You might know how much money you have stashed away in your superannuation, but how does it compare to other Aussies the same age as you?
How else will you know if you have enough money to retire when the time comes?
At age 56, many Aussies are approaching their final decade of working life. At this point, you're just four years away from your preservation age (when you can access your super, provided you've stopped working), and nine years from full access, regardless of whether you're still working.
It's an important life milestone, and how you manage your superannuation in your late 50s can determine the quality of life you live in retirement.
Here's a breakdown of the average superannuation balance for Australians aged 56.
How does your balance stack up?
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The average superannuation balance for Australian men aged 56 in FY27
There aren't exact figures for the average balance at age 56, but the Association of Superannuation Funds of Australia (ASFA) has a rough guide.
The data shows that the average Australian male aged 55 to 59 has around $319,743 in their superannuation.
The average superannuation balance for Australian women aged 56 in FY27
Women in the same age bracket have a lot less, most likely because women are more likely to take time out of the workforce or work reduced hours. The lower superannuation income then makes a significant difference over time, and the balances between men and women at age 56 are wide.
The average balance for Australian women aged 55 to 59 is around $242,945. That's a gap of around $77,000 compared to men the same age.
How does your super balance stack up with men and women the same age as you?
But not only that, is it actually enough?
How much superannuation should I have by age 56 to afford a good retirement lifestyle?
ASFA calculates that in order to live a comfortable retirement lifestyle, Australians will need around $630,000 each in their superannuation by age 67. Couples can get away with $730,000 combined.
In order to reach that goal, ASFA expects that Australians earning around $100,000 per year should have close to $369,000 in their superannuation by age 56.
That's significantly higher than the average balances of both men and women around that age.
What can I do to raise my balance in the next 5 to 10 years?
If your balance is falling behind, it's not too late to catch up. Even the smallest change can help boost compound growth over the next 5 to 10 years.
The first thing you need to do is check that your super fund is performing well and that your investment strategy and risk profile are appropriate for your personal circumstances.
Also, consolidate your funds and double-check that your insurance coverage is necessary and the premiums are appropriate for you.
You can also add extra contributions wherever possible. Take advantage of concessional and non-concessional limits and any potential tax reduction that may come with it. Ask your spouse to add extra too. Couples can boost their combined super savings if the higher-income earner contributes after-tax funds to the lower-income earner's account.
You should 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.
