HOW MUCH AUSSIES SHOULD HAVE IN THE BANK TO ENJOY A COMFORTABLE RETIREMENT

• New data reveals how much workers should have in their super 

New figures have emerged on the nest egg required for Australians to enjoy a comfortable retirement.

The average superannuation balance has hit a record high, while fewer retirees are relying on the Centrelink age pension than ever before, according to the Association of Superannuation Funds of Australia's latest report.

The mean super balance for an Australian aged 15 and over has reached $202,644 for men and $164,206 for women - an increase of more than $10,000 compared to a year ago. 

Data released by ASFA showed that a single homeowner would need at least $630,000 in superannuation to achieve a comfortable retirement, with couples needing a combined $730,000.

A 30-year-old is projected to need at least $70,500 now to be on the right track, a 40-year-old would need $178,000, a 50-year-old $313,500 and a 60-year-old $496,500. 

ASFA put the current cost of a comfortable retirement at $55,923 per year. 

'ASFA estimates that a 30-year-old today, with $30,000 in their super, earning the median wage will retire with around $620,000 in super, on par with the $630,000 needed for a comfortable retirement,' the report states.

Of the 1.32 million Australians aged 60-64 with super, the mean balance is $371,379 and the median is $203,326. 

Almost five in ten Australians aged 60-64 currently retire with enough savings to meet the ASFA comfortable retirement standard, a figure that is expected to rise as the system matures.

'Growing account balances are the product of two things: the fact that the superannuation guarantee has been increasing, and the strong investment returns that super funds have delivered to their members over a sustained period of time,' ASFA CEO Mary Delahunty said.

'As more people reach retirement having had the benefit of double-digit compulsory super for most of their lives, we'll see the system come to full maturity, with most retirees living on an income well above what Centrelink can sustainably provide as our population ages.'

Around 56 per cent of over-95s receive a full or part Age Pension, down from 70 per cent in 2012.

Treasurer Jim Chalmers declared the next election would be a 'referendum on superannuation' and warned that early access had the potential to 'absolutely decimate the retirement income of millions of Australian workers'. 

'One of the most important features of our superannuation system is ... this idea that, with compounding interest over time, Australian workers can access the decent retirement incomes that they need and deserve after a lifetime of work,' he said, speaking on Sunrise.

The Treasurer's comments came after One Nation leader Pauline Hanson labelled the current system 'broken' and called for workers to be able to access their retirement funds early to help ease cost-of-living pressures. 

Liberal frontbencher Andrew Bragg - a long-time critic of the superannuation scheme - also called for the abolition of the compulsory super and claiming that the long-running program has 'not really helped many people get off the pension'.

However, Ms Delahunty said early access would 'hurt' Australians, with people electing to access their nest egg early potentially opening themselves up to two large tax bills: both when they draw down early on their fund, and again when they retire.

'Then you're left more dependent on Centrelink, and tomorrow's taxpayers foot the bill,' she said. 

'The super system is working for retirees and the federal budget. Its success is because that money stays locked away for retirement.

'Super isn't a pot of money to be used to fix other problems like housing affordability and cost of living. Those issues need their own policy solutions, not the unfair and uncreative option of tapping into people's retirement savings.'

A recent Finder survey of 1,011 Aussies found that 24 per cent had withdrawn money from their super before retirement, with medical expenses the most commonly cited reason. More than half surveyed said they didn't regret the decision.

Australians may only draw down on their super in special circumstances, such as cases of severe financial hardship when facing terminal illness, or on compassionate grounds. 

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2026-08-28T10:09:06Z