The average Australian retires with around $420,000 in super, based on the most recent ASFA analysis of ATO data released October 2025. But the average tells only part of the story.
The median, which is what half of Australians actually have, is closer to $201,000 for those aged 60 to 64. Roughly 75% to 80% of Australians retire with less than $500,000 in super. And to put another number some readers are searching for in context, only about 3.1% of Australian households have super balances over $2 million.
If you’re trying to work out how your own balance compares to what’s typical, the gap between the average and the median matters a lot. The figures get pulled upward by a small minority with very large balances, which makes the “average” misleading for most people. This guide breaks down what most Australians actually retire with, where you sit in the distribution, and what the current ASFA targets are for a comfortable retirement.
Average super balance at retirement in Australia (2026)
The most recent figures published by ASFA, based on ATO Taxation Statistics, show the following averages for Australians at or approaching retirement age.
Average super balance by age (ASFA October 2025 release, based on ATO 2022-23 data):
| Age band | Average (men) | Average (women) | Combined average |
|---|---|---|---|
| 50 to 54 | $254,071 | $190,175 | ~$222,000 |
| 55 to 59 | $373,000+ | $310,000+ | ~$341,000 |
| 60 to 64 | $453,075 | $403,000 | ~$428,000 |
| 65 to 69 | $525,627 | $454,333 | $420,934 |
The 65 to 69 figure is the headline “average super balance at retirement” most often quoted. Note that this is a combined average across men and women in that age band, not a per-individual figure.
There are two important caveats. First, this is balance held in super at that age, not balance at the moment of retirement. Some people in this age band are still working and contributing. Others have already retired and drawn down some of their balance. Second, the figures are skewed upward by a small minority with very large balances.
Median super balance: what half of Australians actually have
The median is the middle balance, the point at which half of Australians have less and half have more. It’s a much better indicator of what’s typical than the average.
Median super balance by age (ATO 2022-23):
| Age band | Median (men) | Median (women) |
|---|---|---|
| 50 to 54 | $177,194 | $122,150 |
| 55 to 59 | ~$201,000 | ~$150,000 |
| 60 to 64 | $211,996 | $158,806 |
| 65 to 69 | $219,773 | $200,000+ |
Half of all Australian men aged 60 to 64 have less than $212,000 in super. Half of all women in the same age band have less than $159,000. These are the numbers that genuinely describe most retirees, not the headline averages.
The gap between average and median is the clearest signal that retirement wealth in Australia is unevenly distributed. A small group at the top pulls the average up, but the typical Australian retires with far less than the average suggests.
How does my super compare to the national average for my age?
This is one of the most common questions we hear, and the most useful framing is to compare yourself to both the average and the median.
A rough benchmark for “on track”:
- In your 40s: Roughly your annual salary in super by age 30, and roughly three times your salary by age 40
- In your 50s: Roughly five times your annual salary by age 50
- In your 60s: Aiming for the ASFA comfortable retirement benchmark of $630,000 (single) or $730,000 (couple) by age 67
If you’re meaningfully above the median for your age band, you’re doing better than half of Australians. If you’re at or above the average, you’re in the top half. If you’re at or above the ASFA comfortable benchmark, you’re in roughly the top third (only about 30% of Australians retire with enough to afford the ASFA comfortable standard).
Please note: All figures, projections and scenarios in this article are approximate and for illustrative purposes only. Individual outcomes will vary based on personal circumstances, investment returns, fees, and current government policy. This is general information, not personal advice.
What percentage of Australians have $1 million or $2 million in super?
This is one of the most-searched questions on Australian retirement, often driven by media stories of high-balance retirees that can make average savers feel they’re behind. The reality is the opposite.
Distribution of super balances at retirement:
- 75% to 80% of Australians retire with super balances below $500,000
- ~7% of Australians retiring in 2020 have super balances over $1 million (Treasury MARIA model)
- ~3.1% of Australian households have super balances over $2 million
- ~1.4% of Australian households have balances over $3 million
The Transfer Balance Cap (the maximum you can move into the tax-free pension phase) was increased to $2 million from 1 July 2025, which gives context for why these high-balance figures attract policy attention. But for the overwhelming majority of Australians, the planning question isn’t how to manage a $2 million balance, it’s how to make a balance of $200,000 to $500,000 work alongside the Age Pension.
