Median Super Balance by Age in Australia

Over the course of your working life, contributing toward your super can help you set yourself up for a comfortable retirement. That said, it can be helpful to know the median balance your peers in your age group have in their super balance to help provide some guidance on whether you’re on track with your retirement savings.

Let’s dive into the average super balance Australians have based on different age groups.

What is Superannuation?

Superannuation, or ‘super’ for short, is Australia’s retirement savings scheme. The main purpose of super is to help individuals accumulate savings to fund their retirement.

How Superannuation Works

Under the Superannuation Guarantee (SG), employers must contribute a minimum percentage of an employee’s ordinary time earnings into your super fund. As of 1 July 2024, the SG rate is 11.5%. These contributions are invested by the super fund to help grow your super balance up until you retire. Learn more by reading our comprehensive guide on super.

Average Super Balance by Age in Australia

When it comes to super, most people like to know how their current super balance stacks up against others of their age to make sure they’re on a good track.

Importance of Knowing Your Super Balance

As you progress through your professional life, it can be a good idea to keep an eye on your super balance to ensure you’ll have enough funds come retirement. For members of Superhero Super, this is easy to keep track of by simply visiting your super dashboard on our app. 

Super Balance by Age and Gender

Interested to see how your super savings compare to others your age? Check out the stats from the Australian Taxation Office’s data from the 2021-22 financial year: 

 

Age	Male Median Super Balance	Female Median Super Balance
18-24	$4,617	$4,275
25-29	$17,545	$17,840
30-34	$39,796	$34,327
35-39	$70,181	$54,391
40-44	$101,231	$74,066
45-49	$133,616	$93,471
50-54	$162,146	$111,063
55-59	$186,255	$128,675
60-64	$205,385	$153,685
65-69	$206,091	$191,475
70-74	$200,349	$198,005
75 or more	$166,185	$161,201

 

Individual circumstances vary, and these figures are provided as a general reference.

Factors Affecting Your Super Balance

Is your super balance looking a little leaner compared to others your age? There could be several different reasons for this.

Employment Type and Income Level

As part of the Super Guarantee, your employer’s super contributions are calculated based on a percentage of your income, so it’s no surprise that your income level can impact the amount of super you have at your age.

Ultimately, the more you earn, the more super your employer has to pay into your account. On the flip side, if you earn a lower wage compared to others your age, there’s a good chance you’ll have a lower super balance than your peers.

Impact of Career Breaks

Certain life events, like career breaks, taking time off work without a salary due to illness or caring for others, can impact your contributions and overall super balance. Based on the ATO’s stats in the table above, you can see that females tend to have a lower super balance than males, which is often a result of taking time off to start a family and raise children. On the bright side, the Government has now passed legislation stating that government-funded paid parental leave will include super contributions from 1 July 2025. 

Investment performance

Your super fund’s performance can also impact your super balance. For example, the type of investments you select, whether they be high growth, balanced or conservative, to name a few, will impact your investment returns and ultimately, your super balance. 

Learn more about Superhero Super’s investment options. As superannuation is a long-term investment, it is important that you keep track of your super to be wary of market changes and see whether an investment option or product is still right for you.

Frequency of Contributions

Currently your employer is only required to pay your super at a minimum of once every quarter by a quarterly due date. As a result, your super may be with your employer for a period instead of being invested into your superannuation. From 1 July 2026, employers will need to pay your super at the same time they pay your wages, which means your funds will be invested sooner if your employer currently pays your super less frequently than they pay your wages.

Strategies to Boost Your Super Balance

There are several strategies available to those who want to increase their super balance.

Salary Sacrifice

If your employer allows you to have a salary sacrifice arrangement, you may be able to contribute a portion of your pre-tax salary to your super. Depending on your individual circumstances, this can result in favourable tax implications while helping you boost your super balance.¹

Personal contributions

Alternatively, you may be able to make personal contributions to your super, which can be either concessional or non-concessional contributions. Depending on your individual circumstances, making voluntary contributions to your super can be one of the ways to increase your super balance if you have a bit of extra cash to spare. Don’t forget that contribution caps apply and are subject to eligibility criteria.

Government Co-Contributions

You may be eligible for the government co-contribution scheme if you earn less than the higher income threshold for the financial year.¹ 

Similarly under the low income super tax offset (LISTO), the government may provide you with an additional payment of up to $500 if you earn up to $37,000 a year.¹

You don’t need to do anything to receive these government co-contributions. You just need to make sure your super fund has your tax file number (TFN). Once you lodge your tax return, the ATO will automatically determine if you’re eligible for these government schemes.

Spouse Contributions

If your spouse is a low-income earner or isn’t working, you may be considering contributing to your spouse’s super account. Spouse contributions can help maximise both of your super balances and potentially provide favourable tax treatments.

Consolidating Multiple Super Accounts

If you have multiple super accounts, there’s a good chance you’re paying multiple fees. By consolidating them into one account, you may be able to save on fees and can manage your super more effectively. Just make sure you check for any insurance cover or benefits you may lose before consolidating.² 

Planning for Retirement

When it comes to your retirement, it pays to be prepared. Here are a few steps worth considering as you approach retirement age.

