To know how much superannuation (super) you have, you need to check your personal super balance. You can do this easily through your Australian Taxation Office (ATO) online account via myGov, which allows you to see all your super accounts and balances in one place. If you're looking to estimate how much super you should have or expect to have at retirement, there are calculators and guidelines that take into account your age, current balance, contributions, and expected lifestyle in retirement. Here is a rough guide to how much super you should aim to have by certain ages for a comfortable retirement:
- Age 25: $26,000
- Age 30: $66,500
- Age 35: $111,500
- Age 40: $168,000
- Age 45: $226,000
- Age 50: $296,000
- Age 55: $377,000
- Age 60: $469,000
- Age 65: $571,000
These targets are based on maintaining a comfortable lifestyle in retirement, as defined by the Association of Superannuation Funds of Australia (ASFA).
For an accurate and personalized assessment, you can use the ATO online services through myGov to check your exact super balance or use superannuation calculators available on sites like Australian Retirement Trust or MoneySmart. These tools can also project your super balance at retirement based on your contributions and other inputs.
If you want help finding your current balance, creating or accessing your myGov account with linked ATO services is the best starting point.