Superannuation is one of those things that you put to the back of your brain and mark as a later problem - like dental check-ups and car servicing. But then suddenly, you’ve reached later and it’s become a much bigger priority.

And when it does, you want to be prepared.

Super is one of the largest investments most of us will make throughout our lifetime, so it’s easy to lose track of how we are going and whether we’re on track for a “good” super balance.

And while comparing against others isn’t very productive, especially when the playing field looks different for each individual, having a benchmark can help you get a signal of your financial health.

The sooner you can benchmark where you’re super is at, the sooner you can make informed decisions for your financial future.

Average super balance across different ages

‍Have you checked your super balance? 

Okay so the table above might not mean much to you until you compare it to your own super balance. 

So if your super has been withered dry like a neglected houseplant, now is the perfect chance to take a look, and check out how it’s been growing.

As you look at your current super balance, assess how it differs from the average super for your age group.

Maybe your super is well above the average and thriving. 

Or maybe your super isn’t quite where it should be, in which case this is a good time to think about some changes you could make.

What if I’m below the average for my age?

If you’ve checked your own super balance and realised that it’s lower than the average in the table above, it doesn’t necessarily mean you’re in danger zone, and you’re definitely not alone.

But according to ASFA Retirement Standard’s 2023 research, to enjoy a comfortable retirement, a single person would need $595,000 in super by age 67, assuming they have paid off their mortgage. 

That assumes you’ll spend around $51,630 on your living expenses annually, which might not be the case for everyone.

The amount of super you actually need will differ depending on your lifestyle, your financial security, and your expenses. 

So while this benchmark is a good guide, there are many factors it doesn’t take into account.

No matter what the reason, it shouldn’t stop you from doing the things that are within your control to give your super its best chance to grow in the future.

As the saying goes, the best time to plant a tree was 100 years ago, but the second best time is today.

What can I do if my super isn’t where I want it to be?

So many things!!!

Start by getting your ducks in order. Are your personal details in your super up to date? Do you have all your super consolidated? Does your superfund have your TFN?

Once you’ve set the slate clean, you can consider ways to grow your super balance faster. 

That might mean changing your superfund to one that offers a better return, or it might mean making voluntary contributions to your superfund.

There’s a lot to learn when it comes to growing your super, and while there’s a bit of a learning curve involved, it also means there are plenty of options to explore when it comes to growing super.

The Flux Academy has broken down how to get on track with your super in simple steps. 

It includes everything from how super works to the nitty gritty of tax obligations of super contributions.