Average Super Balance By Age 2023 (Official Statistics)

[@raycorc]

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[@sm_au]

The 50s a lot of couples separate and if the wife had been the homemaker taking time off for kids over the years - family court may award a portion of the husband's super - or - the kids have grown up and they've gone back to full time work? Could be some reasons for that aged related glitch you mentioned.

[@sharonozvenom]

If I was 59 years old with the “average” $286,000 in super , it would be grossly inadequate. There would need to be many more years of working full time required .

[@RumperTumskin]

I'm hoping to have significant assets outside of super. Ideally somewhere the Govt can't mess with it very much over the 30+ remaining years of my working life

[@ev0wat]

@@RumperTumskin if your alive, the government can do whatever they want to you without any kind of evidence either.

[@somluck2813]

The average super is not what the average person has. The median is a better measure. There are a couple hundred people in Australia with super balances of $20m - $30m. Thus the average super balance is significantly higher than the median super balance.

[@outtolunch88]

Don't forget, Initially super contributions were in lieu of wage increases. It wasn't all an "impost" on employers.

[@chillikoala]

Thanks for the video. Some possible explanations for the variations in figures between men and women across the age groups: - there were proportionally less women in the workforce in the 80s, 90s, and even early 2000s - coinciding with more women in the workforce, the age when women have children has steadily increased since the 80s from early 20s to early 30s - women live longer than men and inherit their partner's super when they die - many blue collar workers and labourers are often forced to retire earlier. Overwhelmingly, men perform these jobs

[@raycorc]

Yep that makes a lot of sense!

[@eddiifuentes9298]

I wish they can drop the age where I can access my super to 55 (instead of 60). I believe this should be means tested (case by case basis), If you have a lot of money in super by 55 (say at least 1 million dollars) then why not retire earlier and access your funds tax free. Instead of focusing to retire at 60 (by accessing super) or 67 (age pension), I would prefer to enjoy life before I'm too old and physically not able to. Retirement at 55 is way different (more enjoyable experience) than doing it at 67.

[@brentdundee]

Totally agree I am 54 and I am in the same position

[@richardguthrie3422]

You can retire at 60 if you wish.

[@eddiifuentes9298]

@@richardguthrie3422 That's my plan, it would be nice to retire early though if the government will let me access my super.

[@leannewith3]

67 is the age you can access the aged pension, not your super.

[@eddiifuentes9298]

@@leannewith3 I'm not worried about the age pension. I wouldn't qualify for pension at 67 anyways and I don't plan to, hence my comment.

[@stuartferguson7947]

It’s a very difficult topic because the Govt keeps changing the rules it makes it very difficult to plan in detail, one thing we can guarantee is that the retirement income rules will be very different for anyone 50 and younger by they retire. My advice is use what ever tax advantages that are available to you now to maximise your outcome, but you can’t set & forget, just like playing sport, things keep changing and you need to be prepared to change strategies.

[@pauljarrett6546]

Men generally are older in relationships, and have access to their retirement money first. So it makes sense that the women in those relationships don’t access their super because they are living off the husbands super.

[@thylacine1004]

And probably got a cut from husbands super in a divorce

[@ifonlyaus]

Superannuation balances are also released annually by the ATO. They release a bunch of statistics that have about a 2 year lag ie, 2020-2021 stats are released in the first half of 2023. The problem with all male/female super statistics is that like a family home or other significant asset, it might be in one partner's name but each has an equal entitlement. I think male life expectancy is early 80 but that means a significant number pass on by 70-75. Their super is then passed to a partner who is usually younger say 65-70.

[@mellanie1282]

Great thanks for that. Interesting i never stopped to have kids or marriage and nearly 50 with around 255k in my super started working in 1991 and super funds started a year after that. Never put extra in either. But shows how not stopping to have kids as a female allows for a larger super fund. Quite a lot of females like me who never had kids but have good super funds. It does make a difference on females.

[@waffle_burger8499]

Superannuation is not just a long-term investment, it's a tax minimisation vehicle. That's why it's advantageous to take advantage of salary sacrificing into super (before tax). I came to Australia from New Zealand as a 30yo with no assests and no super, I'm now 47yo and I have approx. 350K in super, a lot of it due to salary sacrificing.

[@sharonozvenom]

Salary sacrificing into super has been the best thing ever . Hopefully future govts won’t try to clamp down on it .

[@FullerSolutions]

And it’s also a way the government minimises their pension expenses because you can’t access it till 67.

