How much money should I save for retirement? Superannuation targets by age.
.png)
Curious about how much superannuation you need for a comfortable retirement? Ignore the “average balance by age” charts you typically see in response to this question, as current balances are clearly not a benchmark for how much you should have (as you'll see later).
Instead of current averages, we rely on ASFA’s Comfortable Retirement Standard to give clear, age-based targets; that way you can check how your super stacks up today. So let's dig in!
How much super do I need to retire?
ASFA’s Comfortable Retirement Standard estimates two things: the yearly income needed for a comfortable lifestyle in retirement, and the super balance at age 67 that would typically support that income.
As of March 2025, here's what the ASFA says you'll need:
- Couples. About $73,875 a year, with a target balance of $690,000 in super at age 67.
- Singles. About $52,383 a year, with a target balance of $595,000 in super at age 67.
ASFA also publishes balance checkpoints by age so you can see if you’re broadly on track. we’ll look at those next.
How much super should I have at my age?
The table below uses a single person earning a consistent $65,000 a year as an example. Your own target will change based on your income. And counter-intuitively, those on higher salaries often have lower targets at younger ages due to their larger ongoing contributions over time.
Given that incomes rarely stay the same, the key is to use this table as a general guidepost, not a hard-and-fast rule.
|
Age |
Target balance (single, on a $65,000 wage) |
| 22 | $5,500 |
| 25 |
$26,000 |
| 30 |
$66,500 |
| 35 |
$111,500 |
| 40 |
$168,000 |
| 45 |
$226,000 |
| 50 |
$296,000 |
| 55 |
$377,000 |
| 60 |
$469,000 |
| 65 |
$571,000 |
| 66 |
$584,000 |
Source: Data obtained from the ASFA Super Detective online calculator on August 20, 2025. Targets are based on ASFA's specific modelling assumptions.
The reality: how much most Australians have in super
So, how do those targets compare to the actual super balances of everyday Australians? The data below shows the median super balance, or the 'middle' value for each age group, which gives a more realistic picture than an average.
|
Age Group |
Median Balance (Men) |
Median Balance (Women) |
| 25-29 |
$17,545 |
$17,840 |
| 30-34 |
$39,796 |
$34,327 |
| 35-39 |
$70,181 |
$54,391 |
| 40-44 |
$101,231 |
$74,066 |
| 45-49 |
$133,616 |
$93,471 |
| 50-54 |
$162,146 |
$111,063 |
| 55-59 |
$186,255 |
$128,675 |
| 60-64 |
$205,385 |
$153,685 |
| 65-69 |
$206,091 |
$191,475 |
Source: ASFA, September 2024.
As you can see, there is a significant gap between the retirement targets and the median balances for most age groups. The data also shows a persistent gender super gap, with women's median balances typically lower than men's.
But the point of these numbers isn't to be discouraged by a potential gap. The savings journey for most people looks very different, and there are steps you can take to work towards closing any gap, as we'll discuss later.
What is a comfortable retirement?
To put their targets into context, ASFA defines different standards for 'comfortable' and 'modest' retirements. Each standard represents a different kind of lifestyle and what you can afford to do.
As you can see in the table below, this affects everything from your travel and dining habits to the type of car you can run.
Put simply, the savings targets above represent the amount needed to fund the 'comfortable' lifestyle. If you fall short of those targets and don't have other assets to rely on, your retirement will look more like the 'modest' standard - which, as the table shows, involves significant lifestyle trade-offs.
|
Comfortable retirement |
Modest retirement |
|
| Health |
Top-level private health insurance, inc. specialists and pharmacy needs |
Basic private health insurance with limited gap cover |
| Home |
Home maintenance and updates, including kitchens and bathrooms |
Limited budget for home repairs and household appliances |
| Cars |
Own a reasonable car, inc. insurance and maintenance |
Own a cheaper, older, more basic car |
| Leisure |
Regular leisure activities including club memberships, sports, and other outings |
Infrequent leisure activities, with occasional cinema trips |
| Internet |
Fast, reliable devices; internet, mobile and streaming subscriptions |
Basic mobile and internet plans with modest data allowance |
| Eating Out |
Occasional restaurant meals, home delivery and takeaway coffee |
Infrequent dining at inexpensive restaurants, limited takeaway/home-delivery |
| Clothing |
Regular replacement of worn-out clothing and footwear, modest wardrobe updates |
Limited budget for replacing and updating worn items |
| Travel |
Annual domestic trip, occasional overseas trip |
Annual domestic trip or a few short breaks throughout the year |
How to boost your super and get back on track
No matter your super savings target, there are strategies to help you catch up – or at least get closer to your goal – if you find you're falling short. Here are some suggestions:
- Consolidate your super accounts. Lost super is surprisingly straightforward to find, and combining all your super funds into one helps reduce your exposure to fees, which could eat into your returns.
