ASFA Says Australians’ Super at 60 Trails $496,500 Comfort Target

1 articles · Updated · The Motley Fool Australia · May 30

$395,852 is the average super balance for Australian men aged 60-64, while women hold $313,360—both below the roughly $496,500 ASFA says a 60-year-old needs for a comfortable retirement.
At younger milestones, the gap is already visible: men aged 40-44 average $140,680 and women $109,209, versus a target near $178,000; by 50-54, averages rise to $254,071 and $190,175 against a $313,500 target.
ASFA estimates a comfortable retirement costs about $54,840 a year for singles and $77,375 for couples, requiring around $630,000 in super for one person or $730,000 for a couple by retirement.
The report says balances typically grow by more than $200,000 between 40 and 60 through extra contributions and compounding, but many Australians still need salary sacrifice, after-tax payments or government support to close the shortfall.

With retirement goals built for homeowners, what is the real superannuation target for Australia’s growing number of lifelong renters?

Will paying super on parental leave truly fix the 25% retirement savings gap faced by Australian women?

A five-year window to boost your super closes this year. Are you about to miss out on a key retirement advantage?