Average super balance at retirement in Australia (2026)

'How much super do I need to retire?' is one of the most searched superannuation questions in Australia — closely followed by 'what is the average super balance at retirement?'. The honest answer is that averages hide a very wide spread, and the number that matters for your retirement is the one you personally will have, not the ABS figure. But the benchmarks are still useful, because they tell you whether you are ahead, on track, or need to close a gap while you still have time.

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Average vs median super balance at retirement (2024–25 data)

The most recent ATO Taxation Statistics and ASFA Retirement Standard data show the following at ages 60–64 — the bracket most Australians retire in:

• Average super balance (men, 60–64): approximately $402,000
• Average super balance (women, 60–64): approximately $318,000
• Median super balance (men, 60–64): approximately $211,000
• Median super balance (women, 60–64): approximately $158,000
• Combined-couple average at retirement: approximately $720,000

The gap between average and median is important. The average is pulled up by a small number of very large balances (including many SMSFs), while the median tells you what a typical retiring Australian actually has. If you sit above the median, you are ahead of half the country — but that does not mean you have 'enough'.

How much super do you actually need to retire?

ASFA publishes a widely used Retirement Standard benchmark that estimates the lump sum needed at age 67 to fund a comfortable or modest retirement, assuming a partial Age Pension is available and the retiree owns their home outright. As at 2024–25:

• Comfortable retirement, single: approximately $595,000 lump sum, $52,085/year
• Comfortable retirement, couple: approximately $690,000 lump sum, $73,337/year
• Modest retirement, single: approximately $100,000 lump sum, $33,134/year
• Modest retirement, couple: approximately $100,000 lump sum, $47,731/year

The 'modest' numbers rely heavily on the Age Pension — they are essentially topped up by government payments. The 'comfortable' numbers assume the fund can generate roughly $30,000–$40,000 of income on top of a part pension. Those benchmarks assume the retiree lives to about age 92, so the target adjusts up if you plan to retire earlier or expect a longer life.

What this means if you have an SMSF

If you'd rather have this handled for you, easySMSF offers online SMSF setup from $899 and transparent ongoing SMSF administration fees that include the annual audit.

SMSF trustees on average retire with much higher balances than the general population. ATO SMSF statistics for 2022–23 show the average SMSF member balance at approximately $780,000 — nearly double the national average for the same age bracket. That is largely because people who set up an SMSF tend to be more engaged with their super, more likely to make voluntary concessional contributions, and often use the fund to hold higher-growth assets like direct property or shares.

The practical implication: if you are considering an SMSF closer to retirement, the setup cost only makes sense if the fund will hold enough capital to justify fixed administration and audit fees. Our SMSF vs industry super calculator is the fastest way to check whether the numbers work for your balance.

How to close the gap if you're behind

If your balance is below the median for your age, four levers move the needle in the last decade of your working life:

• Concessional contributions — up to $30,000/year in 2025–26, taxed at 15% inside super instead of your marginal rate.
• Carry-forward unused concessional caps — if your total super balance is under $500,000 at 30 June the prior year, you can use unused cap from the last five years.
• Non-concessional contributions — up to $120,000/year, or $360,000 using the three-year bring-forward rule, to move personal savings into a low-tax environment.
• Downsizer contributions — up to $300,000 per person from the sale of your home if you are 55 or over, on top of the other caps.

How your balance is taxed once you retire

Once you turn 60 and are retired, super benefits — lump sums and pension payments — are generally tax-free. Investment earnings inside the fund also become tax-free once you commence a retirement-phase account-based pension, subject to the Transfer Balance Cap (currently $1.9 million per person). Balances above the TBC must remain in accumulation phase and continue to be taxed at 15% on earnings.

For a couple, the effective tax-free retirement cap is now $3.8 million — one of the most generous retirement tax settings in the OECD. This is a major reason SMSFs are popular in the 55+ demographic: the fund can be structured to keep every eligible dollar in the pension phase.

Sources: Australian Bureau of Statistics — Household Income and Wealth 2023–24; Australian Taxation Office — Taxation statistics 2022–23, Super fund statistical report; ASFA Retirement Standard Q2 2025; SIS Act 1993.