It’s one of the most common retirement questions: “How much super should I have by now?”
The truth is, there isn’t one magic number that suits everyone.
Your ideal super balance depends on your age, income, lifestyle, career history, retirement goals and whether you own your home. Rather than comparing yourself with someone else, it can be more useful to ask whether your super is on track to fund the retirement you want.
What should you consider at each stage?
In your 20s:
Getting started is often more important than having a large balance. Check that your employer contributions are reaching your fund and review your investment option, fees and insurance.
In your 30s:
With retirement still decades away, small changes can have time to compound. This can be a good stage to review additional contributions and make sure your investment strategy still suits you.
In your 40s:
Your income may be higher, but so may your expenses. It can be useful to review super alongside your mortgage, investments, insurance and other financial commitments.
In your 50s:
Retirement becomes much more tangible. Consider what income you'll need, when you'd like to retire and whether your current savings are likely to support that goal.
In your 60s:
The focus can shift from simply accumulating super to deciding how to turn your savings into sustainable retirement income.
Are you on track?
Your current balance is only one part of the picture. Your future contributions, investment returns, retirement age and expected spending all affect the outcome.
At Gardian Financial Planning, we can help you understand where you are today and develop a strategy aligned with where you want to be tomorrow.
The better question isn't simply “How much super should I have?” It's “Is my super on track for the retirement I want?”
General information only. It does not take into account your personal objectives, financial situation or needs.
