Superannuation can look very different from one decade to the next.
At 52, retirement is often close enough to start feeling real, but still far enough away that many people expect to keep working and contributing for years.
At 62, the picture changes. Retirement may be just around the corner, or already underway for some. That makes these two ages useful checkpoints.
First, what are we aiming for?
Before looking at the averages, it is worth revisiting the goal.
According to the Association of Superannuation Funds of Australia, a comfortable retirement currently requires around $630,000 in super for a single person and $730,000 for a couple, assuming home ownership and access to a part Age Pension.
A modest retirement, which covers the basics with limited discretionary spending, requires far less at roughly $110,000 to $120,000.
These benchmarks help frame whether the averages at 52 and 62 are on track for an early retirement.
What does the average 52-year-old have?
According to the latest superannuation data, Australians aged 50 to 54 have average balances of approximately $190,175 for women and $254,071 for men.
Because age 52 sits right in the middle of that range, it is reasonable to treat those figures as a good guide for the average 52-year-old.
That means a typical 52-year-old woman might have around $190,000 in super, while a typical 52-year-old man might have around $254,000.
These are meaningful balances, but they are unlikely to be enough for most Australians to retire immediately. A person retiring at 52 would need their savings to last for potentially 35 years or more. They would also need to bridge a long gap before becoming eligible for the Age Pension at 67.
As a result, retiring at 52 with the average superannuation balance would likely require very low expenses, other assets, part-time income, or a willingness to accept a highly restricted lifestyle.
What does the average 62-year-old have?
By age 62, average super balances are materially higher.
Australians aged 60 to 64 have average superannuation balances of around $313,360 for women and $395,852 for men.
Once again, because 62 sits in the middle of that age bracket, those figures provide a useful estimate for the average Australian at that age.
That would mean the average 62-year-old woman has approximately $313,000 in super, while the average 62-year-old man has around $396,000.
This is a much stronger position than at 52, but retiring immediately at 62 still requires careful thought. The gap to Age Pension eligibility is shorter, but a retiree may still need to fund around five years before reaching 67.
For couples, combined balances may provide more flexibility. For singles, the average balance may support an early retirement only if spending is modest and housing costs are low.
Foolish takeaway
The average Australian super balance at 52 is roughly $190,000 for women and $254,000 for men. At 62, it rises to around $313,000 for women and $396,000 for men.
Neither age tells the full story on its own. Housing, spending, health, relationship status, and other assets all play a major role.
But one thing is clear: retiring early with these average balances is challenging, especially at 52. By 62, it becomes more realistic for some Australians, though is still highly dependent on lifestyle expectations and whether other income sources are available.
The post Here’s the average Australian superannuation balance at 52 and 62 appeared first on The Motley Fool Australia.
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