The average superannuation balance for 64 year olds in Australia in FY27

At age 64, you’re approaching the final few years before you can retire and enjoy the superannuation you’ve worked hard to accumulate.

But do you know if you actually have enough money in your account to live the retirement lifestyle you’ve planned?

Or how your super compares to others the same age?

Here’s a breakdown of the average superannuation balance for Australians aged 64, and how much you actually need to retire well.

How does yours stack up?

The average superannuation balance for Australian men aged 64 in FY27

There aren’t exact figures for the average balance at age 64, but the Association of Superannuation Funds of Australia (ASFA) provides a bracket which can be used as a starting point.

The data shows that the average Australian male aged 60 to 64 has around $395,852 in their superannuation.

But as age 64 is right at the top of that age bracket, it can be helpful to look at the one above too.

ASFA’s data shows that the average superannuation balance for Australian men aged 65-69 is $448,518.

And the average superannuation balance for Australian women at age 64

Women in the same age bracket have a lot less. The average balance for Australian women aged 60 to 64 is around $313,360. That’s a gap of around $83,000 compared to men the same age.

For the age bracket above, the gap is a little lower. The average superannuation balance for women aged 65 to 69 is $392,274. That represents a gap of around $56,000 when compared to men in the same age bracket.

The gap is mostly due to women taking extended periods out of the workforce, during which time they receive little to no compulsory employer superannuation. 

How does your super balance stack up with men and women the same age as you?

And most importantly, how does your balance compare with what you actually need to retire comfortably?

How much super do I actually need to retire comfortably?

ASFA estimates that it’ll cost single Australians around $55,923 per year to retire comfortably. Couples living together will need to have closer to $78,566 per year combined to finance a comfortable retirement.

These figures also assume you’ll start your retirement at age 67. It also assumes that you’ll receive a part Age Pension around this time and that you own your home outright.

In order to fund a comfortable retirement, ASFA calculates that single Australians will need around $630,000 in their superannuation at age 67. Meanwhile, couples will need around $730,000 combined at the same age.

To reach this goal, at 64, all Australians should aim to have around $581,000 stashed away in their superannuation.

As you can see, the amount you need to retire comfortably is significantly higher than the average superannuation balances for either age bracket.

Help! I’ve fallen behind. What can I do to boost my balance before it’s too late?

At age 64, it’s not too late to boost your superannuation balance before you decide to stop working.

My first tip is to ensure that your super fund is performing well and that your investment strategy and risk profit are appropriate for your circumstances. 

Then you’ll need to add extra contributions wherever you can. Take advantage of concessional and non-concessional limits and any potential tax reduction that may come with it.

Also take advantage of any applicable government contributions that might help your personal circumstances. There is a downsizer contributions rule, a bring-forward rule, a government co-contribution rule, and many others.

Anything you do today can help boost your compound growth.

The post The average superannuation balance for 64 year olds in Australia in FY27 appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies 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.