, the average man has $140,680, and the average female has $109,209.
Then, at age 45 to 49, the average male has $193,501 in their superannuation, and the average female has $147,146.
At age 45 (which sits between the two brackets), it would be safe to assume that the average superannuation balances would be somewhere between the two.
How much superannuation does the average Australian have at age 60?
It's the same case for age 60. The average 55-59-year-old man has an average of $319,743, and women have $242,945. While the average balance for men aged 60-64 is $395,852, and for women it's $313,360.
As age 60 sits between the two brackets, it would be safe to assume the average superannuation balance is between the two amounts.
How do these balances compare to how much I need?
According to ASFA, a comfortable retirement is expected to cost approximately $54,840 per year for individuals and $77,375 per year for couples.
That equates to a superannuation balance of approximately $730,000, and for a single person, this is approximately $630,000.
ASFA has crunched the numbers, and it turns out that in order to reach that figure, you'd need a superannuation balance of around 239,000 at age 45, and this would need to increase to around $496,500 by age 60.
