The average superannuation balance at ages 50 and 60. How does yours compare?

When it comes to your superannuation, it’s important to keep on track of how much you should have stashed away.

How else will you know if you have enough money to retire when the time comes?

Age 50 and age 60 are important milestones. 

Age 50 marks the final 10-15 years before quitting work. At this point, Australians are usually earning around their peak income, and compound growth is in full force.

At 60, you can access your superannuation if you meet the conditions of release.

These two milestones are important because they mark the lifestyle shift between actively building your wealth, to when you can start drawing down on it.

So, how does your super balance compare to other Aussies the same age?

Let’s take a look.

What is the average superannuation balance of Australian men and women aged 50 in Australia?

There aren’t exact figures for the average balance at age 50, but the Association of Superannuation Funds of Australia (ASFA) provides a handy guide.

The average 50-54 year old male in Australia has around $254,071 in their superannuation. 

But age 50 is right at the bottom of that age bracket. So it can help to look at the one below, too.

The average balance for men aged 45-49 is $193,501.

Meanwhile, women aged 50-54 have an average of $190,175 in superannuation. Those aged 45-49 have less, at around $147.146.

What is the average superannuation balance for 60-year-old men and women?

Again, there aren’t exact figures for the average balance at age 60, but ASFA has some ranges to keep in mind.

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

Looking at the bracket below, ASFA’s data shows that the average superannuation balance for Australian men aged 55-59 is $319,743.

Once again, women the same age have less.

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

For the age bracket below, the gap is a little lower. Women aged 55-59 have around $242,945 saved in their superannuation for retirement.

How does your super balance compare with that of men or women your age?

Is it possible to retire comfortably off these average balances?

Unfortunately not.

ASFA calculates that a comfortable retirement will cost single Australians $56,166 per year and couples closer to $78,998 per year.

To fund that, individuals need at least $630,000 saved in their super, and couples need at least $730,000 combined.

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.

That’s significantly less than the average balances of Australians across all the age brackets mentioned above. 

To reach these figures, all individuals need a superannuation balance of $254,500 at age 50. This increases to $457,500 by the time you reach age 60.

The post The average superannuation balance at ages 50 and 60. How does yours compare? 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.