Here's the average superannuation balance at age 65

Hitting 65 is a major turning point for many Australians.

While the age pension currently starts at 67, plenty of people begin thinking seriously about retirement around 65.

Some are already winding back work, others are planning their final few years in the workforce, and many are asking the same question: is my superannuation balance enough?

Before looking at the average, it helps to understand what super is actually trying to fund.

What does retirement cost?

According to the Association of Superannuation Funds of Australia (ASFA), there are two main retirement lifestyles to consider: modest and comfortable.

A modest retirement is designed to sit slightly above the age pension. It covers the basics, but leaves limited room for discretionary spending, travel, major home repairs, or unexpected costs.

A comfortable retirement is very different. It allows retirees to enjoy a broader lifestyle, including private health insurance, regular leisure activities, a reasonable car, household goods, domestic holidays, and occasional international travel.

ASFA estimates that a comfortable retirement requires around $630,000 in super for a single person and $730,000 for a couple. A modest retirement requires far less, at around $110,000 for singles and $120,000 for couples.

So, what is the average superannuation balance at 65?

There isn't a precise official figure for exactly age 65, but we can make a reasonable estimate using the surrounding age brackets.

Based on recent data, the likely average balance is approximately $353,000 for women and $422,000 for men.

That means a couple where both partners are around the average could have a combined super balance of roughly $775,000.

How does that compare?

For couples, the average balance at 65 is above ASFA's comfortable retirement benchmark. That is an encouraging sign, particularly when the age pension becomes available from 67 and may provide additional support.

For singles, the picture is more mixed. The estimated average balance for both women and men is well above the modest retirement benchmark, but below the amount ASFA suggests is needed for a comfortable retirement.

This means many single retirees may need to rely partly on the Age Pension, adjust their spending expectations, or continue working for longer if they want more flexibility in retirement.

The important caveat

Averages only tell part of the story. Some Australians reach 65 with very high super balances, while others have far less because of career breaks, part-time work, lower wages, divorce, health issues, or time spent outside the workforce.

Housing also matters enormously. ASFA's figures assume home ownership. A retiree who owns their home outright is in a very different position from someone still paying rent or carrying a mortgage.

Foolish takeaway

The average Australian superannuation balance at age 65 is likely to be around $353,000 for women and $423,000 for men.

For couples, that may be enough to support a comfortable retirement, especially with the age pension later playing a role. For singles, the average balance is more likely to sit somewhere between modest and comfortable.

Ultimately, age 65 is not just about comparing your balance to the average. It is about understanding what kind of retirement you want, how much it may cost, and whether your super is ready to support it.