Hello Fellow Investors,
The Motley Fool has written a great article outlining the average super balances at ages 50, 60, and 70, as well as what an individual or couple requires to retire comfortably. These figures provide a useful benchmark, but they also highlight a significant gap between where most Australians are – and where they need to be to enjoy a comfortable retirement.
1. The Average Super Balances in Australia
According to the article, the average super balance for individuals aged 50–54 is $254,071 for men and $190,175 for women.
By ages 60–64, this increases to $395,852 for men and $313,360 for women, and for those aged 70–74, balances average $501,785 for men and $449,540 for women.
While balances do increase over time, these figures are still a long way short of what is required for most people to achieve a truly comfortable retirement.
2. What You Need to Retire Comfortably
The article suggests that a comfortable retirement requires an income of approximately $54,840 per year for an individual and $77,375 per year for a couple, which equates to a superannuation balance of around $630,000 for singles and $730,000 for couples.
Based on my experience working in the financial planning industry, I believe these figures are conservative for those who want to travel and fully enjoy retirement. In my view, individuals should plan for a retirement income of around $75,000 per year (in today’s dollars) and couples closer to $100,000 per year, supported by a superannuation balance of approximately $1.5 million.
3. How a Financial Planner Can Help You Reach Your Super Goals
One of the main challenges with superannuation is not just how much you earn, but how effectively money is contributed and invested. A Financial Planner can help ensure contributions are structured in the most tax‑effective manner while taking into account your personal tax position, asset protection needs, and long‑term retirement goals. Ultimately, a planner can implement and review appropriate strategies designed to grow your superannuation balance and improve your chances of funding a comfortable and enjoyable retirement.
And the best time to talk to a Financial Planner? As soon as possible! Superannuation compounds over time so the earlier you seek help, the more likely you will be able to achieve more than the average super balances to set you up for the lifestyle you want in retirement.
Make the Most of your Super
The figures highlighted in The Motley Fool article clearly show that average super balances at ages 50, 60, and even 70 fall well short of what is required to fund a comfortable retirement aligned with most people’s lifestyle expectations. While the published benchmarks may support a basic level of comfort, those seeking flexibility, travel, and peace of mind in retirement should be aiming higher. Achieving this rarely happens by chance – strategic planning, tax efficiency, and appropriate investment decisions play a crucial role. Engaging a Financial Planner can help turn retirement goals into a clear, achievable plan and significantly improve long‑term outcomes.
Joshua Napier
Financial Planner
Fleming Financial Planning