How Much Super You Should Have

Superannuation is a critical part of planning for retirement, and knowing how much super you should have by each stage of life can help you stay on track. While everyone’s situation is different, understanding averages and benchmarks can give you a clearer picture of where you stand and what adjustments might be needed.

What Is the Average Super Balance By Age?

The average super balance by age provides a general guideline to compare your progress. These figures can vary depending on factors like income, gender, and career breaks, but they offer a useful starting point.

In Your 20s: Many people are just starting their careers and may not have significant super balances. Building a habit of contributing extra when possible can help you get ahead.
In Your 30s: At this stage, super balances often grow steadily. On average, balances for people in their 30s should reflect consistent employer contributions.
In Your 40s: By this age, super should ideally start to reflect not just employer contributions but also voluntary savings. Many use this time to focus on boosting their balances.
In Your 50s: This is often a critical time for super. With retirement on the horizon, catching up on contributions becomes a priority for many Australians.
In Your 60s and Beyond: Balances at this stage should support your planned retirement lifestyle. If you’re unsure, consulting a financial planner can provide clarity.

Our financial planners in Perth, Melbourne, Sydney, Brisbane, Newcastle, Adelaide and Canberra can help assess your current balance and recommend strategies tailored to your goals.

How Much Super Should I Have at Different Stages?

The amount of super you should have varies based on individual goals, income, and retirement plans. However, these benchmarks can help guide your planning:

By Age 30: Aim for a super balance equal to your annual salary.

By Age 40: Try to have about two times your annual income in super.

By Age 50: A balance of four times your annual income is recommended.

By Age 60: Aiming for six times your annual salary can help ensure a comfortable retirement.

These figures are based on general recommendations and may not suit every individual. For a clearer idea, our financial planners can help you develop a strategy that works for your circumstances.

What Can You Do If Your Super Is Behind?

If your super balance isn’t where it should be, don’t worry—there are steps you can take to catch up.

Boost Contributions: Consider making extra contributions, even small amounts, which can grow significantly over time.
Check for Lost Super: Many Australians have super in old accounts they’ve lost track of. Consolidating these accounts can save on fees and maximise growth.
Review Investments: Choosing the right investment option for your risk level and goals can make a big difference.
Seek Professional Advice: A financial planner can help identify opportunities to grow your super faster.

Why Superannuation Benchmarks Matter

Understanding superannuation benchmarks helps you set realistic goals and take action when needed. While averages and guidelines are helpful, they’re not a replacement for a tailored plan that fits your lifestyle and retirement needs.

Super isn’t just about saving—it’s about creating financial security for the future. Whether you’re in your 20s and just starting out or in your 50s and focused on catching up, knowing how much super you should have by age helps you stay on track.

FAQs

By 40, a super balance of about twice your annual salary is a good benchmark. This varies based on your goals, income, and career path.

If your super is below the average balance for your age, you can take steps to catch up. These include voluntary contributions, reviewing your investments, and consolidating old accounts.

You can check for lost super through the ATO’s online services. Consolidating these funds into a single account can help maximise growth and reduce fees.

Tracking your super balance by age helps you assess your progress and make informed decisions to reach your retirement goals. Benchmarks act as helpful guides for planning.