How much superannuation should I have at 50?

Let's find out if you are on track for a comfortable retirement.

| More on:
Australian notes and coins surrounded by a calculator and the word super spelt out.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you are aiming for a comfortable retirement, you will no doubt be aiming to end your career with as much superannuation as possible.

But what should you have when you retire? And equally importantly, what should you have when you are 50 years old to ensure that you end up with the required amount of super once your time comes to retire?

Let's take a look at what the superannuation industry is recommending for future Aussie retirees.

How much superannuation should I have?

Firstly, let's see how much you would need for a comfortable retirement.

According to the Association of Superannuation Funds of Australia (ASFA) Retirement Standard, couples that are looking for a comfortable retirement should have $690,000 of superannuation, whereas singles should have $595,000.

AFSA describes the comfortable retirement as follows:

The comfortable retirement standard allows retirees to maintain a good standard of living in their post work years. It accounts for daily essentials, such as groceries, transport and home repairs, as well as private health insurance, a range of exercise and leisure activities and the occasional restaurant meal. Importantly it enables retirees to remain connected to family and friends virtually – through technology, and in person with an annual domestic trip and an international trip once every seven years.

Whereas if you are happy with a modest retirement, just $100,000 of superannuation would be required for couples and singles when they reach 67 years old. AFSA describes a modest retirement as the following:

The modest retirement standard budgets for a retirement lifestyle that is slightly above the Age Pension and allows retirees to afford basic health insurance and infrequent exercise, leisure and social activities with family and friends. Both budgets assume that the retirees own their own home outright and are relatively healthy.

I know which type of retirement I would prefer.

What should I have at 50?

According to BT Funds Management, the average superannuation balance for 50-54 year olds (male and female) is $215,118.

If you are 50 and have this amount in your super, pat yourself on the back. You are well on your way to a comfortable retirement.

For example, if you were to compound that $215,118 balance by an average annual return of 7.5% for 17 years, you would end up with a balance of approximately $735,000. This is ahead of what is required for a comfortable retirement.

But what if you're behind the curve? If you have fallen behind, it may be worth considering putting as much extra into your superannuation fund each year as you can afford. Every bit counts.

In addition, you may want to research how your fund performs in comparison to others. While past returns are not indicative of future returns, if your super fund seems to consistently underperform others, it could be in your best interests to switch to one that has a better track record.

Should you invest $1,000 in Mineral Resources Limited right now?

Before you buy Mineral Resources Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Mineral Resources Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Retirement

Happy couple enjoying ice cream in retirement.
ETFs

How ASX ETFs could help you retire rich

These funds could be helpful for investors looking to retire with a nice nest egg.

Read more »

A couple are happy sitting on their yacht.
Retirement

Want to retire rich? I would invest $1,000 a month into ASX shares

$1,000 a month could go a long way if you have time on your side.

Read more »

Superannuation written on a jar with Australian dollar notes.
Retirement

Have you checked your superannuation balance this month?

What do you look for when choosing a super fund to help you retire in style?

Read more »

A mature age woman with a groovy short haircut and glasses, sits at her computer, pen in hand thinking about information she is seeing on the screen.
Retirement

From today you can earn and own more and still qualify for a pension in retirement

Indexation changes to age pension payments and the asset and income tests become effective today.

Read more »

An older gentleman leans over his partner's shoulder as she looks at a tablet device while seated at a table in their classic Australian old person's home, complete with comfortable furniture and family photographs on the walls.
Retirement

Changes to age pension and retirement assets and income tests announced

Indexation changes to the age pension will come into effect on 20 March.

Read more »

A woman wearing a bright multi-coloured dress, blue sunglasses and hat stands on a beach laughing with her arms outstretched enjoying herself
Retirement

3 ASX retirement shares to buy with $10,000

Analysts think these shares could be worth considering for a retirement portfolio.

Read more »

Smiling elderly couple looking at their superannuation account, symbolising retirement.
Retirement

These 3 ASX dividend shares are perfect for retirees

Retirees have different investing needs to other investors.

Read more »

A happy elderly man wearing a red cape smiles as he jumps up like a hero from a massage table.
Superannuation

Is my superannuation on track?

Here's how much superannuation you should have at your age right now to fund a comfortable retirement later.

Read more »