The average superannuation balance for 54-year-olds in Australia in FY27. How does yours compare?

Do you know if you have enough money in your superannuation account to retire when you want to?

Or how your super compares to others the same age?

Here's the average superannuation balance for Australians aged 54.

How does yours stack up?

What is the average superannuation balance for Australian men aged 54 in FY27?

There aren't exact figures, but brackets determined by the Association of Superannuation Funds of Australia (ASFA) provide a good guide.

The data shows that the average Australian male aged 50 to 54 has around $254,071 in their super.

Given age 54 is right at the top of the age bracket, it's helpful to also look at the bracket above. The average Australian male aged 55 to 59 has around $319,743 in their super. 

How does yours compare?

What about the superannuation balance for Australian women the same age?

Women the same age have quite a lot less. The average balance for Australian women aged 50 to 54 is about $190,175. For the age bracket above, the average is around $242,945. That's a gap of around $64,000 to $76,000.

The lower balance is usually because women typically take time out of the workforce to raise children or work fewer hours. They also tend to have lower overall incomes.

Again, is your superannuation in line with the average Aussie the same age?

Are these average super balances enough to live a comfortable lifestyle when I want to retire?

Unfortunately, even if your superannuation is on track with the rest of the population around the same age, it's probably not enough to retire on. 

It certainly isn't enough money to be able to afford a comfortable retirement. That's one which budgets for expenses beyond a modest retirement, including top-tier private health insurance and regular leisure activities. It allocates funds for home repairs or renovations, and perhaps even an annual holiday.

ASFA's retirement standard figures calculate that a comfortable retirement will cost single Australians approximately $55,923 per year. 

 A couple living together can expect to spend around $78,566 per year combined.

In order to afford that, singles will need a superannuation balance of around $630,000, and couples will need around $730,000. These figures assume you'll also get a part-Age Pension payment and that you own your home outright.

So, how much should I have in my superannuation at age 54 to be on track for a comfortable retirement?

I've crunched the numbers, and assuming you're aiming for the $630,000 superannuation balance figure by retirement, you'll need close to $382,000 saved by age 54. 

How does your superannuation balance compare now?

Simple tips to boost your super before it's too late

At age 54, you still have a long way to go until you reach retirement age.

You can't access your superannuation until you reach age 60, assuming you've stopped working.

But the average retirement age is 65 years old, and the Age Pension is paid from age 67.

So there is still plenty of time left to boost your balance before you retire.

My first tip is to ensure that your super fund is performing well and that your investment strategy and risk profit match your own. 

Then you'll need to add extra contributions wherever you can. Take advantage of concessional and non-concessional limits and any potential tax reduction that may come with it.

Also take advantage of any applicable government contributions that might help your personal circumstances. There is a downsizer contributions rule, a bring-forward rule, a government co-contribution rule, and many others.

Anything you do today can help boost your compound growth.