Five years can pass surprisingly quickly, but between the ages of 60 and 65 they can completely reshape a person's retirement position.
At 60, many Australians are still working, receiving employer contributions, and giving their investments more time to grow. By 65, retirement may have already begun, or at least moved from a distant plan to an immediate financial decision.
So, how much superannuation does the average Australian have at these two important ages?
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The average superannuation balance at 60
The available superannuation data from Rest Super is reported in five-year age groups rather than for individual birthdays, which means an exact figure for age 60 needs to be estimated from the surrounding averages.
Based on the latest figures, the average Australian woman is likely to have around $285,000 in super at age 60, while the average Australian man may have approximately $365,000.
Those balances are substantial, although they do not necessarily mean someone is ready to retire immediately. A person stopping work at 60 may need to fund seven years before becoming eligible for the Age Pension, placing much greater pressure on their savings than retiring later.
This makes age 60 an important financial checkpoint. There may still be time to make additional contributions, review investment settings, reduce unnecessary fees, and reconsider whether retirement should happen all at once or gradually.
The average super balance at 65
By age 65, the average balance is likely to have grown meaningfully.
Data suggests the average is approximately $361,000 for women and $427,000 for men.
This increase reflects another five years of employer contributions, potential investment returns, and the fact that many Australians earn some of their highest incomes during the final stage of their careers.
How do these balances compare with retirement targets?
The Association of Superannuation Funds of Australia (ASFA) estimates that a homeowner needs around $630,000 at retirement to support a comfortable lifestyle as a single person. A couple needs approximately $730,000 combined.
On that basis, an average single 60-year-old or 65-year-old may remain below the comfortable benchmark, although the eventual Age Pension, home ownership, other savings, and personal spending needs can all change the outcome.
The picture can be considerably better for couples. Two people retiring at 65 with balances close to the averages could have more than $700,000 combined, placing them around the current comfortable retirement target.
This is one reason superannuation balances should probably not be judged in isolation. Housing costs, relationship status, retirement timing, and expected spending can matter just as much as the number shown on an account statement.
Is it enough?
The movement between ages 60 and 65 shows that superannuation can still make meaningful progress late in a working life.
Continuing to work for several more years does more than provide another salary. It allows further contributions, gives investments more time to compound, and reduces the number of years that retirement savings need to support.
The average balance at 60 is approximately $285,000 for women and $365,000 for men, rising to around $361,000 and $427,000, respectively, by age 65.
Those numbers offer a valuable point of comparison, but the more important question is whether your balance can support your own retirement plans. The average can show where other Australians are sitting, but only a personal budget can reveal whether you are genuinely ready to stop working.
