Friday 6 November 2026
- Almost 5 million Gen X Australians are set to retire over the next decade.
- Only 40% of which are confident they’ll have the retirement they want.
- 57% wish they’d started making extra super contributions earlier.
- But there’s still time to make a difference, with AustralianSuper modelling showing how Gen X could boost their super by more than $70,000 over the next 10 years.
Australia is ushering in a new era of retirement, with 4.9 million Gen X-ers1 set to kick their heels up over the next decade. As the first generation to receive compulsory super for most of their working lives, Gen X has more than twice as much super as Baby Boomers had at the same age2. However, new research from AustralianSuper shows many still lack confidence in their retirement outlook.
The findings reveal just 40 per cent of Gen X Australians are confident they’ll be able to live the retirement they want, while only 37 per cent believe they are on track. A further 59 per cent don’t believe they are doing enough to prepare.
Some are also looking back with regret with more than half (57 per cent) saying they wish they had started making extra contributions earlier or in their 20s.
It’s not too late to make a difference
The years leading up to retirement offer an important window to give super a boost. AustralianSuper member data shows that on average, 26 per cent of Gen Xers have made additional contributions to their super3.
For some, day to day household expenses may start to ease, particularly as children become financially independent, creating room to redirect this money into retirement savings. Research shows that the cost of raising a child for a typical working-age couple is around $13,000 per year. Allocating half of this ($6,500) to each person for potential redirection highlights an opportunity to boost retirement savings.
AustralianSuper modelling4 shows just how much of a difference those final years of working can make: A 55-year-old woman with an average super balance of $250,300 and an average salary of $108,352 could double her super balance to an expected $521,000 by age 65 by contributing that $6,500 a year for 10 years as non-concessional contributions. With no voluntary contributions, her super balance would be $448,000.
This equates to an expected $73,000 more in super by age 65, highlighting the potential impact that additional contributions5 and compounding returns can have in the final decade before retirement.
Everyone's capacity to redirect money into retirement savings in the last working years leading up to retirement will differ. Whether it's thousands per year or a little each month, even modest contributions can grow significantly over time through the power of compounding interest.
| Potential additional expected balance from non-concessional contributions | ||||
|---|---|---|---|---|
| Time period | ||||
| 2 years | 5 years | 10 years | ||
| Amount contributed | $500 p/a ($41.67 p/m) |
$1,300 | $3,000 | $5,700 |
| $1,500 p/a ($125 p/m) |
$3,800 | $9,100 | $17,000 | |
| $3,000 p/a ($250 p/m) |
$7,600 | $18,100 | $33,900 | |
| $6,500 p/a ($541.67 p/m) |
$16,400 | $39,300 | $73,000 | |
Gen X isn’t standing still
Despite many wishing they’d started preparing for retirement sooner, Gen X are turning their attention to what lies ahead. Nearly three quarters (73 per cent) have taken at least one step to prepare for retirement.
Paying down debt is the most common action (34 per cent), followed by reviewing their super balance or investment options (27 per cent) and increasing their super contributions (25 per cent).
In fact, AustralianSuper member engagement data shows nearly half a million Gen X members accessed their AustralianSuper accounts between July 2025 and June 2026 to view their balances or change their investment options, a 14-fold increase compared with the same period 5 years ago6, with the app accounting for around 90 per cent of total log-ins7.
Gen X know what they want from retirement
Gen X also have a clear idea of what they’re preparing for. Having enough money to enjoy life is the top retirement priority for 64 per cent, followed by staying active (52 per cent), having greater freedom over their time (40 per cent) and travelling (35 per cent).
With a clear picture of the retirement they want, the challenge for many Gen X Australians is understanding whether they are on track to achieve it, and what they could do now to help turn those goals into reality.
AustralianSuper’s Head of Retirement, Jacki Ellis said Gen X shouldn’t assume they’ve left it too late to make a difference. “For a lot of Gen X Australians, retirement has gone from feeling a long way off to suddenly being 10 years away.
