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Revealing the average superannuation balance of Australians

Updated: Jul 19, 2022

Calculating the average superannuation balance of Australians by age group and sharing how you can boost your superannuation contributions

The background to the Australian superannuation predicament

The Association of Superannuation Funds of Australia says that for individuals wanting to live a comfortable retirement, they should have a superannuation balance of about $545,000. This figure is slightly higher at $640,000 for couples.

Despite these benchmarks, currently, the average superannuation for Australian males between (65-69) is $384,539. For females it’s $313,050.

In previous articles we’ve explored the topic of Australian superannuation. Through our research we’ve established that’s not enough. We’ve accounted for numerous factors when calculating superannuation and other funds to support the costs of living. Such factors include:

  • The age pension which currently provides the average retiree between $330 - $440 a week to live off. This is a quarter of what is required to live a comfortable lifestyle. In addition to this, the aged pension may not even be around for future generations

  • People are living longer and want to retire earlier

  • Inflation constantly pushes up living costs.

Calculating superannuation balances for your age group

The table below demonstrates the current average superannuation balance of Australians, based on age group and gender.

How to boost your Australian superannuation fund

Here at Real Estate Investment Finance, we’ll always stress the importance of generating passive cash-flow to support your retirement. Don’t get us wrong – having a healthy superannuation balance is important too! Though, creating wealth to live a comfortable retirement is key.

How to make the most of your superannuation balance
How to make the most of your superannuation balance

In combination with creating wealth from cash-flow positive real estate investments, here are a few things that you can do to boost and make the most of your superannuation balance.

  1. Find lost super - If you have changed jobs, name, or address throughout the course of your working years you might be able to track some of your lost super. To find any lost or unclaimed super, check with the ATO.

  2. Consolidate superannuation accounts and funds - Following tip number one, if you have changed jobs over the years, you may have more than one superannuation account. Consider consolidating several super accounts into one. A bonus from this strategy is that you can reduce the annual fees that you pay across several accounts.

  3. Make additional contributions through salary sacrifice contributions - This option allows you to put some of your before-tax income into your superannuation fund, on top of the super that is paid by your employer. When making additional contributions under this structure, it’ll get taxed at a rate of 15%.

  4. Make tax deductible contributions - This option allows you to make voluntarily contributions from your after-tax pay. You can make up to $110,000 in these types of contributions each tax year.

  5. Spouse contributions - Spouse contributions allow you to top up the retirement savings of your partner if you earn more than them. This structure allows you to claim an 18% tax offset on your annual tax return.

  6. Government co-contributions - This is for low to middle income earners who make after-tax contributions to their super. This allows you to get a matched contribution from the Government if they deem that you’re eligible when lodging your tax return.

There are other strategies that you can consider when looking to boost your superannuation balance. To learn more, we recommend consulting your Australian superannuation fund provider or qualified tax accountant.

Other means of creating wealth to support your financial future

As specialists in all things finance and property investment, Real Estate Investment Finance can assist you with creating wealth through cash-flow positive property.

For more information, please feel free to contact us on the details provided.

Ph: 1300 130 932

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