Few questions are as confronting as: “Am I on track for retirement?”
Closely followed, perhaps, by: “Should I have another biscuit?”
For Australians in their 60s, superannuation balances can vary widely. But having a benchmark – even a rough one – can be reassuring, or a wake-up call.
According to ASIC MoneySmart, the average super balance in your 60s ranges from about $200,000 to $400,000 for singles, though lifestyle expectations and costs dramatically influence whether that’s enough.
Financial adviser and superannuation expert Sarah Megginson explains:
“There’s no one-size-fits-all number. What matters is how your super aligns with the lifestyle you want. Are you hoping to travel extensively, dine out regularly, or live more quietly? Your savings need to match that vision.”
Experts often use age milestones to help Australians gauge if they’re on track. For singles looking to retire comfortably:
At 55: A single person aiming for a comfortable retirement should ideally have around $250,000 saved in super.
At 65: That figure should increase to $400,000–$450,000 to sustain a moderate lifestyle without relying heavily on other income.
At 75: Even in retirement, a buffer of $250,000–$300,000 can ensure ongoing comfort and flexibility for healthcare, travel, or unexpected expenses.
Megginson notes that the cost of living today – including housing, healthcare, and energy bills – makes it more challenging for single Australians to stay ahead:
“Singles don’t have the advantage of sharing living costs. Everything from food to utilities is on one person, which means careful budgeting and sometimes supplementary income is essential.”
It’s not too late to act, even if your balance is below these benchmarks. Financial strategies include:
Downsizing your home: Freeing up capital while reducing ongoing costs.
Part-time work: Even a few days a week can top up super and keep cash flow steady.
Spending adjustments: Identifying discretionary spending that could be redirected toward savings.
Catch-up contributions: Super rules allow people over 50 to contribute more annually if they haven’t maximised previous contributions.
And if your balance is above the benchmark? Congratulations – your second biscuit is fully justified. Megginson reminds us:
“Being ahead gives you flexibility to live the retirement you want. Travel, hobbies, family visits – it’s about enjoying the fruits of decades of saving.”
Super balances are more than numbers on a screen – they’re the foundation of your retirement lifestyle.
For singles in particular, keeping track, adjusting for costs, and planning carefully is key. It’s never too late to make small changes to ensure your 60s — and beyond – are comfortable, secure, and maybe just indulgent enough for that extra biscuit.