What you actually need: the ASFA Retirement Standard (February 2026 update)
The Association of Superannuation Funds of Australia (ASFA) publishes quarterly cost-of-living benchmarks for retirement, and lump sum benchmarks that are reviewed less frequently. The lump sums were updated in February 2026 for the first time in three years.
ASFA lump sum benchmarks at age 67 (February 2026):
| Lifestyle | Single | Couple |
|---|---|---|
| Comfortable | $630,000 (was $595K) | $730,000 (was $690K) |
| Modest | $110,000 | $120,000 |
If you’ve read older articles still quoting the $595,000 single or $690,000 couple figures, those benchmarks are now out of date by $35,000 to $40,000.
Both benchmarks assume you own your home outright and receive some Age Pension. The “comfortable” standard funds private health insurance, regular dining out, a reasonable car that can be replaced, annual domestic holidays, and an overseas trip every few years. The “modest” standard covers basics with limited room for discretionary spending.
ASFA monthly income benchmarks (December 2025 quarter):
| Lifestyle | Single (monthly) | Couple (monthly) | Single (annual) | Couple (annual) |
|---|---|---|---|---|
| Comfortable | $4,520 | $6,375 | $54,240 | $76,505 |
| Modest | $2,933 | $4,239 | $35,199 | $50,866 |
The cost of a comfortable retirement has risen 3.5% for couples and 3.6% for singles over the past 12 months, according to ASFA.
Why most Australians fall short of the ideal
The gap between what people retire with and what ASFA defines as comfortable isn’t because most Australians have done something wrong. It’s a structural feature of the super system as it currently stands.
Career interruptions. Most Australians who reach retirement today started working before compulsory super existed (the Superannuation Guarantee began in 1992 at 3%). Anyone aged 60+ now had a meaningful portion of their working life without compulsory contributions. Women in particular have time out of the workforce for caregiving that reduces both contributions and compound growth.
Late start. The Super Guarantee only hit 12% on 1 July 2025. For most of the past 30 years it was meaningfully lower (9% to 11%). The compound effect of those lower rates over a working life is significant.
Fund fees and performance. A 1% difference in annual fees doesn’t sound like much. Over a 30-year working life it can reduce a final super balance by 20% or more. Many Australians are in default funds without ever comparing performance or fees.
Inflation. The cost of a comfortable retirement is rising at roughly 3.5% per year. If your super isn’t earning meaningfully above that, you’re losing purchasing power over time.
The income vs balance distinction. The “balance at retirement” question can mislead. What actually matters is the income your balance produces, combined with the Age Pension. A modest balance of $400,000 combined with a part Age Pension can fund a reasonable retirement for a homeowner couple. The same balance for someone renting in Sydney is a very different situation.
How the Age Pension fills the gap for most retirees
Most Australians don’t fund retirement from super alone. They combine super drawdowns with the Age Pension. About 65% of Australians over 67 receive some form of Age Pension benefit.
Maximum Age Pension rates from 20 March 2026:
- Single: $1,200.90 per fortnight (~$31,223 per year)
- Couple combined: $1,810.40 per fortnight (~$47,070 per year)
These are the maximum rates. Most retirees receive a part pension based on the assets and income tests. The pension cuts off entirely for homeowner couples at combined assets of $1,085,000, or for singles at $722,000.
The Age Pension does a lot more work in funding the average Australian’s retirement than the ASFA benchmarks alone suggest. A couple retiring with combined super of $500,000 and a home generally ends up somewhere between the modest and comfortable standards when you factor in the part Age Pension they typically qualify for.
For a deeper walkthrough of how the March 2026 Centrelink thresholds work, see our guide to the Age Pension changes in March 2026.
What to do if your balance is below the average
If you’re approaching retirement and your super balance sits below the ASFA comfortable benchmark, there are several practical levers that often add meaningful value in the 5 to 10 years before retirement.
Catch-up concessional contributions. If your total super balance was below $500,000 at the last 30 June and you have unused concessional cap space from earlier years, you can make a single large contribution. Unused cap from 2020-21 expires on 30 June 2026.
Salary sacrifice in the final working years. Increasing pre-tax contributions in your last 5 to 7 working years can add significantly to the final balance. At a 32.5% or higher marginal rate, the tax saving alone is substantial.
Downsizer contributions. If you sell a home you’ve owned for 10+ years, you can contribute up to $300,000 per person ($600,000 for a couple) into super as a downsizer contribution. It’s available from age 55 and doesn’t count toward your other contribution caps.
