How much super should you have?

If you're wondering what your super balance should look like, it can help to compare with others your age. Knowing how much super you have now, means you can plan for how much more you need to grow your super.

How does your super balance compare?

See how it stacks up against the average.

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Question 1 of 2

Select your age

Question 2 of 2

Select your gender

The average super balance of
women aged 18-24 is:

$10,100

The average super balance of
women aged 25-34 is:

$40,200

The average super balance of
women aged 35-44 is:

$88,800

The average super balance of
women aged 45-49 is:

$126,900

The average super balance of
women aged 50-54 is:

$152,700

The average super balance of
women aged 55-60 is:

$192,000

The average super balance of
women aged 61-65 is:

$260,900

Source: Rice Warner Average Balances to June 2020.
People with zero superannuation are not included
in average data.

The average super balance of
men aged 18-24 is:

$11,600

The average super balance of
men aged 25-34 is:

$53,100

The average super balance of
men aged 35-44 is:

$132,500

The average super balance of
men aged 45-49 is:

$198,800

The average super balance of
men aged 50-54 is:

$247,300

The average super balance of
men aged 55-60 is:

$293,000

The average super balance of
men aged 61-65 is:

$318,500

Source: Rice Warner Average Balances to June 2020.
People with zero superannuation are not included
in average data.

Do you have enough super for retirement?

Retirement needs are different for everyone. So, when planning how much super you’ll need in the future, it pays to think about the retirement lifestyle you want.

Taking time to think about your financial future means you can better plan for what’s ahead. Our super projection calculator can help you understand more about your retirement. It shows you the factors that will impact on your future balance, including how you can help grow your super with extra super contributions.

Check how your super stacks up with our super projection calculator

Simple steps to help grow your super

If you’re not on track for the retirement you want, there are many ways you can grow your super. The more you add, the closer you could get to achieving financial freedom in retirement.

Consolidate and take control

Consolidate and take control

Tracking down and consolidating your super accounts into one super fund could save you on paying multiple fees. This means more of your hard-earned savings stay working for you in your super account. Having one account also makes your balance easier to manage, by keeping all your funds in one place1.

You can track down your other super accounts and combine them into your AustralianSuper account in minutes.

Sacrifice some of your salary

Sacrifice some of your salary

When you make extra contributions to your super through salary sacrifice, you’re adding to your super before the deduction of income tax. With the super tax rate at 15% (depending on your earnings), it can be more effective to add some of your before-tax salary to your super balance. This means you could pay less tax as well as reduce your taxable income2.

Make after-tax contributions

Make after-tax contributions

You can also contribute to your super from money that you’ve already paid tax on (such as your after-tax salary, or an inheritance)2. This could mean that you may be eligible to receive a government co-contribution, depending on your total income.

Making spouse contributions

Making spouse contributions

Adding to your partner’s super can help to grow their balance, while also allowing you to save on income tax2.

Subject to eligibility criteria, you can also roll over a portion of your annual before-tax contributions each year. This is known as ‘contribution splitting.’ It allows you to split up to 85% of your pre-tax contributions with your spouse. These can include employer contributions and salary sacrifice. Plus, you can also split any personal contributions that you have claimed a tax-deduction for. Bear in mind, the contributions that you make to their account count toward your contribution cap3.

You can also make ‘after-tax contributions’ to your spouse’s super, if eligible2. This means you could receive a potential tax offset of up to 18% for contributions of up to $3,000.

Government co-contributions

Government co-contributions

By making after-tax contributions and falling into the right total income range, you could get some extra help with your balance. If eligible, you could receive government co-contributions, paid to your super account2. The co-contribution is tax free and isn’t taxed when it’s deposited into, or withdrawn, from your super account. It can be worth up to $500 pa.

You may have heard that you need $1 million to retire

The truth is retirement isn’t one-size-fits-all. Everyone’s path to retirement and the lifestyle that they are planning for, is different. The first step to determining how much money you'll need in the future is knowing the lifestyle you want. It’s important to also take into account how long you’ll spend in retirement, and if you are eligible for the Government Age Pension.

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A brighter future together

On average, women retire with almost half the superannuation of men due to many reasons4. These can include lower earnings, part-time employment and time out from the workforce. But it doesn’t have to be that way. You can make extra contributions, and consider consolidating your super if you hold more than one account1. These strategies can help grow your balance and close the gender super gap.

See what you can do

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