[@waffle_burger8499]

@FullerSolutions That's not actually correct. From age 55 you may be able to start accessing super with a transition to retirement pension (TTR) if you are still working, and if you are fully retired between the ages of 60-64 there are no restrictions on access.

[@riprider2]

Great video! Thank you. A few additional reasons that Keating instated Superannuation was to support economic growth while providing ourselves with a business cycle cushion. Also economic benefits in our Current Account Balance (meaning we can derive an income from foreign investments and boost our GDP) and domestic investment. It was done because Australia was growing materialistic.

[@BJT841]

Because men are over represented in hard labour roles resulting in them earning more in their younger years, conversely then retire younger because their body is stuffed. Go and ask a 55yo concreter, roofer, tiler how many more years he can keep working, then go and ask a 55yo working white collar or supermarket worker how much longer they can keep working.

[@raycorc]

Definitely could be - I know some trades guys in their late 30’s / early 40’s who already have pretty bad back issues etc that will only get worse

[@jes7119]

I believe stats show that women make more voluntary contributions. It could be that they're getting older and realise they're way behind so they start making extra payments to catch up. Which is smart but is probably another thing contributing towards the wage gap.

[@nickpower-fj9bu]

And also men start dying first…

[@Hunty49]

They should set retirement age based on what you worked. Politician, lawyer, etc -70. Labourer, tradie, etc - 60. Women steal half of men's super anyway.

[@greghalliday4226]

​@jes7119 Also, if they are married, the male wage will be the primary wage and the women will have more "disposable" income to permit them to make those additional payments to super.

[@michaelhermans4753]

Turned 67 yesterday Never been a fan of super, focused on real estate, current valuation $4 million almost no debt Super 150k not concerned

[@raycorc]

Happy birthday for yesterday. That’s awesome, I feel the same - I aim to have a good nest egg well before I need to touch super, it almost shouldn’t matter what’s in there if you set yourself up prior

[@michaelhermans4753]

@@raycorc just because you get a tax benefit, it should never be the prime reason to invest, the investment needs to stand up on its own first, getting tax relief should always be looked at as a bonus

[@SolargreenMowing]

Australia super has members direct and you can invest directly into the share market.

[@Susanne-zuku]

I watch several KZbin videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands

[@Susanne-zuku]

@WilliamEthan00 What is the name of your broker and how do i connect with him or her ?

[@Susanne-zuku]

@rachealhubert74 Wow that was easy, i found her website and left a message for her . i hope she reply me. thanks.

[@ehawolczecki8759]

There are some great super funds.

[@theoriginalwasa]

Susanne if you buy an etf that tracks a large market index then you can go up or down but you basically get the growth of that economy as a long timescale return. Short of there being an apocalyptic cataclysm, that's going to outperform any moderately risky investments. You can make an account on something like selfwealth or pearler to guarantee that you own everything whilst not paying much brokerage fees and just buy things like "vas" (the Australian market) or "vts" if you want the rest of the world.

[@peted3637]

53 years old and have 5.6 times the amount you list as the median super account balance. I have never been a high income earner but I guess my super company has done reasonably well.

[@ithinkurf]

I'm in the same boat. I'm about to turn 36 and have been full time employed since 17 in 2 jobs that dibt have massive wages. My super balance is in 2 schemes one sits at about 460k (after 16yrs) and the other at 30k (after 2yrs). Having a good super scheme really helps it would seem.

[@stanrix]

Mine isn’t quite as impressive, but I have double the average of a 39 year old man. And im just a blue collar labour worker.

[@peted3637]

​@stanrix I tell you one thing, I have got many people to move their super out of government default funds and into unisuper. Then, select one of the high-performing portfolios because the difference is massive.

[@maddogmorgan1]

That's actually pretty poor, I am 45 and have 11.3 times the median super account balance

[@stanrix]

@@maddogmorgan1 I always knew mine was crap. But these averages are terrible

[@DoDar]

Thanks for the video, I think a nice large sized picture on the wall over your left shoulder would look nice in your house.

[@raycorc]

I agree, funny you say that I’ve been looking at getting art for downstairs Looks like it’ll cost a bit even for affordable art so gonna wait until I can buy the lot in one go

[@tchilds1077]

How much does a couple need, eating out once a week, overseas holiday once a year, living well, and retiring at 65, with no debt.

[@bryannickels3032]

The median balance for women doesn't catch up as such, it's more a function of the data and the correlation with time. Superannuation was introduced in 1992, so the chances are if a woman is 60 - 65 now then they were 30 to 35 when superannuation was introduced and may already of had children and time off from work before super was introduced. I think if you look at the average super balance for 75 year olds there would be very little disparity, possibly only a just a small percentage from wage disparity....

