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How much super is enough?

This is the question we get the most from our members. A good place to start is to compare your super balance with those who are the same age. However, it's important to recognise that your individual circumstances, such as income levels and retirement expectations, may vary.

Check your super balance against your age bracket

Australian average super balance by age

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Average age bracket Male Female
15-24 years $6,500 $5,100
25-34 years $42,100 $34,500
35-44 years $107,700 $76,900
45-54 years $219,300 $136,000
55-64 years $326,200 $246,300
65-74 years $435,900 $381,700
75 years and over $370,900 $314,100

Source: Australian Bureau of Statistics (ABS), Household Income and Wealth, Australia: Summary of Results, 2019–20. Table 12.3 superannuation account balances(a), Persons with superannuation accounts, Age and sex, 2009–10 to 2019–20.

So how much super should you have?

While it's helpful to see how you compare to others, if you’re at the young end of an age bracket, you might not have as much as if you’re at the older end. It's important to remember that everyone's situation is different. So what should you aim for?

For most people, having around 70% of your current take-home pay is the amount of money you need in retirement to keep the lifestyle you have now1. So if your take home pay is $100,000, you’ll need $70,000 for each year you live in retirement.

If you're on a lower income and worried about your what your retirement income may look like, remember that Australia has a safety net in place with the Government Age Pension. For more information on how your retirement income may look, visit How much you need to retire.

You can also see if you’re on track to reach your lifestyle goals in retirement, with My Retirement Planner – an online calculator that shows what strategies you can introduce to hit your retirement targets.

 

How to grow your super

The good news is, it’s never too early or too late to maximise your super savings strategy. Here are some simple hacks you can make to maximise your super savings. Easy actions to boost your super include:

Contributions before tax or after tax can help boost your super and potentially reduce the amount you pay in tax. 

MySuper Lifecyle automatically tailors your investment mix to suit your age, to help you retire with more.

Multiple super accounts could mean multiple fees. Consider consolidating your super and potentially reduce fees2.

2Before you decide to consolidate, compare your options. Consider the loss of insurance cover from your other fund(s) and any tax implications to make sure consolidating is right for you. 

How your super investments are performing

There’s plenty happening around the world that affects your super’s investment returns, including global politics, central bank activity (controlling interest rates) and current inflation levels (cost of living).

Join our experts with the latest investment market update.

Insurance, estates and other super benefits

If your super is on track – great! There are other super helpful things you can do to make the most of your super account:

Members can access advice about their Aware Super account at no extra cost, or advice on their broader needs for a fee.

This is general advice only. Consider your personal objectives, financial situation and needs, which have not been accounted for in this information, as well as the PDS and TMD at www.aware.com.au/pds before making a decision about Aware Super. Issued by Aware Super Pty Ltd (ABN 11 118 202 672, AFSL 293340), the trustee of Aware Super (ABN 53 226 460 365). Financial advice services are provided by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430), wholly owned by Aware Super. You are receiving this communication because you are a member of Aware Super. If you do not wish to receive marketing material from us, you can change your communication preferences at any time by logging into Member Online or calling Aware Super on 1300 650 873.