You may already be aware of the importance of superannuation to fund your dream retirement.
However, it’s common for many to pay very little – or no – attention to how much is in their super and whether they are on track for a financially secure retirement.
If you make a contribution to your super – whether it’s compulsory by your employer or voluntary – it’s important for you to know that it serves in the best interest of your future. What’s more, you likely want to know whether your contributions are going to be enough to meet your goals so that you’ll ultimately be able to retire comfortably.
Monitoring how much you are saving for your retirement is crucial as it is the main point of saving for your golden years.
Here is a guide from Poole Advisory – trusted superannuation advisors in Sydney- to give you an idea of how much super you should have in your 30s, 40s, or 50s:
According to the ASFA, the average super balance for men and women between the ages of 30-34 and 35-39 is:
Age –
30-34:
Men: $58,035
Women: $45,968
35-39:
Men: $92,425
Women: $72,098
If your super balance currently sits below the average for your age, then it’s not too late to start topping it up with additional contributions.
You may also want to consider changing your superannuation investment strategy to a strategy that will offer you higher returns.
If you aren’t sure what these strategies are or even where to start on how you can grow your super today, check out our article: 4 Tips To Make The Most Out of Your Superannuation.
Between the ages of 40-44 and 45-49, the average super balance is:
Age –
40-44:
Men: $134,992
Women: $98,572
45-49:
Men: $182,146
Women: $127,687
With enough super in your fund for retirement, you’ll have the luxury to take a break from the chores of life to either travel or take up a new hobby. Whatever you may choose, it’s crucial you have the financial stability to do so.
At 50 and above, for a comfortable retirement, it’s wise to consider your super balance.
Average super balance amount for men and women in their 50s:
Age –
50-54:
Men: $242,007
Women: $159,188
55-59:
Men: $311,163
Women: $207,254
It’s important to note, that these numbers are the average super balances of Australians but many Aussies will not have enough super for retirement. You should consider saving more than the average shown in the tables above.
If you aren’t quite there yet, there are options to help solve this that can be discussed with a professional retirement planner from Poole Advisory.
If you have around $800,000 in super by the time you retire, it’s estimated that you will likely have enough funds to live the rest of your life comfortably. However, everyone is different and everyone’s lifestyle has a different cost associated. You may want to check based on your personal retirement plans using this calculator, provided by the ASFA: Retirement Tracker.
If your super balance is not where you would like it to be or even close to the average within your age bracket, there are strategies you can utilise to help grow your superannuation and get you on the right track to achieving your dream retirement lifestyle.
If you are not sure how to start retirement planning, you can use a super calculator or seek an expert’s financial planning advice for retirement to figure out what you need to do.
The best amount needed for your retirement depends on your goals, type of lifestyle, and other essential factors. By planning ahead, you can get on track to reaching your desired superannuation target.
Poole Advisory is here to guide you with more financial advice for retirement in Australia. Our goal is to help our clients plan, protect their peace of mind, and prosper in the process.
Contact us today to learn more about superannuation, retirement, and more.
Reference:
This information contains general advice only, that is, advice which does not take into account your needs, objectives, or financial situation. You need to consider the appropriateness of that general advice in light of your personal circumstances before acting on the advice. You should obtain and consider the Product Disclosure Statement for any product discussed before making a decision to acquire that product. You should obtain financial or credit advice that addresses your specific needs and situation before making investment or borrowing decisions. Taxation information is based on our interpretation of the relevant laws as at 1 July 2018. While every care has been taken in the preparation of this information, Prosperitas Partners Pty Ltd does not guarantee the accuracy or completeness of the information. The case studies are hypothetical, for illustration purposes only and are not based on actual returns
Poole Advisory Pty Ltd ABN 15 642 040 604 is a Corporate Authorised Representative (No. 001282603) of Prosperitas Partners Pty Ltd ABN 30 662 654 453 AFSL 544 917
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