If you’re approaching retirement and wondering how your super balance stacks up against everyone else’s, a new set of figures offers a revealing comparison, and there is one number worth paying particular attention to. New research from the Association of Superannuation Funds of Australia (ASFA) shows Australians aged 60 to 64 with super have an average balance of $371,379.
But their median balance is just $203,326. That’s a difference of more than $168,000.
The distinction is important because an average can be pulled upwards by a relatively small number of people with very large super accounts. The median instead identifies the midpoint: half of account holders have more and half have less.
For someone simply trying to work out how they compare with other Australians their age, that can provide a very different perspective.
ASFA’s latest research, using Australian Taxation Office data for the year to June 2024, provides average and median balances across the age groups approaching and moving through retirement.
The difference between the two columns becomes particularly striking as people get older.
Among 50 to 54-year-olds, the average is about $77,000 higher than the median.
By 60 to 64, the gap has grown to more than $168,000.
For those aged 70 to 74, the average balance is $492,903, while the median is less than half that amount at $227,982.
These figures cover Australians in each age group who have a super account and exclude people with a nil balance.
There is another substantial gap in the figures. Among Australians aged 60 to 64, men have an average super balance of $413,700, compared with $327,440 for women.
Look at the median and the numbers fall to $236,126 for men and $174,655 for women.
That puts the median gender gap at more than $61,000 for people nearing traditional retirement age.
ASFA says the gender gap in super has been narrowing, but differences remain as Australians reach retirement.
Comparing yourself with people your age is useful, but it doesn’t necessarily tell you whether you have enough for the retirement you want.
ASFA’s Retirement Standard currently estimates that homeowners retiring at 67 would need savings of approximately $630,000 for a single person and $730,000 for a couple to fund what it describes as a comfortable retirement.
Those estimates assume retirees draw down their capital during retirement and receive a part Age Pension where eligible.
ASFA’s current guide suggests a single person aiming for its comfortable retirement standard would be on track with approximately:
Age 50: $296,000
Age 55: $377,000
Age 60: $469,000
Age 65: $571,000
Those figures assume a future pre-tax income of $65,000 a year that keeps pace with inflation.
Put that beside the new balance data and the difference is substantial.
ASFA’s suggested balance at age 60 is $469,000.
The actual median among Australians aged 60 to 64 with super is $203,326.
That doesn’t mean somebody with $200,000 has failed to prepare for retirement.
Super is only part of the equation. Home ownership can make an enormous difference, as can being single or part of a couple, other savings and investments, debt, spending habits, Age Pension eligibility and whether someone intends to continue working.
ASFA’s comfortable standard is a benchmark, rather than a personalised retirement target.
The broader trend is encouraging for Australians heading towards retirement.
ASFA says average super balances have reached record highs, with the average across Australians aged 15 and over now sitting at $202,644 for men and $164,206 for women.
Reliance on the Age Pension has also fallen.
About 56 per cent of Australians aged 65 and over now receive a full or part Age Pension, compared with 70 per cent in 2012.
Today’s retirees, however, didn’t enjoy the current level of compulsory super for most of their working lives.
The Superannuation Guarantee remained at 9 per cent from 2002 until 2013 and only reached its current 12 per cent rate in July 2025.
That history is important when looking at the balances of today’s 60 and 70-somethings.
Maybe the most reassuring finding in the new figures is simply this: if your balance is considerably below the published “average”, you may be much closer to the middle of the pack than that average suggests.
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