The 55 to 60-year-old age bracket is a major milestone for Australians and their superannuation.
This five-year period is often referred to as the peak accumulation period.
It also represents a deliberate shift between the final stretch of your accumulation phase and the beginning of your official preservation age.
At age 55, Australians are often earning their peak income, making the highest contributions, and enjoying good compound growth.
At age 60, Aussies have reached their preservation age, where they can access their superannuation balance provided they have stopped working.
So it makes sense that at age 55 and age 60, superannuation is front of mind.
But how does your balance compare to other Australians the same age as you?
And how does that compare to what you need at age 55 and 60 to be able to retire comfortably?
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What's the average superannuation balance of Australians aged 55?
There aren't exact figures for the average balance at age 55, but there are some handy estimates.
According to the Association of Superannuation Funds of Australia (ASFA), at age 55 to 59, the average Australian male has approximately $319,743 in their superannuation.
The average female the same age has a little less, closer to $242,945.
This is mostly because women take more time out of the workforce, or move to reduced hours to care for family. Women tend to earn lower superannuation contributions during this period, and that gap then widens every year as compound growth takes over at different rates for men and women.
Are these average balances enough to retire comfortably when the time comes?
Unfortunately not.
ASFA's 2026 Retirement Standard forecasts a comfortable retirement to cost $56,166 per year for individuals and $78,998 combined per year for couples.
To afford that, a single person will need a superannuation balance of around $630,000. Meanwhile, couples will need around $730,000.
But the data also assumes you'll begin retirement from age 67, will draw down all your capital, will receive a part Age Pension, and that you own your home outright.
ASFA's figures are in today's dollars using 2.75% AWE as a deflator and an assumed investment earning rate of 6%.
In order to be on track to reach that $630,000 goal, ASFA estimates that Australians should have $348,500 in their superannuation at age 55. The figures are based on a $100,000 annual income.
That's around 9% more than the average male and a huge 44% more than the average female at age 55.
So what's the average superannuation balance of Australians aged 60?
Those aged 60 will need to look at the next bracket up. For 60 to 64-year-old males, ASFA estimates the average super balance to be $395,852.
Females the same age are estimated to have closer to $313,360 on average.
And how much should I have at age 60 to be considered on track for a comfortable retirement?
Using the same cost figures above, the data suggests that Australians should have $457,500 in their superannuation at age 60 to be able to reach the balance needed for a comfortable retirement within the next seven years.
Again, the estimates are based on a $100,000 individual annual income.
They also still show that the on-track target is around 16% higher than the average $395,852 balance for men, and 46% higher than the average $313,360 balance for women aged 60.
Why is there a gap between average balances and on-track targets?
There is a misconception that accumulating superannuation alone is enough to be able to fund retirement.
But the reality is, while superannuation is a great tool to help, it isn't enough to rely on alone.
The key is extra contributions. Even a small additional contribution today can make a big difference to your end balance.
The power of compounding returns means the more money you can invest when you're younger will have more impact on your final balance.
