Is my superannuation balance on track for my age?

Is your super fund on track?

Couple holding a piggy bank, symbolising superannuation.

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Superannuation is a funny thing. Almost all of us know it's there, thanks to the now-11% (soon to be 11.5%) of our paycheque that is diverted into our super funds every pay cycle.

Yet if you ask most Australians who are more than 10 or 15 years away from retirement age, you'll probably find a disturbing lack of knowledge or awareness over the state of their super fund.

Perhaps that's understandable. For one thing, super is one of the drier subjects that one can discuss around the proverbial water cooler. And for another, most Australians aren't currently on track for an adequately-funded, comfortable retirement that can be built on superannuation alone. So why discuss it?

But exactly how much does one need at a particular age to be considered 'on track' for a comfortable retirement? That's what we'll be going through today.

Superannuation and a comfortable retirement

How much super one needs for retirement is quite a subjective topic. For one, some people want to retire as soon as they can. While others envisage keeping busy and productive for as long as they are able. Further, some people might be happy with a modest retirement. Others might seek to fill their golden years with travel and luxury.

As a starting point, the Federal Government's Moneysmart website tells us that "if you own your home, the rule of thumb is that you'll need two-thirds (67%) of your current income each year to maintain the same standard of living".

Luckily, super fund provider Australian Retirement Trust has run numbers on what it sees as the balance you should be aiming for if you wish to be on track for a comfortable retirement.

To start off, it estimates that the super balance a 25-year-old should aim for for a comfortable retirement is $18,500.

For a 30-year-old? It's $59,000.

This rises to $101,500 for someone aged 35 and again to $156,000 for 40-year-olds.

Jumping to 50 years, and the estimated ideal balance is $281,000.

That rises again to $361,000 for a 55-year-old and up to $453,000 for someone aged 60.

For a 65-year-old who is two years away from the retirement age of 67, one should be aiming for a superannuation balance of $549,000.

This is all built on assumptions made by the Association of Superannuation Funds of Australia (ASFA). These assumptions made provisions for what would constitute a 'comfortable retirement' over a 'modest' one. It also factors in eligibility for both the part and full Age Pension.

So, hopefully, these figures will give you some useful context and help you understand whether your financial circumstances put you on track for the retirement you wish for.

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