[@raycorc]

Yep good point, that makes perfect sense

[@whimsy-chan1188]

This comment should be so much further up.

[@MariaGarcia-gv8hj]

Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it;"

[@quin5155]

Congratulations on your early retirement, Interesting indeed! Currently, I am in dire need of investment advice or tips. Earlier this year, I hesitated and failed to take any action until now. However, I am determined to try something new, as I am very receptive to various investment ideas. I want to be retired in my forties or fifties.

[@MariaGarcia-gv8hj]

No problem at all! If you're seeking to earn substantial profits from your investment, I would suggest determining your investment horizon and implementing a long-term plan. I worked with Lewis James Godfrey to create a long-term investment strategy, and he assisted us in managing our investments while we focused on my jobs without any concerns.

[@quin5155]

Thank you for your advice. It's challenging to find a reliable investment advisor here, and I appreciate your input. Seeing the success you've achieved through investing, I would love to have access to your investment advisor's information if you wouldn't mind sharing it.

[@paulmanfred9496]

Glad to see this comment, Working with a skilled financial planner can be compared to having a mentor in the field of finance. I used to struggle to invest on my own and ended up losing money, but things changed once I started working with this same man, Lewis James Godfrey. He played a pivotal role in helping me improve my financial situation. Previously, I relied solely on my job and salary for income, but now I have found ways to generate additional income with ease, which has allowed me to leave traditional employment, thanks to Lewis. Nowadays, I believe that investing is not a choice, but a necessity for anyone who desires financial independence and a good quality of life.

[@MariaGarcia-gv8hj]

I work with *LEWIS JAMES GODFREY,* who is based in the United States. If you would like more information about him, you can conduct a search online. He even got featured on CNN recently:)

[@Greolt]

One partial explanation my be where a spouse is a bit younger it can be a good idea to move some super into that younger person's accumulation account. Can help with the older partners access to age pension.

[@raycorc]

Yep absolutely - same females who have taken time off to start a family, the partner can top up their side and use those yearly contributions

[@gregsanders5833]

EVERYBODY knows the reason why Women's Super catches up to Men's Super balances, is because Women Divorce their Husbands, then take a lot of HIS money , or her Husband dies, and She gets the LOT . And yes, there was no physical effort or sacrifice by the Woman, So now you have the answer you were looking for .

[@jonahtwhale1779]

Parasitism! Isn't it amazing how Patriarchy advantages women over men!

[@seton005]

Someone's a little bitter it seems.

[@tslee8236]

My guess of closing gap of super between gender may be - salary sacrifice to catch up: tax minimisation - retirement planning: restructuring of savings and investments; top up of super for tax free retirement income. - consolidation of super? No sure if the stat consolidates the super accounts of each individual You may be able to verify if there is stat on average super contributions (concessional and non-concessional). Super investment returns are unlikely to vary dramatically on a population basis.

[@raycorc]

Yep good points, that makes sense - honestly a lot of the reports are a million pages of fluff and 1-2 pages with actual data

[@no_triggerwarning9953]

The rate of increase in male balances slows greatly after 60, while the female balance continues to grow at a rate similar to males in the 45-60 year brackets. I suspect this may be due to males in physically demanding jobs retiring shortly after turning 60 and no longer contributing and starting to draw on their balance. Even a median balance is going to provide a much higher standard of living than the dole until they reach pension age.

[@krisxmas7805]

The super was a deal to reflect the agreed increase in productivity for a pay rise The pay rise was put into "superannuation" as a way to increase the savings At same time it was agreed to increase the % up to 12% (tbc) Each time the conservative government was in government tried to and successfully DELAYED the rise to 12% and now legislated to go back to 12% (have to check final number) It was also based on continuous employment from 16 to 65 which has become difficult to get for many. Not forgetting that employers were allowed to delay the payments into employee super fund for 12 weeks (now changing)

[@Paulvg-sd7pe]

Reference your question why women catch up towards the end. My wife and I are both in the same industry and are both in a defined benefit scheme. When my wife was in her 30's she had children and went part time and her superannuation lagged significantly compared to mine. In he 50's she returned to full time work and took promotion, as a result she caught up a lot. Conversely I continued to work full time and maxed out, reaching my maximum multiple when I was 50. After that my super only grew in line with pay rises. I am only ahead by virtue of an additional accumulation fund that I payed into after I maxed out.