- Make voluntary contributions. Have extra income to spare? You can set up a salary sacrifice scheme with your employer, or contribute some of your own income to boost your super balance and potentially gain some tax advantages.
- Compare super funds and investment options. Super funds offer a variety of investment options. If your chosen investment mix isn’t performing as well as you’d hope, you may have other choices that are more to your liking within the same fund. If the fund itself isn’t living up to your expectations, you can always compare options and make the switch.
- Consider professional advice. If you’re unsure about how to proceed, talking to a financial advisor about your options could provide some much needed clarity.
Bottom line
Understanding the ideal super balance for your age is a helpful marker, whether you're right on track or have some catching up to do. Knowledge is power, since it provides the insights you need to pivot, make decisions, and ultimately secure a comfortable retirement!
Compare super options:
Aware Super
- Aware Super manages over $200 billion in retirement savings for over 1.1 million Australians
- Track record of delivering super long-term returns – 9.27% p.a. over 10 years and 10.12% over 5 years to 31 August 2025 in the High Growth option.
- Multiple award winner for 2026 in the Mozo Experts Choice Awards for Superannuation: Exceptional Super Fund for Gen Z and Exceptional Low Fee Super Conservative option.
- Investment flexibility: Choose from a range of diversified options or single asset class options, or MySuper Lifecycle which automatically tailors your investment mix to your age over time.
Aware Super is one of Australia’s largest industry funds, managing over $200 billion for more than 1.1 million members. With a range of investment options including diversified, high-growth, and sustainable choices, Aware Super allows you to tailor your super to match your financial goals and risk appetite.
It’s also committed to responsible investing, focusing on industries like healthcare, education, and clean energy to create positive long-term impacts. It has tools and resources to help you stay on top of your super including a mobile app, retirement planner, calculators as well as online and in-person educational events and retirement planning and advice (fees may apply).
Spaceship Super
- Exceptional Super High Growth award winner for 2026 in the Mozo Experts Choice Awards for Superannuation
- Choice of forward-thinking investment options
- Digital dashboard to help you see where and how your super is invested
Spaceship Super says that above all else it’s focussed on building long-term value for its members. Its recent 2026 Mozo Experts Choice Award for High Growth Super is proof that it is delivering on this. Members have a choice of the award-winning GrowthX option, which has a focus on Global technology companies and the Global Index option which passively invests in growth assets, particularly international shares. In June this year, Spaceship also launched two new options, a Moderate Option which is designed to blend stability and growth and a Balanced Option which blends exposure to growth and defensive assets with the aim to balance potential returns and risk.
Spaceship Super’s digital platform helps you to keep track of your balance, and also gives you visibility of where and how your super is invested. If you’re saving for your first home, you can also set up a First Home Super Saver account.
Superhero Super
- Your choice of professionally-managed portfolios or directly investing in options like ASX 300 shares, ETFs, and managed funds
- Easy-to-use digital dashboard for managing your portfolio
Superhero Super is designed for Australians who want greater control over their super, offering a unique way to tailor their retirement savings. Unlike traditional super funds, Superhero Super lets you invest directly in a range of ASX 300 shares, ETFs, and managed funds, giving you the flexibility to shape your portfolio based on your own financial goals and risk appetite. In addition to this, Superhero Super boasts a selection of diversified investment options managed by Mercer, which you can select from if you’d rather leave your super to the professionals.
Superhero’s easy-to-use online platform puts your super in your hands, allowing you to track and manage your investments in real-time.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.