“More than 4.9 million Gen X Australians are expected to reach retirement age over the next decade, including more than 590,000 AustralianSuper members.
“Our research shows more than a quarter haven’t taken any action to prepare for retirement, and many wish they’d done more earlier. But looking backwards isn’t going to improve their outcome. What matters is what they do with the years ahead - it’s never too late to make a difference.
“That might mean checking whether their super is on track, paying down debt or considering whether they can afford to contribute more towards their retirement savings. The right approach will be different for everyone.
“The important thing is to understand where you stand today, what you want your retirement to look like and what options are available to you.”
Here are AustralianSuper’s top five tips to help your super go further before retirement:
- Give your future self a boost: As life stages evolve and household expenses change (e.g. school fees end, children move out, reduced car expenses), redirecting this money, even small additional contributions, can add up over time. Consider whether voluntary contributions, either regularly or when you can, could help boost your super, and check whether you may be eligible for government incentives.
- Put your super to work: Your super is invested for the long term, so it’s worth understanding where your money is invested and whether your investment option remains appropriate for your goals, timeframe and comfort with investment risk.
- Find your missing super: If you’ve changed jobs over your career, you may have super sitting in more than one account. Checking your super accounts and considering whether consolidation8 is appropriate could make it easier to keep track of your retirement savings and may help avoid paying multiple fees.
- Use tools and calculators: Make the most of digital tools like the Super Projection Calculator to explore how much super you may need to achieve your retirement goals and see the difference small additional contributions today could make in the long term.
- Know where you stand: Check your current super balance and what it could provide in retirement. Understanding the gap between where you are and where you want to be can help you decide what to do next. Download the app or log into the member portal via www.australiansuper.com.
For media enquiries, please contact:
Kylie Breckenridge, AustralianSuper
M: +61 402 746 226
E: media@australiansuper.com
About AustralianSuper
AustralianSuper manages more than $430 billion in members’ retirement savings on behalf of more than 3.6 million members from more than 500,000 businesses (as at 30 June 2026).Disclaimers
- Australian Bureau of Statistics, Population: Census, 2021. (Population: Census, 2021)
- AustralianSuper member data, the average balance of 55-year-old Gen Xers (born in 1970) in 2025 was $196,889 and the average balance of 55-year-old Boomers (born in 1961) in 2016 was $85,252.
- AustralianSuper member data, between FY22 – FY 26 the number of members (% as an average) that have made pre or post tax contributions. Members aged between 46 – 60 years old.
- Modelling: A 55yo mum with an average super balance ($250,300[1]) and average salary ($108,352.40 pa[2]) who doesn’t make voluntary contributions can expect to have $448,000 in super at age 65. Her child has moved out, and her family decides to divert the cost of raising the child (estimated at $13,000 pa per household[3]) towards their retirement savings. If this mum chooses to contribute her share of this amount ($6,500 pa) for 10 years from age 55, she can expect to have $510,000 in super at age 65, more than doubling her starting super balance. This is $19,000 more than if she had saved the same amount in a fee-free bank account (in which case she could expect total assets of $491,000 at age 65).
[1] How much super should you have?
[2] Average weekly earnings, seasonally adjusted full-time adult average weekly ordinary time earnings. $2083.70 * 52 = $108,352.40. Average Weekly Earnings, Australia, Map 2026
[3] How much does it really cost to raise a child in Australia? Here are the numbers - Before adding to your super, consider your financial circumstances, eligibility, contribution caps that may apply, tax issues and when your super can be accessed.
- AustralianSuper member log-in data between FY21 and FY26.
- AustralianSuper member log-in data between FY21 and FY26.
- Before making a decision to combine your super, consider any fees or charges that may apply, and the effect a transfer may have on benefits in your other fund such as insurance cover. If you wish to claim a tax deduction for personal super contributions, you must lodge a notice of intent to claim a tax deduction with your other fund before you combine your super. We recommend you consider seeking financial advice.
This media release includes general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.
AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.