As Easter is all about eggs – and perhaps growth – do you know how your future nest egg compares to someone else’s at your life stage? And, crucially, is it on track to grow enough for a sweet retirement?

Let’s start with what super balance is average for your age. Note – average doesn’t mean ideal, but I will get into that. These are the real, age-based super amounts the Australian Taxation Office has most recently reported.

This Easter, turn your thoughts to a different kind of egg.Credit: Sam Bennett

For males, the average super balance at age 18-24 is $8148, at 30-34 it’s $56,344, at 40-44 it’s $139,431 and at 50-54 it’s $246,955. What is the typical amount men retire with at age 65 to 69? It’s $453,075.

For women though, you have probably guessed that pay and parenting inequities (I’m generalising but generally it is also still true) see female’s respective amounts lower. We are talking $7328 at age 18-24, $46,289 at 30-34, $107,538 at 40-44 and $182,167 at 50-54.

At retirement between 65 and 69, $403,038 is today’s norm for women. So, is a nest egg of this size sufficient for a sweet retirement, for anyone?

The short answer: no.

The target end-balance for a single is $595,000, we’re told by the Association of Superannuation Funds of Australia, and $690,000 for a couple. That is the amount it calculates gets us over the line to a comfortable standard of living… not lavish but also not too frugal.

If you work the super system, females’ lifestyles in retirement can easily equal men’s.

You must note, though, that these figures assume you own your home by retirement, and that you draw down progressively on all your funds and so, over time, get more age pension.

QOSHE - How your super compares with the average (and how to fix it if it doesn’t) - Nicole Pedersen-Mckinnon
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How your super compares with the average (and how to fix it if it doesn’t)

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29.03.2024

As Easter is all about eggs – and perhaps growth – do you know how your future nest egg compares to someone else’s at your life stage? And, crucially, is it on track to grow enough for a sweet retirement?

Let’s start with what super balance is average for your age. Note – average doesn’t mean ideal, but I will get into that. These are the real, age-based super amounts the Australian Taxation Office has most recently........

© The Sydney Morning Herald


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