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How Much Super Should I Have?

Jacaranda Team

Jacaranda Team

April 6, 20215 minute read
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If you are reaching retirement age, or just want to know whether you are on track to retire comfortably, you may be unsure how much superannuation you should have sitting aside for you. Are you searching ‘how much super should I have?’ Thankfully, there are accurate guides provided for people to strive for.

On this page:

    Average super for Australians

    Before we discuss how much super you should have, let’s look at the average super balances of Australians by age. The Australian Bureau of Statistics (ABS) has broken down the average superannuation amounts held by Australians by age and gender. 

    Age Average super (men) Average super (women)
    15 to 24 years old $6,300 $6,100
    25 to 24 years old $41,700 $31,600
    35 to 44 years old $100,300 $69,300
    45 to 54 years old $196,400 $129,199
    55 to 64 years old $332,700 $245,100
    65 to 74 years old $417,900 $378,600
    75 to 84 years old $366,200 $270,300

    How much super you should have to comfortably retire

    The AFSA Comfortable Standard balance gives a rough estimate of how much super you should strive to have at each age group to comfortably retire. The estimate factors in key costs that may be associated with your retirement, including covering your mortgage, rent, renovating, travelling or any medical expenses you may need to incur. These are the balances AFSA recommends reaching by the time you are 67 years old.

    Age Super balance
    25 years old $24,000
    30 years old $61,000
    35 years old $102,000
    40 years old $154,000
    45 years old $207,000
    50 years old $271,000
    55 years old $345,000
    60 years old $430,000
    65 years old $523,000

    After the age of 35 years old, you should be saving at least $15,000 per year in superannuation. Employers are obligated to pay 9.5% super into your super account based on your wages. This means that, on average, you should be earning $105,263 per year to not need to deposit more super into your super account based on this rate of payment. 

    Tips for saving super

    Superannuation is something that many people do not consider until they are close to retirement age, at which point it is much more difficult to save sufficiently. Here are some easy tips for saving super that you can start implementing straight away.

    Don’t withdraw from your super

    The first easy tip is to not withdraw from your super. The coronavirus pandemic has seen super companies allow early withdrawal of your super; it is understandable to consider this easy money as a great cash influx. However, it is best to keep your super sitting in your account for when you need it later. You will end up losing more money by withdrawing super early as this cash will not appreciate in value unless you use the money to invest elsewhere.

    Make extra deposits into your super account

    With the average rate of payment of 9.5%, it may not be feasible for your employers’ payments to keep you on track, especially if you wish to reach the AFSA Comfortable Standard balance. You can tell your employer you wish to ‘salary sacrifice’; this will mean they can make extra repayments for you, or you can deposit money directly into your super account. This is also a great way to save money in general in case you do wish to access it later. 

    Ensure you have the right super for your needs

    Check that you are with a superannuation company that meets your investment profile, the level of insurance you have and what you are paying in any other fees and charges. If your employer set up your super account for you, they may have selected an insurance premium that is charging you unnecessary fees. Additionally, it may be helpful to ensure your superannuation company is performing on par with similar competitors and that you are getting the most value for money. 

    Retirement tips

    Retirement is a very different chapter we will all enter when we get older. If you are considering retiring soon, your life will likely change in a big way. Here are some tips to help the transition into retirement be as pleasant and seamless as possible.

    • Ease into it: You may wish to consider part-time or casual employment before you fully retire to get yourself used to working less. 
    • Develop a routine: If you are used to working 9-5, it may feel overwhelming to all of a sudden have an abundance of time on your hands. Developing a routine, even if it is waking up and going to sleep at the same time, can give your days some stability.
    • Continue to eat well: If you previously ate around your work schedule, ensure that you are still making time to eat well. It may be an exciting time to explore new cooking options!
    • Keep your mind active: Studies have shown that learning in later years helps people stay independent, so you may wish to pick up a new hobby or learn a language you never got around to. 
    • Travel: While coronavirus has made travelling difficult, Australia is still a large country with many beautiful locations within reach. Consider travelling and exploring now that you have the time to do so. Jacaranda Finance offers holiday loans up to $15,000 for eligible applicants looking for short term financial assistance.  

    Jacaranda Finance are loan specialists

    Jacaranda Finance offers personal loans from $1,000 to $15,000 for Australians in need of a short term loan. We are a 100% online lender that specialises in delivering fast loan outcomes. We were the first lender in Australia to deliver a 60-second loan payout and we endeavour to process our applications in just 60-minutes. When you need a loan, Jacaranda Finance may have an option to suit your needs. If you are considering applying for a loan, here are our important things to consider when you do so.

    We also offer car loans from $5,000 to $35,000 for both new and used cars. We offer flexible repayments, from 1 to 4 years, and competitive interest rates. 

    If you currently have multiple debts that you are struggling to manage, here are Jacaranda Finance’s tips for managing your debts effectively. If you cannot afford your loan repayments due to COVID-19, here are some things you may like to consider.

    Copyright © www.jacarandafinance.com.au Jacaranda Finance Pty Ltd ® ABN 53 162 078 195 Australian Credit Licence 456 404, Pawnbroking License Number 4221738. The information on this web-page is general information and does not take into account your objectives, financial situation or needs. Information provided on this website is general in nature and does not constitute financial advice.

    Jacaranda Team
    Jacaranda Team

    Written by Jacaranda Team

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