There is likely something fun about checking your superannuation in your 50s because the numbers can start moving surprisingly quickly.
By this stage, many Australians have been receiving compulsory super contributions for decades, while a larger balance gives investment returns more money to work with.
At the same time, retirement is close enough that knowing whether you are ahead, behind, or somewhere around the middle becomes increasingly relevant.
So, what does the average Australian actually have in super at 50 and 55?
Image source: Getty Images
The average superannuation balance at 50
The latest figures published by Moneysmart, using Australian Prudential Regulation Authority data, group Australians into five-year age ranges rather than individual ages.
For Australians aged 50 to 54, the average superannuation balance is now $190,500.
That provides the best current guide for someone turning 50, although an individual balance could obviously be much higher or lower depending on income, career breaks, investment performance, and whether additional contributions have been made.
The figure also shows that reaching 50 does not mean the heavy lifting is finished. Someone at the beginning of this age bracket could still have 17 years before reaching Age Pension age, leaving considerable time for further contributions and investment growth.
What about at age 55?
Move forward one age bracket and the average rises meaningfully.
Australians aged 55 to 59 have an average super balance of $234,700, which is $44,200 higher than the average for those aged 50 to 54.
That increase is a good reminder of what can happen during the latter stages of a career. Contributions continue to arrive, while returns are compounding on a larger pool of savings than earlier in life.
For someone turning 55, there may also be opportunities to direct more money towards super if household finances allow, particularly if mortgage repayments or other major expenses have started to ease.
How does that compare with retirement needs?
Moneysmart currently points to an Association of Superannuation Funds of Australia estimate of $630,000 for a single homeowner seeking a comfortable retirement at age 67.
That makes the average balances at 50 and 55 look some distance away from the eventual target, but it is important not to compare them too literally. These Australians still have years of potential contributions and investment returns ahead of them, while couples can also combine their retirement resources.
Housing, other investments, how much you have in your Commonwealth Bank of Australia (ASX: CBA) savings account, expected spending, and eventual Age Pension eligibility can all substantially change how much super someone needs.
For anyone around 50 or 55, the average is therefore best treated as a checkpoint rather than a goal. A balance of around $190,500 or $234,700 shows what Australians in these age groups currently have, but whether it is enough depends far more on where you want to be when work eventually ends.
