Chances are most Australians don't have a clear idea of what the average superannuation balance in 2024 is for a 70-year-old — unless, of course, they are around that age.
After all, 70 is beyond the traditional retirement age.
As such, most Australians are more worried about their current balance for their age and whether it will be enough to fund a comfortable retirement.
Earlier this year, we checked out the average super balance for Australians aged 60.
However, finding out what the average super balance is for someone aged 70 is also arguably highly relevant. It tells us the financial position of the average 70-year-old and whether the superannuation retirement system as a whole is functioning as intended for Australians currently at the beginning of their golden years.
So today, let's get to the bottom of this question.
What is the average superannuation balance for a 70-year-old Australian?
According to Australian Taxation Office (ATO) data for the 2021 financial year (oddly the latest set), the average super balance for someone aged between 70 and 74 was $481,483. That compares with a median balance of $214,431. Remember, the average balance is more influenced by the highest balances than the median.
For men, the average balance for this age group was $509,059, against a median balance of $216,564.
For women, it was an average of $451,523 and a median of $212,462.
Some added context: the average superannuation balance for someone aged between 65 and 69 over this period was $428,738, with a median of $207,540.
To put things into perspective, the Association of Superannuation Funds of Australia (ASFA) currently estimates that a single person requires a superannuation balance of $595,000 ($690,000 for couples) at the retirement age of 67 to fund a "comfortable retirement". This assumes home ownership, some assistance from the Age Pension, and certain assumptions regarding spending habits.
This would yield an annual spending budget of $51,278 for singles and $72,148 for couples.
For a modest retirement (assumes far lower spending), ASFA estimates that $100,000 in superannuation is sufficient for both singles and couples.
