Is the average Australian superannuation balance enough to retire at 60?

Turning 60 can feel like a major retirement checkpoint.

For some Australians, it is the age where work starts winding down. For others, it is when the numbers finally become impossible to ignore. The big question is simple: does the average 60-year-old have enough super to retire?

The answer depends heavily on whether you are retiring alone or as part of a couple, and whether you want a modest or comfortable lifestyle.

What does the average 60-year-old have in superannuation?

There is no single exact figure for Australians aged 60, but we can estimate it using the surrounding age brackets.

According to the latest data from Rest Super, women aged 55 to 59 have an average super balance of approximately $242,945, while those aged 60 to 64 average $313,360.

A reasonable estimate is that the average 60-year-old woman has around $280,000 in super.

For men, the average balance is approximately $319,743 for ages 55 to 59 and $395,852 for ages 60 to 64. This suggests that the average 60-year-old man likely has around $360,000.

For a couple where both partners are around 60 and close to average, that suggests a combined superannuation balance of roughly $640,000.

Could a single person retire comfortably at 60?

This is where the challenge appears.

The Association of Superannuation Funds of Australia (ASFA) estimates that a comfortable retirement requires around $630,000 in super for a single person at retirement age, assuming home ownership and some Age Pension support.

Compared with that figure, the average 60-year-old woman’s estimated balance of $280,000 is well short. The same is true for the average 60-year-old man with $360,000.

That does not mean retirement is impossible, but it does suggest that a comfortable, fully funded retirement from 60 would be difficult for the average single person without other assets, part-time work, or a lower spending target.

What about a modest retirement?

A modest retirement is far more achievable.

ASFA estimates that a modest retirement requires around $110,000 in super for a single person. On this measure, the average 60-year-old appears to be comfortably above the required balance.

However, there is one important catch. Retiring at 60 means there are still seven years before Age Pension eligibility at 67. That means super would need to fund the gap until pension support becomes available.

For a modest lifestyle, the average balance may be enough for some singles, particularly homeowners with low expenses, but the margin for error is not large.

Could a couple retire at 60?

For couples, the picture is much stronger.

ASFA estimates that a comfortable retirement requires around $730,000 combined for a couple. The average couple aged around 60 may have roughly $600,000 to $640,000 combined, which puts them below the comfortable benchmark but within reach.

A few more years of work, continued employer contributions, investment returns, or modest additional contributions could potentially close much of that gap.

For a modest retirement, ASFA estimates couples require around $120,000 combined. On this basis, the average couple at 60 is well ahead. Again, the main issue is funding the years between 60 and 67 before the Age Pension becomes available.

Foolish takeaway

So, is the average Australian super balance at 60 enough to retire?

For a modest retirement, probably yes for many homeowners, especially couples. For a comfortable retirement, the answer is more complicated.

The average single person is likely to fall well short of the comfortable benchmark. The average couple is closer, but still not quite there.

The post Is the average Australian superannuation balance enough to retire at 60? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro 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.