Understanding how your superannuation compares to others in your age group can help you make informed decisions to boost your retirement savings. This newsletter presents the latest data from ASFA’s September 2024 report and offers tailored strategies to help you grow your superannuation balance.
Average Superannuation Balances by Age and Gender
| Age Group | Male Avg ($) | Female Avg ($) |
| Under 18 | 7,666 | 5,088 |
| 18–24 | 8,069 | 7,297 |
| 25–29 | 25,407 | 23,273 |
| 30–34 | 53,154 | 44,053 |
| 35–39 | 90,822 | 71,686 |
| 40–44 | 131,792 | 102,227 |
| 45–49 | 180,958 | 136,667 |
| 50–54 | 237,084 | 176,824 |
| 55–59 | 301,922 | 228,259 |
| 60–64 | 380,737 | 300,717 |
| 65–69 | 428,533 | 379,483 |
| 70–74 | 474,898 | 422,348 |
| 75+ | 487,525 | 416,279 |
Smart Strategies to Boost Your Super
The following represents some of the more common strategies to help you maximise your retirement assets.
Under 30 (Early Career)
- Start contributing early—even small amounts benefit from compound interest over time.
- Use salary sacrifice to make pre-tax contributions and reduce your taxable income.
- Consolidate multiple super accounts to avoid duplicate fees and insurance premiums.
- Check eligibility for government co-contributions if earning under $62,488.
30–44 (Mid Career)
- Increase voluntary contributions as your income grows to take advantage of compound growth.
- Make spouse contributions if your partner earns less than $40,000 to receive a tax offset.
- Review your super fund’s investment options—growth options may suit long-term goals.
- Ensure you’re receiving the Low Income Super Tax Offset (LISTO) if eligible.
45–59 (Peak Earning Years)
- Maximise concessional contributions up to $30,000 annually to reduce tax and grow super.
- Use catch-up contributions if your total super is under $500,000 to utilise unused caps.
- Review your insurance cover to ensure it aligns with your needs and isn’t eroding your balance.
60+ (and Retired)
- Switch to retirement phase accounts for tax-free investment earnings.
- Start account-based pensions to draw income while preserving capital.
- Minimise drawdowns to extend the longevity of your retirement savings.
- Update your estate plan and ensure beneficiaries are correctly nominated.
Should you require further information on exploring strategies to maximise your retirement assets, please feel free to contact Peter Quinn by submitting an enquiry or calling us on +61 2 9580 9166 to book an obligation-free appointment.
The information in this document does not consider your personal objectives, financial situation or needs, so you should consider its appropriateness regarding these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision, and it is recommended that you seek assistance from your financial adviser.