For males,the average super balance at age 18-24 is $8148,at 30-34 it’s $56,344,at 40-44 it’s $139,431 and at 50-54 it’s $246,955. What is the typical amount men retire with at age 65 to 69? It’s $453,075.
For women though,you have probably guessed that pay and parenting inequities (I’m generalising butgenerally it is also still true) see female’s respective amounts lower. We are talking $7328 at age 18-24,$46,289 at 30-34,$107,538 at 40-44 and $182,167 at 50-54.
At retirement between 65 and 69,$403,038 is today’s norm for women. So,is a nest egg of this size sufficient for a sweet retirement,for anyone?
The short answer:no.
The target end-balance for a single is $595,000,we’re told by the Association of Superannuation Funds of Australia,and $690,000 for a couple. That is the amount it calculates gets us over the line to acomfortable standard of living… not lavish but also not too frugal.
If you work the super system,females’ lifestyles in retirement can easily equal men’s.
You must note,though,that these figures assume you own your home by retirement,and that you draw down progressively on all your funds and so,over time,get more age pension.