Estimating Your Retirement Income Needs

The amount of super you’ll need to fund your retirement depends on several different factors, such as your expenses and existing debts along with the type of lifestyle you’d like to enjoy in retirement.

These steps may help guide you in estimating how much you’ll need for your retirement:

1. Estimate your annual retirement expenses: To get an idea of your annual retirement expenses, you’ll need to consider your basic living expenses (housing, food, utilities, etc.) and lifestyle expenses (travel, hobbies, dining out, entertainment, etc.). It’s a good idea to account for the effects of price inflation too.
2. Determine your retirement duration: Decide what age you’d like to retire and the years you are estimating for your retirement phase.
3. Calculate the total retirement savings needed: To work out your total retirement savings, multiply your annual retirement expenses by your anticipated retirement duration. Don’t forget to adjust for inflation for accuracy.

Do note that this only serves as a guide and should not be taken as advice. The Association of Superannuation Funds of Australia (ASFA) has also provided some guidelines that may help. 

Using Super Projection Calculators

By working out your retirement needs, you can start planning how you can achieve your retirement income goals. If you’re not a fan of doing the math yourself, you can use the Moneysmart Retirement Planner to work out:

• The expected income from your superannuation and the age pension when you retire,
• The impact of contributions, investment options, fees and retirement age on your retirement income, and
• The effect of taking a break from work on your superannuation balance.

Do note that calculators work on a number of assumptions and their results only serve as a guide and should not be taken as advice.

Seeking Financial Advice

There’s no shame in seeking professional advice when it comes to your super and retirement. If you’re unsure how best to approach your super, it could be worth chatting with a financial advisor or registered accountant. A financial planner may also be able to help you plan for retirement based on your personal circumstances. You can find a registered financial advisor on the MoneySmart Financial Adviser Register. 

Common Superannuation FAQs

Got a question about super? Check out some of our FAQs below.

How Much Super Should I Have at My Age?

The ATO’s latest super balance statistics from the 2021-22 financial year provide some insights. While these figures show median across different age groups, they don’t necessarily indicate how much you should have at each stage of life.

For a clearer idea of what you personally might need for retirement, check out tools like SuperGuru’s Super Detective calculator, which can help you set goals and plan for the future and/or seek professional advice from a qualified financial adviser. Keeping track of your super now can make a big difference to your retirement lifestyle later.

How Can I Track My Super Balance?

You can keep track of your super balance by logging into your super account. For Superhero Super members, your dashboard will show how much super you have and how much super your employer is contributing towards your fund.

Additionally, you can use the ATO online services to find any super accounts you might have lost track of and consider the implication of consolidating them into a single fund.² Please note that the ATO will only show you your superannuation balance as of the end of each financial year, so if you’re a Superhero Super member, it is best to check your Superhero app for the up-to-date balance.

What You Could Do If You’re Behind on Super Savings

There are a number of practical steps individuals can take to boost their super, like:

• Increase your contributions by taking advantage of salary sacrificing, voluntary contributions and additional after-tax contributions,
• Explore government incentives, including co-contributions and tax offsets,
• Evaluate your super fund’s investment options and consider switching to a more aggressive strategy,
• Consider switching to a low-fee fund³ like Superhero Super, and
• Consolidate multiple super funds into a single account.²

Conclusion

Keeping track of your super balance is a great way to set yourself up for the retirement lifestyle you aim to have. While looking at median balances can provide some insight, what really matters is whether your super is on track to support the lifestyle you want in retirement. The sooner you check in on your super, the more time you’ll have to make adjustments and set yourself up for the future.

 

¹Eligibility Criteria or rules apply. Learn more on the ATO’s website or with a registered accountant or financial adviser.

²Consider the effect that switching superannuation funds may have on your insurance and other related benefits. It is important to thoroughly review and understand the potential impact on your insurance coverage, fees, investment options, and other benefits before making any changes. Transferring the entire balance of your super account to Superhero Super will mean that your old account will be automatically closed.

³Low Fees – Findings based on Superhero’s analysis of SuperRatings’ Fee Report – October 2024, accessed 5 December 2024. Fees for Superhero Super’s Growth and High Growth investment options are in the top quartile based on Total Fees and compared against the SR50 Balanced (60-76) and SR50 High Growth (91-100) Indices respectively.

This article reflects information accurate as of 13 February 2025. For latest information or calculations, including eligibility criteria, refer to the ATO website or consult with a registered accountant. 

This information has been prepared by Superhero Super Pty Ltd (ABN 40 667 649 854), a Corporate Authorised Representative (CAR 1306018) of Superhero Securities Limited (ABN 96 160 456 315) (AFSL 430150), and the Promoter of Superhero Super, a sub-plan of OneSuper (ABN 43 905 581 638), issued by Diversa Trustees Limited (ABN 49 006 421 638, AFSL 235153) as Trustee of OneSuper. 

Before making a decision on Superhero Super, please read the relevant Product Disclosure Statements (PDS) and Target Market Determinations, found at superhero.com.au/support/documents. 

Superhero does not provide financial advice that considers your personal objectives, financial situation or particular needs. All investments carry risk so please consider carefully before investing. Past performance is not indicative of future performance. Graphics, charts and graphs provided for illustrative purposes only.