Consolidate multiple super accounts. The ATO estimates there are around 6.3 million lost or unmatched super accounts in Australia holding a combined $21.5 billion. Many Australians have multiple super accounts from different employers, each charging separate fees that quietly eat returns over time.
Review your investment option. A conservative super option earning 3-4% per year produces a meaningfully different outcome than a balanced option earning 5-6% over a full market cycle. For money you won’t need for 10+ years, going too conservative is one of the more common ways to under-deliver retirement income.
Coordinate with the Age Pension. Structuring assets to optimise Age Pension entitlement can add thousands per year to total retirement income. The interaction between super withdrawal timing, asset values, and the assets test is one of the highest-value planning areas in the years either side of pension age.
Frequently asked questions
What is the average superannuation balance at retirement in Australia 2026? The average super balance for Australians aged 65 to 69 is approximately $420,934, based on ASFA’s October 2025 analysis of ATO 2022-23 data. By gender, men in this age band average around $525,627 and women around $454,333. The combined average for Australians aged 60 to 64 is around $428,000.
What is the average retirement savings Australia 2026 figure? For super specifically, the average at retirement age is around $420,000. Including other savings and assets outside super, the total varies widely depending on home ownership, investment property, and other holdings. Around 75-80% of Australians retire with super balances below $500,000.
What is the median super balance at retirement? The median super balance for Australians aged 60 to 64 is approximately $201,000, with men at around $212,000 and women at around $159,000. The median is a better indicator of “typical” than the average, because averages are pulled up by a minority of very high balances. Half of Australians in the 60-64 age band have less than the median figure.
How does my super compare to the national average for my age? The median super balance for men in their 50s ranges from $177,194 (50-54) to around $202,583 (55-59). For women it ranges from $122,150 to $150,000+ in the same brackets. By 60-64, the median for men is around $212,000 and for women around $159,000. Comparing to the median is more useful than comparing to the average, as the average is skewed by a small number of very high balances.
What percentage of retirees have $2 million dollars in super in Australia? Approximately 3.1% of Australian households have super balances over $2 million, based on ANU research using 2025-26 indexed data. Around 1.4% (about 142,000 households) have balances over $3 million. The Transfer Balance Cap (the maximum you can move to the tax-free pension phase) was raised to $2 million from 1 July 2025.
What percentage of Australians retire with $1 million in super? Treasury’s MARIA model projects that around 7% of Australians retiring in 2020 had super balances over $1 million. The proportion is forecast to grow over time, with around 13% of those retiring in 2060 expected to have balances above $1 million. Around 90% of households currently have a total super balance below $1 million.
What’s the average retirement savings needed in Australia in 2026? ASFA’s February 2026 update set the lump sum benchmarks for a comfortable retirement at $630,000 for a single and $730,000 for a couple at age 67. These figures assume home ownership and a partial Age Pension. For a modest retirement, the benchmarks are $110,000 (single) and $120,000 (couple). The income benchmarks (December 2025 quarter) are $54,240/year for a comfortable single retirement and $76,505/year for a comfortable couple retirement.
Can I retire on the average super balance of $420,000? For a homeowner combining super drawdowns with a part Age Pension, $420,000 can fund a modest to mid-range retirement depending on spending. It won’t reach the ASFA comfortable standard on its own. The actual income it produces depends on drawdown rate, investment returns, fees, and how much Age Pension you qualify for. For a non-homeowner paying rent, the same balance is a much tighter situation.
Why is the gap between average and median super so large? The gap reflects the uneven distribution of super wealth in Australia. A small minority of high-balance accounts (those over $1 million or $2 million) pull the average up significantly, while the median sits at the actual midpoint of all balances. For most planning purposes, comparing to the median gives a more realistic sense of how your position compares to typical Australians.
Worth getting right
The headline “Australians retire with $420,000” figure obscures the reality that most Australians retire with significantly less than that, and the structural planning challenge for the majority is how to make a modest balance work with the Age Pension to support a reasonable lifestyle. The ASFA comfortable benchmarks are useful targets but they’re not the only viable retirement.
If you’d like to work out where your specific super balance sits, how it’s likely to track to retirement, and what the gap between your projected balance and a comfortable retirement looks like, book a free chat with the Wealthlab team. No cost, no pressure, no jargon.
For a quick general snapshot of where you stand against the typical Australian retiree, the Wealthlab retirement quiz and the free Wealthlab super calculator are both useful starting points.
