The average superannuation balance at retirement age varies widely among Australians depending on workforce history, voluntary contribution levels, investment returns, and the number of years of compulsory superannuation contributions received.
APRA Annual Superannuation Statistics show average balances for members aged 60 to 64 approaching retirement. These averages mask significant variation, with many Australians retiring with balances well below the ASFA comfortable retirement benchmark.
The transition to retirement phase allows Australians aged 60 and over who have reached their preservation age to access their superannuation while continuing to work. This flexibility allows gradual retirement planning and can help boost final superannuation balances through continued contributions.
Decisions about when to retire, whether to take superannuation as a lump sum or pension, and how to structure drawdown during retirement all significantly affect how long retirement savings last.
Data sourced from APRA Annual Superannuation Statistics and ATO Taxation Statistics. Updated annually.