It's important to know how much superannuation you have accumulated at any age.
But your late 50s and 60s are a crossroads in life when the amount you have saved will directly affect the type of retirement lifestyle you live when you decide to stop working.
At age 55, many Aussies are approaching their final decade of working life. At this point, you're just five years away from your preservation age. That's when you can access your super, provided you've stopped working.
By age 65, you can get full access to your superannuation regardless of whether you're still working or not.
So, how does your balance compare to other Aussies the same age? And how does it compare to how much super you should actually have at age 55 and age 65?
Let's take a look.
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What's the average superannuation balance of Aussies aged 55 in Australia?
There aren't exact figures for the average balance at age 55, 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.
Women in the same age bracket have a lot less. That's because women tend to take time out of the workforce or work reduced hours to raise children or care for other family members. This means they earn less superannuation income and earn less compound growth on a lower balance.
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?
What's the average superannuation balance for Aussies aged 65 in Australia?
Again, ASFA provides a guide. The data shows that the average Australian male aged 65 to 69 has around $448,518 in their superannuation.
Women in the same age bracket have closer to $392,274. By this age bracket, it looks like some women have started to catch up. Perhaps that's because many have returned to work full-time over the past decade as their children have grown older.
But that's still a gap of over $56,000 compared to men the same age.
How much do you need at age 55 to be able to retire comfortably?
ASFA data concludes that a comfortable retirement is expected to cost around $56,166 per year for individuals and $78,998 combined per year for couples.
To afford that, by retirement, a single person will need a superannuation balance of around $630,000. Meanwhile, couples will need around $730,000.
The data assumes you'll begin retirement from age 67, will earn a part Age Pension, and that you own your home outright.
In order to be on track to reach that $630,000 goal, Australians should have at least $348,500 in their superannuation at age 55.
That's a lot less than the average balances of both men and women at age 55.
How much do you need at age 65 to retire comfortably?
I've run the numbers for what you should have at age 65, too.
Again, ASFA expects that you'll retire at age 67, will earn a part-Age Pension, and that you own your home outright.
In order to be considered as on track to reach $650,000 within the next two years, Australians at age 65 should have around $578,000 in their superannuation.
How does your balance compare now?
