As Australians approach 55, planning becomes all the more critical, and the question arises—how does your account stack up against the average balance? Recent data from the Association of Superannuation Funds of Australia (ASFA) shows that Aussie savers are concerned about their retirement. Insights into basic superannuation statistics could be helpful in understanding where you sit against the crowd. Getting ahead of the crowd could be one more step on the road to a comfy retirement.
Let's delve into the current average super balance at 55 and how it aligns with retirement goals. What's the average superannuation balance at 55? By the time you're 55 years old, you'll typically have anywhere from 10–12 years until retirement age when you can access super. ASFA data reveals that for Australians aged 55–59 is approximately $286,000 for men and $209,000 for women.
This doesn't give the exact average at 55, but it gives a reasonable number for the age range. What's important is not so much the average itself as whether it's high enough to provide a solid bastion in retirement. And the data shows these averages fall short of the ASFA recommendation for a comfortable retirement.
To achieve a comfortable retirement lifestyle, ASFA suggests individuals should aim for a super balance of around $595,000 for singles and $690,000 combined for couples by age 67. What is the budget for a comfortable retirement anyway? The budget includes costs for essentials like groceries, healthcar.