Making sure you are on track with your super is something that can be helpful, but it may also cause concern if your balance isn’t on track to enable you to reach a “comfortable” retirement.
The truth is that everyone is different. For starters, women on average earn less than men – this is called the gender pay gap. Additionally, some people have broken patches of work, earn different amounts, make different contributions and work in different ways, such as casual or part-time. This all means that people get different amounts paid into their super.
A simple way to work out where you sit is by looking at the average super balances for Australians. The table below shows the average super balances for men and women by age for 2017-18 from the Australian Bureau of Statistics.
|25 to 34||$41,700||$33,200|
|35 to 44||$100,300||$69,300|
|45 to 54||$196,400||$129,100|
|55 to 64||$332,700||$245,100|
|65 to 74||$446, 600||$378,600|
|75 and over||$366,200||$270,300|
You could also refer to a website like Super Guru. All you need to do is put in your date of birth and it will tell you (approximately) how much super you should have to reach a “comfortable” retirement.
Again, this may be comforting to some, but worrying to others. But either way, there are things you can do to give you peace of mind.
If your balance is less than what is suggested
Making additional contributions is a great way to boost your balance. It could be a voluntary contribution or an ongoing salary sacrifice arrangement. As a member of Australian Catholic Super, you have access to limited advice at no additional cost that can assist you (at a time that suits you).
You may also be eligible for a Government Co-contribution. Learn more about that here.
And if you need us, get in touch. We're here to help
If you balance is higher than what is suggested
Keep going! You are doing well!
Although you are above the amount suggested, sitting with a financial planner could assist in creating a strategy around your future! Our planners do not work for commissions, and can assist you with maximising your superannuation.
Get in touch with our planners here.