[@Pokersmith]

This blows me away i am 54 and retired 2 years ago and i have 560k in my super. I haven't done anything special to increase my super but it seems to be a lot more than average.

[@petert4540]

I agree. I'm 52 and have a similar amount to you.

[@glenncastell864]

These are average figures based on average earnings....if you were earning an above average wage then you will have an above average super balance.

[@alf699]

As somebody who did very well with Super and retired at the age of 60 (when I could take my Super without tax penalty), I have to say that these figures are depressing. I was fortunate enough to have been in one of the older Superfund schemes and paid in the proper percentage that would give me the maximum compounding effect. But these schemes are not available anymore. Today you would be far better off to pay the minimum required by law and invest your money by paying off the house 1st or even invest in more property if you can.

[@intotheblue970]

Wow i am doing ok then. Female, 45 and close to 500k. I have always invested and am now retired also

[@malkov0001]

I'm 49 yrs old and my super balance is $650K. My wife just turned 50 and her super balance is $550K - lower because she took a year off for maternity leave and her income was lower than mine over the past 25 years. with re-investment of dividends/interest, employer and personal contributions... these figures should double every 10 years if 7% pa return is compounded. I DO NOT understand why your stats are so low.

[@Deemac1236]

I think they catch up as most men are older and hit pension age first so as a way of helping get full pension they put their super into wife’s super account … that way they get full pension as wife’s super is not considered Under asset test until she retires.

[@lostsoulman]

Thanks for the video. What would be interesting is total wealth, super, property, shares etc at different age brackets but particularly at ages. Cya 65-67

[@raycorc]

Good idea and thanks for watching - I’ll have a look and see what data is available. It’s actually pretty hard to find comprehensive stats on many of those things. And some stats aren’t collated every year, sometimes they’ll do it every 3/5/10 year gap

[@petermatthew]

Thanks for the video Ray. You make the comment that it is your money and I by all rights it is. But when Paul Keating started it he made all business pay the 5% on top of their wage which became an added cost of employment. If then the option was given to the employee where they want this money, quite a high number would have said my everyday account. Today 32 years later, only the smart people have built up a decent amount taking advantage of the the generous tax schemes. The average Joe blow pulls money out due to ‘hardship’ and then ends up on the pension so the government is back where they started

[@raycorc]

Thanks for watching Peter - Yep it’s good to protect people from themselves, and given the favourable tax treatment I have warmed to Super more than I have in the past. Funnily enough I have been setting aside money to use up my concessional caps from the last 5 years I also factored in that I’d like to retire (or have the option to retire) earlier so I’d need my super to be solid as soon as possible. I think the govt allowing people to pull money from super (mainly people who really shouldn’t be) is a bad idea

[@azr6288]

Thanks for your videos. However as an EA at 42 i still need to work . My net pay is what i live for ..

[@sonyacarrall3709]

During the Gillard years, peope over 50 were able to put in $50,000 in concessional contributions if superannuation was below $500,000.

[@iDrive123]

Covid was good for super. My super balance went from $75000 in 2020 up to $136,000 in 2021 even though my contributions were only $7500 for the year.

[@AndrewMaloney-zi3hi]

At a 7% return, your super will double every 10 years (that's just maths). So towards the end, you get enormous jumps in wealth, if you dont touch it.

[@exploringoptionsabroad]

It seams that before GST and compulsory super contribtion people thought critical and bought a house before kids, hat money in their hip pocket, paid it off fast and invested in other tangible assets under their own control. Living with their means was actualy practicaly implemented under a level of self discipline. some sort of robust babysteps. Their own parents past away much earlier then today and the inheritance helped to speed up wealth. No inheritance tax may be..... with 10% Gst and Super raising from 9.5% raising, peoples time has become increasingly expensive to the employers and less hours or full time jobs are available as a consequence of that. Only productive occupation earn money and stay on payrole. All others can be on casual with gaps. With this you can only pay rent, but not get a bank loan early and finance a house. The first 20 years of a career need to be put into your own place fast, so you have collateral and get rid of the banks interest ASAP.

[@Dani-jq6db]

Nice video , do they take into account the amount of Super in retirement is there a thresholds.Thanks.

[@habibharb2668]

All that noise for that little money? Less than a studio unit in townsville

[@keirenle]

The women catches up by the time of their retirement is interesting, could It has anything to do with divorcing?

[@keirenle]

Btw, 160 grands may sound alot but it would only enough if you have bake beans on toasts for a budget.

[@raycorc]

@@keirenle for the record i love baked beans on toast

[@Baalzamon]

The catchup is due to spouse super contributions.

