Are you looking forward to living a comfortable retirement lifestyle but are concerned about whether or not you're on track?
Or perhaps you want to find out the superannuation balance you'd need to maintain a good standard of living, do some regular activities, meals out, and perhaps even an occasional overseas trip.
Here's a rundown of the average super balance for Australians at age 40, versus age 50 and age 60 in 2026, and what you'd need at each age to have enough for retirement.
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How much superannuation does the average Australian have at age 40?
There isn't an exact figure for Australians at each age, but the Association of Superannuation Funds of Australia (ASFA) provides some brackets that can help.
According to ASFA, at age 40-44, the average male has $140,680, and the average female has $109,209.
How much superannuation does the average Australian have at age 50?
The data also shows that, at age 50-54 years old, the average male has $254,071, and the average female has $190,175.
How much superannuation does the average Australian have at age 60?
The average 60 to 64-year-old Australian male has an average superannuation balance of $395,852, and women have around $313,360.
40 vs 50 and 60: Why is the gap so wide?
The difference between super balances at age 40 versus age 50 and then age 60 is significant.
Over the 20-year period between age 40 and 60, average balances increase by over $200,000 for both men and women.
It could be that these individuals have had more time to add additional contributions to their superannuation balance.
But it also shows the importance of compounding. It's clear that accumulating wealth early on, investing in a well-performing fund, and at a risk profile that suits your own, can supercharge your balance down the line.
Are these average balances enough to retire on?
No. In fact, the average Australian is quite far behind.
A comfortable retirement is expected to cost around $54,840 per year for individuals and $77,375 per year for couples.
To afford that, by retirement, a single person will need a superannuation balance of around $630,000, and couples need around $730,000.
Using ASFA's Super Balance Detective tool, I've calculated what you'd need at ages 40, 50, and 60 to reach that sum.
At age 40, you need around $178,000 in your superannuation.
At age 50, this should be more like $313,500.
Then, at age 60, you should have around $496,500 in order to live comfortably when the time comes.
As you'll see. These sums are significantly higher than the average at each age milestone.
And this means you'll need to bridge the gap another way.
Additional contributions are a good place to start. You can take advantage of additional concessional or non-concessional contributions, whether this is salary sacrificing or after-tax payments (within your annual limits).
Applicable government initiatives could also help bridge the gap between the superannuation balance you have and what you need.
