Have you ever questioned if you have enough money in your superannuation? And how your balance compares to everyone around you?
Here's a runthrough of the average superannuation balance of Australians aged 51.
Find out how yours measures up.
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What is the average superannuation balance for Australian men at age 51?
There aren't exact figures, but brackets determined by the Association of Superannuation Funds of Australia (ASFA) provides a good guide.
The data shows that, the average Australian male aged 50-54 has around $254,074 in their superannuation.
What about the average balance for women the same age?
The same data shows that, because Australian women typically take time out of the workforce to raise children, or work fewer hours, and have lower overall incomes, they have a lot less.
The average Australian female aged 50-54 has around $190,175 in their super.
My superannuation is already falling behind. What can I do?
If your balance falls short of the national average, there is still time to catch up.
At age 51, you still have 14 years until you can access your superannuation (regardless of whether you're retired or not) and 16 years until you can get the Age Pension.
In the meantime, there are five easy steps you can take to turbocharge your superannuation before retirement.
1. Make sure your money is invested in a well performing fund
It's important to make sure your super fund is performing well. Even slightly underperforming a benchmark such as the S&P/ASX 200 Index (ASX: XJO) over a long period of time can greatly impact the end balance.
2. Check your insurance
Review your life, total and permanent disability, and income protection insurance. The premium comes directly out of your balance so if you're paying for a coverage you don't need, it'll unnecessarily eat into your superannuation balance.
3. Review your investment strategy
With over a decade until retirement, a balanced risk profile might not give you enough growth. Research your options and consider switching to a growth option for higher long-term compounding returns, if your risk appetite can take it.
4. Make extra contributions where you can
The easiest way to boost your super balance before retirement is to add as much money to it as you can. Individuals can make concessional (before-tax) super contributions, such as salary sacrificing, taxed at a reduced rate of 15% and up to an annual cap. You can also make after-tax payments within your annual limits.
5. Check out government initiatives
Research into any applicable government initiatives that could help boost your balance. For example, there is a downsizer contributions rule, a bring-forward rule, a government co-contribution rule, and many others.
