If you are wanting a comfortable retirement, you will undoubtedly want to be sitting on as much superannuation as possible.
For obvious reasons, people don't really talk about their superannuation balances with their friends. This means that it can be difficult to know how you compare to the average person and whether you are sitting pretty or not in retirement.
But thankfully, superannuation funds and other industry stakeholders regularly share their data with those that will listen. So, investors don't have to guess if they are well-placed compared to their peer group, or whether they are behind the curve.
With that in mind, what is the average Australian superannuation balance at age 69 in late 2024? Let's take a look at what the data shows.
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The average superannuation balance at 69
According to data provided by the Association of Superannuation Funds of Australia (ASFA), there continues to be a difference between male and female super balances.
For Australian's aged 65 to 74 years, men have an average super balance of $435,900 and women have an average of $381,700.
It's not possible to strip out how much the average 69-year-old has in their super, but it's safe to say it wouldn't be far off those numbers given how they sit in the middle of the age range.
Those are the numbers, but is this actually enough? Let's dig a little deeper.
How much should you have in your super?
ASFA's most recent data suggests that single people will need $52,000 in retirement savings per year for a comfortable retirement, whereas couples will need about $73,300 per year.
A comfortable retirement is defined as the following:
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.
The association shows that this means that a single person that is 67 years old (no data provided for 69 years old) would require an estimated balance of $595,000 and a couple of 67-year-olds would require a combined balance of $690,000 for a comfortable retirement.
If you compare the average super balances for 65 to 74 year old singles, you will see that they are well short of what is required for a comfortable retirement. Whereas couples should on average have more than enough.
But it isn't all doom and gloom. Even if you are short of what is recommended for a comfortable retirement, you are likely ahead of requirements for a modest retirement at 67 years old.
AFSA estimates that a balance of $100,000 is required for both singles and couples.
