Your late 50s should be when your focus shifts from accumulating your super to working out how and when you’ll access it.

After all, at the age of 58, you’re just two years from your preservation age. This is when you can start accessing your super if you’ve stopped working.

While it’s possible to retire this early, many Australians wait until they’re in their mid-60s or even early-70s to retire. By this point, you can access your superannuation regardless of whether you’ve stopped working or not, and you could also potentially be eligible for the Age Pension.

The question is, how much do you actually need in your superannuation before you can retire? And how do you know if you’re on track with the rest of the population?

Here’s a breakdown of what the average Aussie has at age 58, and what you actually need to retire comfortably in the next few years.

What is the average superannuation balance at age 58?

There isn’t an exact figure for the average superannuation balance at age 58, but the Association of Superannuation Funds of Australia (ASFA) has a good guideline.

ASFA’s data shows that at age 55 to 59, the average Australian male has around $319,743 in superannuation. The average female the same age has approximately $242,945.

So, how does your balance compare to the average Aussie the same age?

The catch is, even if you’re on track with the rest of the population, you still might not have enough to fund a comfortable retirement when the time comes.

How much does a comfortable retirement actually cost?

The majority of Australians will aim to live a comfortable retirement lifestyle. That’s one that enables retirees to maintain a good standard of living throughout their retirement years.

A comfortable retirement is one in which you have funds to pay for top-tier private health insurance and regular leisure activities. You’d have enough money to pay for home repairs or renovations, and perhaps even an annual holiday.

ASFA data shows that a comfortable retirement will cost around $55,923 per year for singles and $78,566 for couples. Again, it assumes you’ll receive a part Age Pension and that you own your home in full. 

That means ASFA’s data indicates that by age 67, single Australians need a superannuation balance of approximately $630,000. And couples should have closer to $730,000.

Is my average superannuation balance on track to meet this figure?

Unfortunately not. 

If your superannuation is in line with the rest of the population, then you’ll be able to afford a very basic and modest retirement lifestyle from the age of 67.

It could cover things like basic health insurance and home repairs, but wouldn’t leave much room for leisure activities or meals out, let alone a holiday.

But if you’re expecting to live a retirement lifestyle beyond the basics, you’re already falling far behind. 

In fact, I’ve crunched the numbers, and at age 58, you should have around $456,500 in your superannuation. 

This is around $137,000 to $214,000 more than what the average person has at the same age.

And if you’re planning to retire earlier than age 67, then you’ll also need to account for the cost of those extra years.

Help! How can I boost my balance before it’s too late?

At age 58, there are a few things you can do to boost your superannuation to where you want it.

Focus your attention on making extra contributions however you can. Individuals can make concessional (before-tax) super contributions, such as salary sacrificing, which are taxed at a reduced rate. You can also make after-tax payments within your annual limits. 

It is also a good idea to check in with Government contribution rules to see if you’re eligible for any under your personal circumstances. After all, every dollar counts when it comes to compounding growth!

The post Average superannuation balance for 58 year olds in Australia. 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.

The Steadfast Group Ltd (ASX: SDF) share price is in focus today following an update on a non-binding indicative proposal, with a further four-week exclusivity period now in place as Amwins Group and Dragoneer Investment Group progress their offer of $6.00 per share in cash.

What did Steadfast Group report?

• Consortium has re-confirmed its intention to acquire Steadfast at $6.00 per share in cash.
• Soft exclusivity period extended by four weeks under the Process Deed.
• Proposal made via a scheme of arrangement for 100% of Steadfast’s outstanding shares.
• No binding agreement reached at this stage; deal remains non-binding and indicative.

What else do investors need to know?

The Steadfast Board notes there is no guarantee a binding agreement will be reached and urges shareholders there is no certainty the proposal will result in a formal transaction. Shareholders do not need to take any action at this time.

The group will keep the market informed as new details emerge. Steadfast continues to operate its extensive insurance broker and agency networks across Australia, New Zealand, Singapore, and the USA, serving a broad client base in the insurance sector.

What’s next for Steadfast Group?

Steadfast will continue cooperating with the consortium during the extended exclusivity period. The company’s board is carefully considering the interests of all shareholders in relation to the proposal.

Management has reiterated that further updates will be provided to the market as appropriate, keeping investors informed on any material developments as the process unfolds.

Steadfast Group share price snapshot

Over the past 12 months, Steadfast shares have declined 13%, trailing the S&P/ASX 200 Index (ASX: XJO), which has risen 3% over the same period.

