Your super balance will most likely play a big part in how comfortably you live in retirement. But depending on how far off retirement is for you, it might be difficult to gauge whether your super is on track, or if you might need a bit more saved up to live the lifestyle you want after you finish working.
In fact, almost half of working Australians don’t know how much they will need to have saved for retirement, according to the AMP 2022 Financial Wellness report1.
Retirement stress is increasing
The report highlights that financial stress ahead of retirement has been creeping up in recent years. More people expect to have a financially difficult retirement than in the previous 2020 report, particularly older Australians and people who haven’t set clear goals. In total, 21% of working Australians are not confident they’ll be able to achieve their desired standard of living in retirement – up from 17% in 2020 – and only 9% are very confident, down from 14%. Staying on top of your super balance and having a plan if you’re behind on your retirement savings can help ease your stress levels.
How does your super stack up?
If you’re curious to know how your super shapes up against others your age, here’s the average super balance for employed men and women of different age groups across Australia, according to the Australian Taxation Office’s statistics from the 2020-21 financial year2.