Super Reality Check: How Much Do Australians Really Have vs What They Need
Most Australians worry about whether they’ll have enough money in retirement. Headlines often throw around figures like “You’ll need $1 million,” but is that really the case? Let’s take a closer look at what Australians actually have in superannuation and how that compares to what’s needed for a comfortable retirement.
The Numbers: What People Have
According to the Association of Superannuation Funds of Australia (ASFA) Research Report in September 2024, the average super balance at age 60–64 is around $361,500 for men and $289,000 for women.* But averages can be misleading. The median balance (the middle value) is far lower – around $205,000 for men and $153,000 for women. That means half of Australians close to retirement have less than those figures.
What’s “Enough”?
ASFA’s Retirement Standard (2025) suggests:
- Single person (homeowner): about $52,383 per year for a “comfortable” lifestyle
- Couple (homeowners): about $73,875 per year*
To generate that kind of income, ASFA estimates a single needs around $595,000 in super and a couple around $690,000. But these numbers assume eligibility for a part age pension.
The Age Pension Cushion
Here’s the key point: most retirees won’t rely only on super. Nearly 71% of Australians 65+ receive some Age Pension, and over 60% qualify for the maximum rate.** This means even with lower balances, retirees often achieve a decent lifestyle by combining:
- Super drawdowns
- Part-pension support
- Concession cards and health benefits
Why the $1 Million Figure Is Misleading
Only around 6% of retirees finish with $1 million or more in super. Yet surveys consistently show most retirees describe their standard of living as “comfortable”. The lesson? The right number is personal – based on spending habits, housing situation and health costs.
Final Thought
Retirement planning isn’t about hitting a magic million-dollar mark. It’s about matching your resources to your lifestyle goals, and using every lever – super, pension, tax benefits – to make the most of what you have.
Want clarity about your retirement?
Book a free 90-minute Retirement Accelerator™ Strategy Session. It’s designed to help you answer the three big questions pre-retirees face: Will I have enough? When can I retire? And how can I make the best decisions in the years leading up to it?
Book today by calling (03) 9725 2533, emailing fpsupport@hendrie.com.au, or scheduling directly with Katie or Michael.
References
- Association of Superannuation Funds of Australia (ASFA). Superannuation Account Balances by Age and Gender, 2024 Report.
- Association of Superannuation Funds of Australia (ASFA). Retirement Standard, March 2025.
** Australian Bureau of Statistics (ABS). Retirement and Retirement Intentions, Australia, 2023–24.
Disclaimer: This information is of a general nature only and does not constitute advice. It has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances. Hendrie Financial Strategies is a corporate authorised representative of the Madison Financial Group Pty Ltd, Australian Financial Services License No 246679, ABN 36 002 459 001.