View Original Announcement

The post Steadfast Group extends exclusivity on $6.00 per share takeover offer appeared first on The Motley Fool Australia.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Steadfast Group. The Motley Fool Australia has positions in and has recommended Steadfast Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

$60,000 per year in passive income from ASX dividend shares sits comfortably above ASFA’s modest retirement standard and within reach of the comfortable retirement benchmark for a single person.

The maths is straightforward.

To generate $60,000 per year in dividend income at an average yield of 5%, you need approximately $1.2 million invested.

At a 6% yield, you need $1 million.

Three ASX dividend shares offer different but complementary ways to build toward that target.

Telstra: the defensive anchor

Telstra Group Ltd (ASX: TLS) is the natural starting point for any ASX passive income portfolio.

Not because it offers the highest yield, but because it offers reliability.

Telstra has not cut its dividend since 2019 and has increased its annual payout every year since 2022.

CommSec consensus estimates point to a fully franked dividend of 21 cents per share in FY26, rising to 21.5 cents in FY27.

At $4.92 per share, that implies a forward yield of approximately 4.3%, or a grossed-up yield of approximately 6.1% including franking credits.

That franked income is particularly powerful inside superannuation, where franking credits arrive as cash rather than being absorbed by tax.

A $400,000 investment in Telstra at a 5.86% grossed-up yield generates approximately $23,440 per year.

Suncorp: the recovery play with a growing payout

Suncorp Group Ltd (ASX: SUN) had a difficult FY26.

Catastrophe costs ran to approximately $580 million above budget and weighing on near-term dividends.

Despite this, UBS forecasts a fully franked annual dividend of 66 cents per share for FY2026.

This would imply a grossed-up yield of approximately 5.0% at the current share price of $18.94.

The more compelling part for this ASX dividend share is the trajectory.

UBS projects Suncorp’s dividend climbing toward $1.09 per share by FY2030, implying a forward grossed-up yield of approximately 8.2% at today’s price.

That reflects a scenario where FY26’s elevated catastrophe costs are unlikely to repeat at the same scale, and where improving margins support a multi-year dividend recovery.

A $350,000 investment in Suncorp at a 5.0% grossed-up yield generates approximately $17,500 per year today. This should grow materially as the dividend recovers.

Amcor: the quarterly payer

Amcor Plc (ASX: AMC) brings something Telstra and Suncorp do not: quarterly dividends.

Most ASX companies pay twice yearly. Amcor pays four times per year, giving income investors a more frequent and consistent cash flow.

Amcor’s most recently declared quarterly dividend was 91 cents per share in AUD terms. This translates to an annualised payout of approximately A$3.64 per share.

At $63.92 per share, that implies a trailing yield of approximately 5.7%.

Unfortunately, that yield is unfranked, reflecting Amcor’s UK domicile and predominantly offshore earnings.

However, the yield more than compensates for the lack of franking at an absolute level.

The business is delivering too. In Q3 FY26, Amcor delivered net sales of US$5.91 billion, up 77% year-on-year, as Berry Global synergies continued to flow through.

A $320,000 investment in Amcor at 5.7% generates approximately $18,240 per year.

The portfolio maths for these ASX dividend shares

$400,000 in Telstra at 6.1% generates approximately $24,400 per year.

$350,000 in Suncorp at 5.0% generates approximately $17,500 per year.

$320,000 in Amcor at 5.7% generates approximately $18,240 per year.

Combined, a $1,070,000 portfolio across these three stocks generates approximately $60,140 per year, essentially hitting the $60,000 target.

Foolish takeaway

$60,000 in annual passive income from ASX dividend shares is achievable with approximately $1 million to $1.2 million invested across reliable, income-producing businesses.

Telstra provides the defensive anchor with franked income.

Suncorp provides the income growth trajectory.

Amcor provides the quarterly cash flow and global defensive exposure.

Income investors looking for high yield at a reasonable price don’t need to look much further than these three.

The post How to build $60,000 in annual passive income from ASX dividend shares appeared first on The Motley Fool Australia.

More reading

• These ASX shares could generate $10,000 per year in passive income
• Are Telstra shares a buy for passive income?
• How much do I need in my superannuation to get $6,000 per month in passive income?
• How much is needed in superannuation to target a $70,000 annual passive income?
• 5 of the best investments on the ASX right now to complement your superannuation

Motley Fool contributor Mark Verhoeven 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 positions in and has recommended Amcor Plc and Telstra Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.