The average super balance has hit a new record high and while the gender super gap remains, it appears to be closing. (Source: AAP\/Getty) <\/p>\n
Australians have more savings than ever stashed in their superannuation<\/a> for retirement. New research found average super balances<\/a> have hit a record high of $172,834, with the financial nest egg increasingly becoming the main source of retirement income<\/a> for Aussies as we undergo a “historical shift\u201d.<\/p>\n The Association of Superannuation Funds of Australia (ASFA) found that among the nearly 18 million superannuation account holders<\/a> aged 15 and over, males have an average balance of $192,119, while females have an average of $154,641. This is based on the most recent data from the Australian Taxation Office<\/a> from June 2023, with both figures up from the previous year.<\/p>\n For those entering retirement<\/a>, the average balance for those aged 65 to 69 is now $420,934. The average for males in the age bracket was $448,518, while for females it was $392,274.<\/p>\n RELATED<\/strong><\/p>\n ASFA CEO Mary Delahunty said the findings were \u201cgreat news\u201d for Aussies.<\/p>\n \u201cThe increase in the superannuation guarantee to 12 per cent<\/a> combined with strong investment returns from super funds mean Australians have more savings than ever put away for retirement,\u201d she said.<\/p>\n While the gender super gap persists, the research found it was closing with recently announced changes to the Low-Income Superannuation Tax Offset (LISTO)<\/a> expected to reduce the gap further, along with changes like payment of super on paid parental leave<\/a>.<\/p>\n The government will increase the LISTO income threshold from $37,000 to $45,000, along with upping the maximum payment from $500 to $810 from July 1, 2027.<\/p>\n Do you have a story to share? <\/strong>Contact tamika.seeto@yahooinc.com<\/strong><\/a><\/p>\n Here is the average super balance of men and women<\/a> at different ages, based on ATO data.<\/p>\n It\u2019s worth noting these are average balances, not median balances, which are lower. Female balances are also consistently lower than those of males.<\/p>\n Age<\/strong><\/p>\n<\/td>\n Male<\/strong><\/p>\n<\/td>\n Female<\/strong><\/p>\n<\/td>\n<\/tr>\n Under 18<\/p>\n<\/td>\n $7,687<\/p>\n<\/td>\n $4,699<\/p>\n<\/td>\n<\/tr>\n 18 to 24<\/p>\n<\/td>\n $9,062<\/p>\n<\/td>\n $8,163<\/p>\n<\/td>\n<\/tr>\n 25 to 29<\/p>\n<\/td>\n $27,021<\/p>\n<\/td>\n $24,821<\/p>\n<\/td>\n<\/tr>\n 30 to 34<\/p>\n<\/td>\n $55,690<\/p>\n<\/td>\n $46,586<\/p>\n<\/td>\n<\/tr>\n 35 to 39<\/p>\n<\/td>\n $96,122<\/p>\n<\/td>\n $76,020<\/p>\n<\/td>\n<\/tr>\n 40 to 44<\/p>\n<\/td>\n $140,680<\/p>\n<\/td>\n $109,209<\/p>\n<\/td>\n<\/tr>\n 45 to 49<\/p>\n<\/td>\n $193,501<\/p>\n<\/td>\n $147,146<\/p>\n<\/td>\n<\/tr>\n 50 to 54<\/p>\n<\/td>\n $254,071<\/p>\n<\/td>\n $190,175<\/p>\n<\/td>\n<\/tr>\n 55 to 59<\/p>\n<\/td>\n $319,743<\/p>\n<\/td>\n $242,945<\/p>\n<\/td>\n<\/tr>\n 60 to 64<\/p>\n<\/td>\n $395,852<\/p>\n<\/td>\n $313,360<\/p>\n<\/td>\n<\/tr>\n 65 to 69<\/p>\n<\/td>\n $448,518<\/p>\n<\/td>\n $392,274<\/p>\n<\/td>\n<\/tr>\n 70 to 74<\/p>\n<\/td>\n $501,785<\/p>\n<\/td>\n $449,540<\/p>\n<\/td>\n<\/tr>\n 75 or more<\/p>\n<\/td>\n $525,627<\/p>\n<\/td>\n $454,333<\/p>\n<\/td>\n<\/tr>\n ASFA found three in 10 Aussies were currently retiring with enough savings to meet its comfortable retirement standard<\/a> of $595,000 for singles.<\/p>\n Story Continues <\/p>\n However, it estimates that a 30-year-old today with $30,000 in their super, earning the median wage would retire with $610,000 in super in the future, above the amount needed, due to the recent 12 per cent guarantee increase.<\/p>\n ASFA also analysed ABS data and found that the share of retirees primarily relying on government payments<\/a> had declined since 2020-21, while the number of retirees whose main income source was super or workers\u2019 compensation had increased.<\/p>\n As more Aussies reach retirement having accumulated super across their working lives, this upward trend is expected to continue.<\/p>\n The super group also analysed super balances<\/a> across Australia and found there was a major variation among big cities and towns.<\/p>\n Across the country, Canberra had the highest average super balance per person at $223,585, followed by retiree hotspots Victor Harbor and Goolwa in South Australia at $199,072, and Newcastle in NSW at $198,579.<\/p>\n Darwin had the lowest of the capitals at $152,366, while Kalgoorlie-Boulder in WA\u2019s Goldfields-Esperance region had the lowest overall at around $109,268.<\/p>\n ASFA said this was due to differences in demographics, specifically how old or young the population is on average, along with income levels.<\/p>\n Here were the average balances across the capitals:<\/p>\n Sydney <\/strong>$168,923<\/p>\n<\/li>\n Melbourne <\/strong>$167,468<\/p>\n<\/li>\n Brisbane <\/strong>$178,475<\/p>\n<\/li>\n Perth <\/strong>$165,031<\/p>\n<\/li>\n Adelaide <\/strong>$174,550<\/p>\n<\/li>\n Hobart <\/strong>$173,487<\/p>\n<\/li>\n Canberra <\/strong>$223,585<\/p>\n<\/li>\n Darwin <\/strong>$152,366<\/p>\n<\/li>\n<\/ul>\n Get the latest Yahoo Finance news – follow us on <\/strong>Facebook<\/strong><\/a>, <\/strong>LinkedIn<\/strong><\/a> and <\/strong>Instagram<\/strong><\/a>.<\/strong><\/p>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n