How does my super compare to others? Here's a breakdown of average super balances by age

Whether you're fresh into the workforce, halfway through your career, or a few years off retirement, it's important to get familiar with your nest egg.

After all, how much superannuation you stash away over the course of your career will determine what life looks like in your retirement years.

If you're eager to know if your super balance is on the right track to reach a comfortable retirement, here's how much you'll need and how you can boost it if your current balance isn't measuring up.

You can also compare your super to others your age to see how you're tracking.

What is the retirement age in Australia?

You can retire at any age.

However, there are official age requirements to qualify for an aged pension.

That age used to be 65, but it's been gradually increased to 67.

Here's how it's set out on the Department of Social Services website:

How much super do I need to retire comfortably?

According to the Association of Super Funds Australia (ASFA), the average super balance needed at age 67 for a comfortable retirement is:

• $690,000 for a couple
• $595,000 for a singleperson

However, it's important to point out that these figures are based on assumptions:

• they withdraw their super as a lump sum
• they rely on a part-pension
• they own and have paid off their own home

But what does 'comfortably' even mean?

Good question.

ASFA defines a comfortable retirement when a retiree can:

• Afford to take part in a range of recreational activities
• Buy household goods
• Pay for things like private health insurance, a reasonable car, good clothes, electronic equipment, and occasional travel — both domestic and international

But remember, these targets are just a starting point.

Take a look at your own spending habits to get an idea of what you might need month to month so you can get a more personalised picture on how much you need saved by the time you hit 67.

How much super should I have at my age?

To reach a comfortable retirement, here is the estimated super balances needed at certain ages:

*Estimated balance via ASFA Super Balance Detective calculator

How does my super compare to others?

If you're curious to know how your nest egg shapes up against others your age, here's the average super balance for men and women, according to the Australian Taxation Office's statistics from the 2021 financial year.

What you'll notice is that both men and women are behind target when it comes to reaching a comfortable retirement.

If you cast your eyes back to the previous table, a 40-year-old should have a nest egg about $156,000.

Yet the average male aged 40-44 has $139,431, a shortfall of $16,569.

Meanwhile, a female aged 40-44 has $107,538, an even larger shortfall of $48,462.

And these differences only increase as we get older.

Where can I check my superannuation balance?

You can check your super balance, combine accounts, and search for lost super by logging into your myGov account and then clicking on Australian Taxation Office (ATO) under linked services.

To manage super in your ATO online account, you can follow these steps:

• Sign in to myGov
• Tap the Services button
• Select Australian Taxation Office from the list of linked services
• Tap the Menu button, which should have an icon with three horizontal lines
• Select Super from the drop-down menu
• Select either Information or Manage options, depending on what you want to do

Why is my balance lower than others my age?

There could be a number of reasons.

Your Wealth Consultants financial adviser Kurt Ford says your income,the performance of your fund, andyour investment options all matter.

"Because your super guarantee is your super's lifeblood of contributions, any change to your income will in turn affect your super balance over the long term," Mr Ford says.

"The health of your super fund can also erode your balance too, along with having multiple super accounts."

Here are three 'health check' questions Mr Ford recommends asking:

• Does your fund provide value for money? Sometimes higher fees have better functionality, transparency, and control over super
• Are you invested in the right option? Not too conservative for your age but not too risky if nearing retirement
• Are you paying for the right insurance?Make sure it considers your individual needs and circumstances

You may also notice that women have lower super balances compared to their male counterparts.

Super Consumers Australia policy manager Rebekah Sarkoezy says this generally comes down to caring responsibilities.

"We know that women disproportionately take career breaks to raise children that require them to work part time, take time out of the workforce, or retire early," Ms Sarkoezy says.

"This, coupled with the gender pay gap, means that the super balance gap between pre-retiree men and women is an astonishing 42 per cent according to the Workplace Gender Equality Agency."

What can I do to increase my super balance?

There are a few things you can do to start bumping it up.

• Check for lost superfrom a previous job (you can contact the ATO if you have lost or unpaid super)
• Make additional payments through salary sacrificing or after-tax contributions
• Get your partner to boost your super through splitting or spouse contributions
• Regularly give your fund a "health check" to make sure you've got the right level of insurance and aren't paying too much in fees
• If you're a low- or middle-income earner and make personal after-tax contributions to your super, the government may also make a co-contribution up to a maximum of $500

"The ATO's Your Super Comparison Tool is the best place to start to find and compare super products," Ms Sarkoezy says.

"If you're looking to make voluntary contributions to top up your super balance, make sure to set aside an amount that you can easily afford because you won't be able to access that money until retirement.

"For many people, this top-up method can be a tax-effective way to save for the long term."

Mr Ford says you should also note what you're investing in.

"Over the long term, you may be prepared to take a higher level of risk for a higher return, only if you have time on your side to ride out the ups and downs of the market.

"Knowing what you're paying in fees and insurance is also important as these costs add up over the long term.

"Any dollar saved is another dollar to compound."

How much superannuation should I be paid by my employer?

According to the Fair Work Ombudsman:

"Under the super guarantee, employers have to pay super contributions of11 per cent of an employee's ordinary time earningswhen an employee is: over 18 years, or under 18 years and works over 30 hours a week."

This is scheduled to progressively increase to12 per cent on July 1, 2025.