skip to log on skip to main content
VoiceOver users please use the tab key when navigating expanded menus
Article related to:

Getting started

Baby Boomers: This is the average super balance for your age

2023-07-18 04:30

With retirement on the horizon, it's crunch time for Baby Boomers with the next decade your last chance to top up your super, writes Josh Alston.

How does your super stack up compared to other Baby Boomers?

Figures from The Association of Superannuation Funds of Australia's (ASFA) October 2017 report 'Superannuation account balances by age and gender' show how much super Baby Boomers have saved over their working lives.

Around 58 per cent of total superannuation assets are held by those aged between 50 and 69, according to ASFA. The average super balance for people aged 50 to 54 during 2015–16 was $135,290 the ASFA report found. For people aged 60 to 64 this figure increases to $214,897 and for 65-69-year-olds, it drops to $207,105 as people start drawing down their super.


When balances are compared by gender, it becomes clear that women are, on average, worse off than men. Around 45 per cent of women aged 65 to 69 reported having no super at all.

The super guarantee – which is the compulsory amount your employer must pay towards your super – was introduced in 1992 at 3 per cent of your salary and increased to its current rate of 11 per cent in 2023-24. This means that some Baby Boomers started their careers with low or no levels of compulsory super.

The ASFA figures show that most people retiring within the next few years will rely either partly or substantially on the age pension for some or all of their retirement income.

The maximum weekly age pension payment for those eligible (including the maximum pension supplement and the energy supplement) since 20 March 2023 is $532 for a single person and $802 for a couple.

So, now is the time to make sure your super balance will be in the best shape possible when you retire.

How are your retirement savings tracking?

According to ASFA's Retirement Standard, the super balances required for a comfortable retirement are:

  • comfortable lifestyle for a single: $545,000
  • comfortable lifestyle for a couple: $640,000

These figures assume outright home ownership and relative good health. They also assume that the retiree draws down all their super capital as a lump sum, and receives a part age pension.

ASFA defines a comfortable retirement as one in which you can take domestic holidays and occasional overseas holidays, go to restaurants and enjoy a good range and quality of food, take part in a range of regular leisure activities, have top-level health insurance, own a car and replace your kitchen and bathroom over 20 years.

ASFA's Retirement Tracker can tell you whether you're on track for a comfortable or a modest retirement.

But based on the following projections, some Baby Boomers could have up to $350,000 less than recommended.

Are you on track for a comfortable retirement?

ASFA defines a 'comfortable retirement' for couples as those having a combined income of $62,828 a year with a nominal return of 5.73% after fees and taxes. Click on the below infographic, How does your super compare (PDF) to see how you compare to your peers.


How to boost your super balance

1. Work out how much super you'll have at retirement

There are several online calculators that can help you estimate your super balance on retirement, including MoneySmart's retirement planner. ANZ Smart Choice Super members can log in to ANZ Internet Banking, select your Smart Choice Super account and use the ANZ Smart Choice Super calculator. Once you understand the gap between what you'll currently have and what you'll need to retire comfortably, you can put a plan in place. A financial planner can also help you work out how to bridge the gap.

2. Review your level of risk

Have you assessed the risk level of your super investment options? Many people opt for the safer approaches, but depending on your appetite for risk and the general market conditions, you could look at the pros and cons of switching to a higher-risk and potentially higher-return super investment profile.

3. Invest as much as you can now

Making voluntary super contributions to your super has tax advantages, so consider making extra contributions while you're still working. This can be via salary-sacrificing or one-off contributions from bonuses or a windfall. Also assuming you have children, you might find yourself with more available income once they leave home – giving you more options to invest into your super.

4. Review your insurance

As we get older our insurance premiums start to become more expensive, so review your insurances inside and outside of super to ensure you have the right level of cover.

5. Consider downsizing

Since July 2018, if you (and or your spouse) are eligible, you can contribute sale proceeds of your home up to $300,000 each to super. Eligible couples can collectively deposit $600,000 into their super accounts. See the ATO website for more details.

Ready to make a contribution?

To make a concessional (before-tax) contribution, speak to your employer about salary-sacrifice.

Non-concessional (after-tax) contributions or personal contributions can be made to the super fund. If you intend to claim a tax deduction - you must notify the fund, ANZ Smart Choice Super customers can make a contribution via BPAY.

Biller Code – 169060
Reference Code – member number (this is a combination of your ANZ Smart Choice Super BSB and account number.)

Baby Boomers: This is the average super balance for your age

Explore how Superannuation can work for you

If you're looking for a super solution that's easy to take care of consider ANZ Smart Choice Super

Related articles

“ANZ Smart Choice Super” is a suite of products consisting of ANZ Smart Choice Super and Pension (PDF)ANZ Smart Choice Super for employers and their employees (PDF) and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (PDF). OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346 RSE L0000673) (OPC) is the issuer of the ANZ Smart Choice Super suite of products. OPC is the trustee of the Retirement Portfolio Service (ABN 61 808 189 263, RSE R1000986) (RPS) and the ANZ Smart Choice Super suite of products are part of the RPS. You should consider obtaining financial advice before making any decisions based on the information. You should obtain a Product Disclosure Statement (PDS) relating to the relevant financial product and consider it before making any decision about whether to acquire or continue to hold the product. Target Market Determinations (TMDs) where required for relevant products have to be available for consideration by distributors/members. A copy of the PDS and TMD (where relevant) is available via the links above, and upon request by phoning 13 12 87 or by searching for the applicable product at The ANZ Smart Choice Super and Pension product is distributed by Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522).  We recommend that you read the ANZ Financial Services Guide (PDF), before deciding whether to acquire or continue to hold this product. View the ANZ Smart Choice Super and Pension Target Market Determination (PDF). ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are MySuper compliant products issued pursuant to the latest PDS available at OPC is a member of the Insignia Financial group of companies, comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group). The Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522) brand is a trademark of ANZ and is used by OPC under licence from ANZ. ANZ and the Insignia Financial group of companies (including OPC) are not related bodies corporate. ANZ does not stand behind or guarantee these products.

Before re-directing your super or moving your money into ANZ Smart Choice Super, you will need to consider whether there are any adverse consequences for you, including loss of benefits (e.g. insurance cover), investment options and performance, functionality, increase in investment risks and where your future employer contributions will be paid. 

The information provided is of a general nature and does not take into account your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances or objectives. The case studies used in this article are hypothetical and are not meant to illustrate the circumstances of any particular individual. Opinions expressed in this document are those of the authors only.

All fees are subject to change. Other key features are relevant when choosing a super fund, including performance. Past performance is not indicative of future performance.

Taxation law is complex and this information has been prepared as a guide only and does not represent taxation advice. Please see your tax adviser for independent taxation advice. The information on insurance cover is a summary only of the terms and conditions applying to the insurance cover. To the extent there is any inconsistency with the terms of the insurance cover provided by the insurer, the terms of the insurance policy will prevail.

You need Adobe Reader to view PDF files. You can download Adobe Reader free of charge.

Fee Analysis: Research conducted by SuperRatings Pty Ltd, holder of Australian Financial Services Licence No. 311880 at the request of OPC. For a copy of the latest SuperRatings research, click here (PDF) or call 13 12 87.