How much super should you have at your age?

Do you know how much super you have? AMP research found that nearly 1 in 5 Australians aged 50+ don’t regularly check their super balance at all.¹

Your super balance will most likely play a big part in how comfortably you live in retirement. But depending on how far off retirement is for you, it might be difficult to gauge whether your super is on track, or if you might need a bit more saved up to live the lifestyle you want after you finish working.

But when retirement can feel so far away, it can be hard to find the motivation to put your extra cash into you super. In fact, more than half of working Australians never or rarely put extra money away for retirement, according to the AMP 2024 Financial Wellness report.²
 

Cost of living is adding to retirement stress

The report also highlights that rising housing and living costs mean many people have less to save. More people are focused on short-term expenses and re-thinking their financial goals for the future – in the wellness report, 41% of moderately to severely financially stressed respondents say their goals and dreams have changed due to cost-of-living pressures.³

When it comes to those pre-retirement, many Australians worry they won’t have enough to sustain the lifestyle they seek – close to 50% according to AMP director of retirement Ben Hillier.⁴ After a lifetime of being disengaged from their superannuation, they scramble to meet ill-defined financial goals late in their mid- to late-50s, raising stress levels. This figure starts to drop at around 60 years, where immediate financial security is higher. But this is when fear of running out is a real concern, where the prospect of living longer has the potential to cause future financial strain, despite being comfortable in the short term. 

How does your super stack up?

If you’re curious to know how your super shapes up against others your age, here’s the median super balance for employed men and women of different age groups across Australia, according to the Australian Taxation Office's statistics from the 2022-23 financial year⁵.

_{N.B. Only includes individuals with an account balance or current year contributions greater than zero. Source: Australian Taxation Office, Taxation Statistics 2022-23, Table 5} 

If your balance looks a bit low compared to the average for your age group, there could be several reasons for this, including time taken out of the workforce to study, travel or care for older relatives. Alternatively, you may have been out of work, working part-time or earning a wage lower than others your age.

You might also notice that women are more likely to have lower super balances than their male counterparts, which is likely due to factors impacting their financial situation, such as taking time off work to raise children.

And the latest Financial Wellness report confirms this – women are more likely to be in moderate or severe financial stress (35%) than men (21%). Women are also less likely to have experienced financial gains over the last 12 months (11% vs 24%) and have a bleaker outlook, with only 23% agreeing they will be more financially secure in the next two years (vs 33% of men).⁶

How much super do you need anyway?

The amount of super you need to live comfortably in retirement depends on a range of factors, such as your expenses, any outstanding debts you might have and whether you have access to other forms of income like investments, savings, an inheritance, or the government's age pension, which not everyone will be eligible for. 

Total superannuation balance needed by age 67

_{NB: All figures in today’s dollars using 2.75% AWE as a deflator and an assumed investment earning rate of 6 per cent. Source:  Retirement Standard, Association of Superannuation Funds of Australia (ASFA), June Quarter 2025}

According to the Association of Superannuation Funds of Australia's (ASFA) June Quarter 2025 figures, individuals and couplesbetween ages 65 and 84, who own their own home and are looking to retire today, may need the suggested annual budgets below to fund different retirement lifestyles⁷. 

Annual budget needed

_{NB: ASFA figures are based on the assumption that people own their own home outright and are relatively healthy and are compared to the government's current maximum age pension rates. These rates assume the maximum pension supplement and the energy supplement. Source:  Retirement Standard, Association of Superannuation Funds of Australia (ASFA), June Quarter 2025}

Everyone’s situation is different, so if you want a better idea as to how much super you may need at a certain age, give our retirement needs calculator a go.

Ways to boost your super balance

If you notice your super balance isn’t as high as you’d like it to be, here are some steps that could help you to increase your retirement savings.

Consider voluntary contributions
Your super should keep ticking over while you’re working with regular super guarantee payments from your employer but you can also make extra contributions to boost your retirement savings, whether that’s before tax with salary sacrifice contributions, or tax-deductible contributions. Just keep in mind there are limits on how much you can put in, depending on the type of contribution you make.

Find your lost super
If you’ve changed jobs, your name or address over the years, or worked part-time or casual jobs, there’s a chance you may have lost track of some of your super and could be paying multiple fees on different accounts. Find out more about how to find your lost or unclaimed super. 

Consider whether consolidating funds might be worthwhile
There may be advantages to rolling multiple super accounts into one, like fewer fees and less admin but you’ll need to be across the potential tax implications and check if you could lose certain benefits, such as insurance. 

Review your investment options
Depending on how far you are from retirement, you might think about switching to a more growth-focused super investment option. Keep in mind however that returns aren’t guaranteed and the opportunity for higher returns are often accompanied by higher risk, so do your research before making any decisions. If you’re an AMP Super member, you can access personalised digital advice for no extra fees. 

Check out important details about your super
Your super should be working for you, so it’s important to review it at least once a year and check things like fund performance (noting, past performance isn’t an indicator of future performance), any fees you might be paying, and what new features could be boosting your future. You can use AMP’s Retirement Simulator to see how you’re tracking for retirement, and see how things you change now can affect your future money.

Other things to keep in mind

Remember, super is a long-term investment and its value will rise and fall over time, so don’t be discouraged by short-term market changes. There are also rules around when you can access your super, usually once you reach your preservation age.

By staying informed now, you’ll help set yourself up for a more confident retirement.