How much superannuation should I have at 50?

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

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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.

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