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Millennials: This is the average super balance for your age

2023-07-18 04:30

As a Millennial you have time on your side thanks to the power of compound interest.

Figures from The Association of Superannuation Funds of Australia's (ASFA) October 2017 report 'Superannuation account balances by age and gender'(PDF) show many young Australians are not likely to have enough money for an independent life once their working life is over.

This means they'll need to rely on the government's age pension: the maximum weekly age pension payment for those eligible (including the maximum pension supplement and the energy supplement) is currently $532 a week for an individual and $802 for a couple.

Most people living on such a small income will need to seriously adjust their lifestyle to cope financially.

Check out the table below and see how your current super account balance compares to other Millennials.


The good news is that by taking action now, you can improve your super savings for the independent life you want post work. Being a Millennial means you have time on your side to do this. Even small changes made now can add up to a big difference by the time you reach retirement age.

Millennials are the first generation to receive the full benefits of the super guarantee (the compulsory amount your employer must pay towards your super), which is currently 11 per cent of your ordinary time earnings.

Millennials: How much super do you have compared to your peers?


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

  • $545,000 for a single
  • $640,000 for a couple.

These figures assume you already fully own your home and are in good health. And that you will receive 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, 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 modest retirement.

How to get on top of your super

Small changes you make now can lead to a big difference in the next three to four decades, significantly boosting your balance by the time you can access your super.

Here are five ways to help you get there.

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

There are several online calculators to estimate your super balance at retirement, including one for members of ANZ Smart Choice Super, winner of Money Magazine Best Value Super Fund for Young People Award 2020. Members can log in to ANZ Internet Banking and use the retirement calculator there. Additionally you can use MoneySmart's retirement planner. 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.

2.  Make voluntary contributions

Any super contribution you make (in addition to your employer's mandatory 10 per cent per year) will benefit you in the long run – and it is concessionally taxed (subject to contribution limits). Consider adding a portion of your salary, or sacrificing part of your next pay rise or bonus into your super. With compound interest a 20-year-old who starts stashing away just over $6 a day could be a millionaire at 65. 

3. Consolidate your super funds

If you have more than one super fund, consolidating them will save you fees and give you benefits from the investment earnings of a larger pool of money, while make it easier to keep track of your balance.

To consolidate all other super funds into your ANZ Smart Choice Super account, simply log in to ANZ Internet Banking and click on your ANZ Smart Choice Super account. With your consent, ANZ can search and find other super accounts in your name and Tax File Number. Select the accounts you want to consolidate, read the important information, read and accept the Terms and Conditions and click 'Transfer '.

If you don't see your other super accounts, email and request a Super Match.

4. Check whether you're eligible for a government co-contribution

If you're a low or middle-income earner you could be eligible for a government co-contribution of up to $500 to help boost your super balance. There's also a super tax offset available to people who earn less than $37,000 a year.

5. Work as a team

If you have a spouse, they may put money into your super fund and receive a tax offset of up to $540 if you have little or no income. Check the Australian Taxation Office website to see if you're eligible.

Millennials: 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

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“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.

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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.