Knowing how much superannuation you have in the first place is a great starting point for figuring out how much income you'll be able to rely on in retirement.
And while comparisons with others might not always be useful, there are tools available to help you discern whether you'll be able to afford a comfortable retirement when the time comes.
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How much superannuation do people aged 45 actually have?
The most recent figures from the Association of Superannuation Funds (ASFA) show that the average superannuation balance for men aged 45-49 is $193,501, while for women it is $147,146.
What is perhaps more useful is ASFA's Super Detective tool, which allows you to enter your age, and one of two income brackets, and it will give an estimate of how much you need in your superannuation to be on track for a comfortable retirement.
For people aged 45 earning $75,000 per year, this comes out to $209,500, while for those earning $100,000, it is $173,000.
Keep in mind that ASFA's Retirement Standard assumes that you retire at 67 and own your home outright.
The Retirement Standard calculates that a comfortable retirement needs an annual income stream of $56,166 for singles and $78,998 for couples.
This so-called comfortable retirement includes the ability to afford top-level private health cover, to own and maintain a reasonable car, and to enjoy occasional travel and leisure activities.
What if your superannuation is falling short?
If your superannuation needs a top up, it's worth looking into concessional contributions.
These are pre-tax contributions you can make into your superannuation up to a cap of $32,500.
Your employer's contributions and any salary sacrifice amounts are included in this amount.
If you have unused cap amounts at the end of the financial year, you can check your myGov account to see how much you can contribute, with those contributions attracting a 15% tax rate, and therefore likely to be tax-effective.
If you have unused amounts from the previous five financial years, these amounts can also be used as concessional contributions. However, your superannuation balance must be less than $500,000 at 30 June of the previous financial year in order to be able to take advantage of this method.
It is also possible to make non-concessional contributions of up to $130,000, with these amounts not offering any tax benefits.
Under what is known as the "bring forward arrangement", it is also possible to use 1-2 years of future non-concessional contributions, as long as you are aged under 75 and have less than $1.84 million in superannuation on 30 June of the previous financial year.
