The short answer
At 30 June 2024, the median Australian aged 60 to 64 had $203,326 in super, and the average was $371,379. ASFA estimates that a single homeowner needs $630,000 at 67 for a comfortable retirement. A couple needs $730,000 between them. Both figures assume a part Age Pension on top.
The median rises with age into the early 70s, then falls as people draw on their super.
The median or the average?
The median is the person in the middle: half have more, half have less. The average adds up every balance and divides by the number of people, so a few very large balances pull it up. That's why most people hold less than the average.
Five years earlier, at 30 June 2019, the median at 60 to 64 was $156,448. It has risen by 30% since.
Every age, for men and women
Median super balance
| Age | Men | Women |
|---|---|---|
| 18 to 24 | $6,380 | $5,784 |
| 25 to 29 | $21,742 | $21,048 |
| 30 to 34 | $42,962 | $38,070 |
| 35 to 39 | $78,289 | $61,022 |
| 40 to 44 | $116,076 | $85,804 |
| 45 to 49 | $154,751 | $110,864 |
| 50 to 54 | $192,196 | $134,309 |
| 55 to 59 | $220,560 | $154,732 |
| 60 to 64 | $236,126 | $174,655 |
| 65 to 69 | $230,766 | $207,187 |
| 70 to 74 | $227,027 | $228,978 |
| 75 and over | $200,477 | $195,201 |
Average super balance
| Age | Men | Women |
|---|---|---|
| 18 to 24 | $10,353 | $9,204 |
| 25 to 29 | $29,044 | $26,569 |
| 30 to 34 | $58,461 | $49,446 |
| 35 to 39 | $101,642 | $80,647 |
| 40 to 44 | $150,305 | $117,067 |
| 45 to 49 | $206,484 | $158,331 |
| 50 to 54 | $271,498 | $205,029 |
| 55 to 59 | $341,115 | $260,199 |
| 60 to 64 | $413,700 | $327,440 |
| 65 to 69 | $466,600 | $407,328 |
| 70 to 74 | $516,393 | $468,678 |
| 75 and over | $562,305 | $484,818 |
Women's median is below men's at every age up to 69: about 30% lower through the 50s, and 26% lower at 60 to 64. From 70 the two are about level.
Super is paid as a share of pay. Years on lower pay, in part-time work or out of paid work mean less goes in, and less is left to grow.
What retirement costs: ASFA's Retirement Standard
The Association of Superannuation Funds of Australia (ASFA) publishes two yearly budgets for retirees aged 65 to 84 who own their home:
- Modest is a little more than the Age Pension alone pays for.
- Comfortable includes private health insurance, a reasonable car, regular domestic holidays and an occasional trip overseas.
Beside each budget, ASFA gives the super you would need at 67 to fund it.
| Single | Couple | |
|---|---|---|
| Comfortable, a year | $56,166 | $78,998 |
| Comfortable, super at 67 | $630,000 | $730,000 |
| Modest, a year | $36,548 | $52,690 |
| Modest, super at 67 | $110,000 | $120,000 |
Each lump sum assumes:
- you retire at 67 and own your home outright
- you draw down your super over retirement
- you receive a part Age Pension on top
The budgets are from the June quarter of 2026. ASFA raised the lump sums in February 2026, for the first time in three years: comfortable rose from $595,000 to $630,000 for a single, and from $690,000 to $730,000 for a couple. Renting costs more than these budgets allow for.
A couple who each hold the median at 60 to 64 have $406,652 between them, against ASFA's $730,000.
The balances that reach $630,000 by 67
How much super would reach $630,000 by 67 if, from that age on, only employer contributions went in? We worked it out for two salaries.
| Age | On a $70,000 salary | On a $100,000 salary | Median for the five years from that age |
|---|---|---|---|
| 30 | $58,000 | $0 | $40,426 |
| 40 | $159,000 | $102,000 | $100,330 |
| 50 | $293,000 | $252,000 | $161,375 |
| 60 | $471,000 | $452,000 | $203,326 |
| 65 | $581,000 | $576,000 | $218,631 |
On $100,000 a year, employer contributions from 30 reach $630,000 on their own, so the starting balance needed is $0.
The working assumes:
- Employer contributions of 12% of salary, less the 15% contributions tax, every year to 67, with no time out of work and nothing extra paid in.
- Returns of 6.5% a year after fees and tax.
- Pay rising 3.5% a year, with every figure in today's dollars, as ASFA's targets are.
A higher salary needs a smaller balance because more goes in each year. ASFA's target stays the same whatever you earn.
Why older balances trail the path
Compulsory super, the super guarantee, began in 1992 at 3% to 5% of pay. It was 9% from 2002 to 2013, 9.25% for a year, 9.5% from 2014 to 2021, then rose half a point a year to reach 12% on 1 July 2025. Most people now in their 60s started work before it existed, and had 9% or less paid in for most of their working lives. Someone starting work today has 12% paid in from their first job.
Comparing funds
A fund's fees and returns decide how fast a balance grows. The super compare page ranks funds by their fees on your balance and their returns after fees, and the super leaderboard lists the lowest fees and the highest returns among default (MySuper) options. Before moving super, check what you’d give up: insurance cover inside your fund usually ends when you leave it, and some funds charge to exit.
How these figures were worked out
Balances are the ATO's Taxation Statistics 2023–24 (Snapshot, chart 12: median and average super balance by age and sex, 2023–24 financial year), the latest it has published. They are at 30 June 2024. Each person is counted once across all their super accounts, and only people with a balance or contributions above zero are included. Balances have moved since with contributions and returns. The retirement budgets and lump sums are ASFA's Retirement Standard (budgets for the June quarter of 2026; lump sums revised February 2026). The balances that reach $630,000 are BankMate's working on the assumptions above, rounded to the nearest $1,000.
Factual comparison, not financial advice. BankMate doesn’t consider your objectives, financial situation or needs, and isn’t licensed to give advice. Read the provider’s PDS, target market determination or key facts sheet before deciding.