How does my super compare to others? Here's a breakdown of average super balances by age

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whether you're just starting out in your job, somewhere in the middle of your working life, or close to retiring, it's a good idea to get to know your super.

Ultimately, the amount of superannuation you put aside over your working life will dictate how your retirement plans will play out.

If you're keen to find out whether your super balance is on track to give you a plush retirement, here's how much you'll need and what you can do to give it a boost if your current balance is a bit lacking.

You can also compare your super to other people of your age to see how you're going.

What's the retirement age in the land down under?

You can kick back and relax whenever you feel like it.

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Birth period	Pension age
From 1 July 1952 to 31 December 1953	Sixty-five years and six months
From 1 January 1954 to 30 June 1955	66 years
From 1 July 1955 right through to 31 December 1956	Sixty six years and six months
From January 1, 1957, onwards	67 years

How much superannuation do I need to retire comfortably?

According to the Association of Super Funds Australia (ASFA), the average superannuation balance required at age 67 for a comfortable retirement is:

• for a
• person

However, it's worth noting these figures are based on certain assumptions:

• They take out their super as a tax-free lump sum
• They rely on a part pension
• They've bought and fully paid for their own house.

What does "comfortably" actually mean?

Good question.

The Australian Securities and Investments Commission or ASIC website tells me to take a look at Aged Services Finance Australians, or A.S.F.A. A-S-F-A defines a comfortable retirement when a retiree can:

• You're welcome to participate in a variety of leisure activities
• Buy household goods
• Pay for things like private health cover, a decent ute, good threads, gadgets, and the occasional trip – both interstate and overseas

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Have a squiz at your own spending habits to get a fair dinkum idea of what you'll need each month, so you can work out a more accurate picture of how much you'll need stashed away by the time you hit 67.

How much superannuation should I have by now?

To reach a comfortable retirement, the following estimated super balances are needed at various ages:

Age	Balance for comfortable retirement
23	$5,500
25	$18,500
30	$59,000
35	$101,500
40	156,000
45	$213,000
50	$281,000
55	$361,000
60	$453,000
65	$549,000
67	$584,000

Insert the facts to access to a detailed breakdown of your super readiness. What we provide will help you offer insight on your potential retirement savings and continue to make informed decisions.

How does my superannuation (super) compare to others?

From the 2021 financial year.

Age	Male average account balance	Female average account balance
18-24	$8,148	$7,328
25-29	$25,981	$23,429
30-34	$56,344	$46,289
35-39	$95,937	$75,785
40-44	$139,431	$107,538
45-49	$190,716	$142,037
50-54	$246,955	$182,167
55-59	$316,457	$236,530
60-64	$402,838	$318,203
65-69	$453,075	$403,038

When it comes to achieving a comfortable retirement.

If you cast your peepers back to the previous table, a 40-year-old should have a nest egg of around $156,000.

However, the average bloke aged 40-44 has $139,431, which is $16,569 short of the target.

Meanwhile, a forty- to 44-year-old woman has $107,538, a further shortfall of $48,462.

And the differences just get more noticeable as we get older.

Where can I check my super account balance?

(ATO) under linked services.

To manage your super in your ATO online account, you can follow these steps:

• Sign in to myGov
• Tap the Services button
• Choose Australian Taxation Office from the linked services list.
• Tap the Menu button, which should have an icon with three horizontal lines.
• Select Super from the dropdown menu.
• Choose either Information or Manage, depending on what you'd like to do

Why's me balance bein' lower than the others of me age group?

There could be many different factors.

all matter.

"Because your super guarantee's the lifeblood of all the money going into your super account, any change to your income will have a flow-on effect on your super balance over the long haul," Mr Ford says.

Your super fund's health can also reduce your balance, much like having multiple super accounts.

Here are three 'health check' questions Mr Ford recommends asking:

• Sometimes having to pay more can get you better functionality, transparency, and control over superannuation.
• Not too safe for your age but not too reckless if you're nearing retirement
• Make sure I've taken your personal needs and situation into account

You may also notice that women in Australia have generally lower superannuation balances compared to men.

Rebekah Sarkoezy from Super Consumers Australia says it often comes down to caring responsibilities.

"We know that women are more likely to take time out of their careers to care for their families, which might mean working part-time, taking a break from the workforce, or retiring early," Ms Sarkoezy says.

This, along with the pay gap for men and women, means that the difference in retirement savings between pre-retiree blokes and women is a shocking 42 percent, as reported by the Workplace Gender Equality Agency.

How can I boost my superannuation savings?

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• from a previous job (you can contact the ATO if you're missing or have unpaid super)
• or after-tax contributions
• Get your partner to chip in and boost your super balances through a spousal contribution.
• Regularly give your fund a "health check" to ensure it's still meeting your goals or churn it for a change.
• If you're a low- or middle-income Aussie who gets to put your own money into your super, the rules about paying extra tax on those contributions don't always kick in.

"The ATO's Your Super Comparison Tool is the ideal place to kick off your search to find and compare super products," Ms Sarkoezy says.

Not philosophising, if you're keen to chip in willingly and boost your super savings, ensure that you take out a sum that's readily affordable, as that dough will be locked in till your retirement days.

For a lot of Aussies, this supplementary strategy can be a tax-smart way to stash money for the long haul.

Mr Ford reckons you should keep a record of where you're putting your money.

Over the long term, you may be prepared to take on more risk for a higher gain, as long as you've got plenty of time to ride out the ups and downs of the market.

It's essential to be aware of what you're paying in fees and insurance costs, as they can really add up over the long run.

Every buck saved is another buck to swell.

How much super should I get from my employer?

4. terminating an employee because of a protected attribute

If an employee is: over 18 years, or under 18 and works more than 30 hours a week.

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