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!
