Australia’s superannuation system is now the fourth largest pension pool in the world. But the gap between what most Australians have saved for retirement and what they actually need remains significant — and the rising cost of living is making that gap harder to close.
Here is what the publicly available data shows about superannuation balances across Australia in 2026, and what the benchmarks say about whether those balances are enough.
What Is a Comfortable Retirement in 2026?
Before looking at what Australians actually have saved, it helps to understand what the benchmarks say is needed.
The Association of Superannuation Funds of Australia publishes a Retirement Standard each quarter that estimates how much superannuation is required for different retirement lifestyles. According to the ASFA Retirement Standard for the March 2026 quarter:
A comfortable retirement — which includes running a car, maintaining private health insurance, enjoying meals out, and taking occasional holidays — requires annual spending of approximately $54,840 for singles and $77,375 for couples. To support that lifestyle, ASFA estimates retirees need approximately $630,000 in superannuation for singles and $730,000 for couples at age 67. These figures assume the retiree owns their home outright and is in relatively good health.
A modest retirement — a lifestyle only slightly above the Age Pension, covering essential costs with limited discretionary spending — requires approximately $100,000 at age 67 for a single person.
The comfortable retirement benchmark has increased from $595,000 three years ago, reflecting the impact of rising living costs on retirement income requirements. As the ABS notes, housing, food, and energy have been the largest contributors to inflation — and all three are significant expenses in retirement.
What Australians Actually Have — Average Balances by Age
Here is how real superannuation balances compare to the benchmarks, using the latest available data from ASFA, the ATO, and Rest Super.
Age 50 to 54
According to ASFA data, the average superannuation balance for Australians aged 50 to 54 is approximately $254,071 for men and $190,175 for women. To be on track for a comfortable retirement at 67, ASFA estimates a balance of approximately $313,500 is needed at age 50. The average male is below target. The average female is significantly below.
Age 55 to 59
Australians aged 55 to 59 hold average super balances of approximately $319,743 for men and $242,945 for women, according to Motley Fool Australia’s analysis of current super data. With roughly a decade left until standard pension age, the gap between average balances and the $630,000 target for a comfortable retirement remains substantial for most individuals.
Age 60 to 64
At ages 60 to 64, average superannuation balances rise to approximately $395,852 for men and $313,360 for women according to ASFA data. As a couple, many households at this stage are approaching the $730,000 combined benchmark — though averages can be misleading because a small number of very high balances pull the figure upward. The median balance — the midpoint figure — tells a more accurate story for most Australians.
Age 65 to 69
At the standard pension age of 67, Australians hold average superannuation balances of approximately $392,000 for women and $448,000 for men, according to Rest Super data cited by Motley Fool Australia. The average single person at this age falls below the $630,000 comfortable retirement benchmark. The average couple, combining their balances, is broadly in range of the $730,000 target — particularly when the Age Pension is factored in as a supplementary income source.
Age 70 to 74
Australians aged 70 to 74 hold average superannuation balances of approximately $449,540 for women and $501,785 for men, according to Rest Super data. A typical couple in this age group may hold close to $950,000 combined. Balances at this stage remain higher than many people expect — because many retirees draw conservatively from their super, and ongoing investment returns continue to support balances even in retirement.
The Gender Gap in Superannuation
One of the most persistent structural issues in Australia’s superannuation system is the gap between male and female balances. By age 60 to 64, men average approximately $395,852 while women average around $313,360 — a gap of approximately $82,000 according to ASFA data. By ages 65 to 69, the gap narrows to approximately $56,000, with men averaging $448,000 and women averaging $392,000 according to Rest Super data.
The gap reflects several compounding factors: career breaks for caring responsibilities, higher rates of part-time employment, lower average wages, and historical structural factors in the super system — including the now-abolished $450 per month earnings threshold that previously excluded many part-time workers from receiving employer contributions at all.
From 1 July 2025, compulsory super contributions are now paid on government-funded Parental Leave Pay, meaning parents taking parental leave will receive super contributions for the first time. This change is expected to narrow the gender gap in superannuation balances over time — though its full impact will take decades to show up in retirement balances.
The Super Guarantee Rate — Now at 12 Per Cent
The Super Guarantee — the compulsory employer contribution rate — reached 12 per cent of ordinary time earnings from 1 July 2025
This is the highest the rate has ever been in Australia’s history, following a staged increase from 9.5 per cent where it was paused between 2014 and 2021.
The higher rate means that for a worker earning $80,000 per year, the employer is now contributing $9,600 per year to super — compared to $7,600 at the previous 9.5 per cent rate. Over a 30-year career, that difference compounds significantly.
ASFA’s analysis suggests that a 30-year-old today earning approximately $65,000 per year, with $30,000 already in super, is broadly on track to retire with approximately $645,000 — above the $630,000 single comfortable retirement benchmark — based on projected contributions and historical average returns of approximately 7.5 per cent per year.
How the Cost of Living Is Affecting Retirement Planning
The rising cost of living in 2026 affects superannuation in two ways — and both matter.
First, it has increased what ASFA calculates is needed for a comfortable retirement. When everyday costs rise, retirement income requirements go up, meaning the savings target increases.
Second, it affects how much Australians can contribute beyond the compulsory minimum. For households already stretched by higher rents, grocery bills, electricity costs, and mortgage repayments, finding discretionary income to make voluntary super contributions is significantly harder. The compulsory 12 per cent guarantee is building balances, but voluntary top-ups — which can meaningfully accelerate retirement savings — are harder to make when budgets are tight.
For more context on how everyday costs are affecting household finances right now, see our coverage of wages and cost of living and 5 things getting more expensive.
The Transfer Balance Cap and High Balance Super
From 1 July 2025, the Transfer Balance Cap — the maximum amount that can be transferred into a tax-free pension account in retirement — increased to $2 million. This is relevant for Australians with larger superannuation balances approaching or in retirement, as amounts above this cap cannot be moved into the tax-free retirement phase and remain subject to the 15 per cent accumulation phase tax rate.
According to ASFA estimates, approximately 80,000 Australians held superannuation balances above $3 million as of mid-2025 — a figure that has grown steadily as the system has matured and investment returns have compounded over decades.
Where Australian Superannuation Balances Stand in 2026
Based on the most recent available data, the average Australian approaching retirement age holds significantly less superannuation than the ASFA benchmark for a comfortable retirement — particularly women and single retirees. The gap is real, though it narrows considerably when the Age Pension is factored in as a supplementary income source.
The 12 per cent Super Guarantee rate, ongoing investment returns, and structural reforms including super on parental leave are all moving balances in the right direction. But the rising cost of retirement — driven by the same cost of living pressures affecting working households — means the target is also moving upward.
Moneysmart provides a free retirement planner tool that allows Australians to estimate their projected super balance at retirement and test different contribution scenarios. It is based on publicly available data and is a useful starting point for understanding where you stand relative to the benchmarks. This article provides general information only — for personalised guidance on superannuation, a licensed financial adviser is the appropriate resource.
This article is for general informational purposes only and reflects the author’s own research and understanding of publicly available data. It does not constitute financial advice. Superannuation rules, tax rates, and benchmarks can change — always verify current figures directly with ASFA, the ATO, and Moneysmart.
