Knowing how much superannuation you have, and how much you should have, is crucial to ensuring you have sufficient retirement savings for a comfortable lifestyle after you stop working.
Retirement savings falling short
While comparisons with others might not be helpful in themselves, what is interesting is that, on average, 45-year-olds do not have enough in their superannuation to be on track for a comfortable retirement.
Figures from the Association of Superannuation Funds of Australia (ASFA) show that for men aged 45-49 the average superannuation balance is $193,501, while for women it is $147,146.
But ASFA also has a useful calculator called Super Detective, which will show you how much superannuation you need for your age to be on track for what they deem a comfortable retirement.
That figure for a 45-year-old is $239,000 â well above the average.
ASFA’s Retirement Standard, or what they deem necessary for a comfortable retirement, envisages a superannuation balance which generates $55,923 per year for singles or $78,566 for couples.
It envisages retirees being able to afford top level health cover, a reasonable car, leisure activities and occasional travel as well as home maintenance.
Keep in mind it also assumes you own your own home and draw a part pension once you hit the pension age of 67.
How to boost your superannuation?
-If your superannuation is coming up short, there are various strategies to boost it, with some of them also being tax-effective.
The first step is to confirm that you have only one superannuation account. As simple as it sounds, this can save you from a double-up on fees charged by your superannuation provider.
Extra contributions can also be made to superannuation in the form of concessional and non-concessional contributions.
Concessional contributions are taxed at just 15% and include money contributed by your employer, salary sacrifice contributions, and extra contributions you make up to a cap of $32,500.
If funds permit and your superannuation balance is less than $500,000 in the last financial year, you can also carry forward any unused concessional contribution cap amounts from the previous five financial years.
The amount you are able to contribute in this way can be found in your myGov account.
A notice of intent to claim must be lodged with your super fund for concessional contributions so they know to deduct the 15% tax from the amount.
It is also possible to make non-concessional contributions up to $130,000 and to contribute more than this amount using the bring-forward rule.
The post The average superannuation balance for 45-year-olds in Australia in FY26. How does yours compare? appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right nowâ¦
* Returns as of 1 August 2026
.custom-cta-button p {
margin-bottom: 0 !important;
}
More reading
- How much is needed in superannuation for $1,000 in weekly passive income?
- Why is the ASX 200 having its worst day in 3 months?
- Why these ASX shares are worth watching closely today
- The average superannuation balance for 64 year olds in Australia in FY27
- 5 things to watch on the ASX 200 on Wednesday
Motley Fool contributor Cameron England 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.