[@peterfmodel]

As a wild guess perhaps women take off a lot of time to raise children, this can take up to two decades if there are multiple children. Once that stage is over women may focus on raising their super. However this is a wild guess with no facts to back it. It is an interesting trend. In Germany we have social security which represents a significant fixed contribution, but as its an insurance system we obtain a reasonable income when we are allowed to retire. The downside it the individual has very little control over the money contributed, the system is very complex and the post retirement income is dependent on your contributions. If you have not worked very much its not so good. The upside is if you look after your health and live to a ripe old age, your money does not run out. If you do not look after your health and die early its not so good. At least in Australia if you wish to live a unhealthy life style you can withdraw all your super so you can use it on wine, women and song until you die at an early age.

[@axolotl5]

brilliant work. great summary, thanks.

[@raycorc]

Thanks for watching mate, appreciate it

[@miceinoz1181]

OK, so have you looked at the age statistics of those married? It is not unusual for the male to be 5 or so years older than the female, so the male may retire at say 67, but the female may continue to work as she is not yet 65. This is the current status in my family. I am retired while my wife continues to work. She did not work for over 15 years when our children were young, so these factors show in your 60-65 range. Plus, until recently, our wages were very different due to our different skillsets. She would never catch up under normal circumstances.

[@roberthunter6927]

Male mortality is one reason why average balances for males start to drop off. The partner can usually access the dead spouse's super, so her balance may go up. Another reason is that work in blue collar trades has traditionally been more available/popular with males, and a lot of males will have problems in late middle age doing intensely physical work. Many may exit the workforce due to ill-health and use a combination of disability pension and their super to get by. With more women entering hard physical jobs, we may see this balance out a bit more because women also experience back injuries and the like while doing back-breaking work for a living.

[@70Dazky]

There needs to be greater options on accessing super because you can end up being disadvantaged by super. I am 54 and paying off a mortgage,everything I make in super I lose on interest payments. If I could use super to pay off my loan , then I save all that money. A house is a better returning investment than super. It's my money and I should be able to access it, we live in a democracy not a dictatorship.

[@blakethompson5684]

What up ray, great content mate. Not sure if you remember but i use to skate with you about 10 years ago. Good to see youre doing well. Keep up the good work 🤌

[@raycorc]

Thanks mate! Been a while, how have you been? I miss the skateboarding days, too fun

[@3800TURBO]

Those are quite low balances by age, id be worried heading into retirement if I only had 120k in the mid-40s. If that were me id be building a little property portfolio on the side.

[@StevenSheeran]

Just found your channel. Great video. Do you have any insights into why so many people invest in shares outside of their investment in their super. Most I speak with are doing it for retirement. Even I’m looking at shares myself but the around $26,000 pa pre tax contribution surely is superior in the long run? What piece of the puzzle am I missing here? Hope you have insights.

[@raycorc]

G’day Steven, thanks for checking out the channel - yep a few reasons. Firstly if you need to access the cash short term, super isn’t suitable for that. You can’t usually take the money out until 55-60 in Australia. You also might max out the contributions you can make to your super each year. So you’d be forced to invest outside it anyway. Many people max out their tax friendly amounts they’re allowed then go harder with outside of super (I can’t legally advise you on what to do but just generally speaking)

[@StevenSheeran]

@@raycorc Thanks for your reply. I appreciate it. My takeaway from your reply is that, generally speaking the people who invest in shares are presumably first: maxing out their super contributions for the year, then putting remaining money into their share portfolio?

[@malkov0001]

What's the difference between "medium" and "average"? Don't they mean the same thing?

[@raycorc]

average (or mean) = all the data points added up and dividing by the number of data points median = the middle data point in a list of sorted data points (so half the list is smaller than the median and half the list is bigger, it's right in the middle) the mean can be distorted by outliers and be misleading (ie. one massive super balance would skew the averages higher) this wouldn't happen in the median, it would just be whatever the middle number is

[@malkov0001]

@@raycorc So which figure is more relevant? The average or median? I'm guessing the median? I'm about to turn 49 years old and have $540K in super. My wife of a similar age has $440K. The medium for this age group is $118K (male) vs $80K (female). Why is the national medium so low?

[@jameshorsburgh5465]

Because so many people are unable or refuse to work. There's a hell of a lot of passengers on this ship. Thats modern Australia.

[@FionaEm]

Women lose so much in super and salary through their childrearing years, it's depressing. After the kids are grown, many women re-enter the workforce full-time, salary sacrifice and build a swag of super that way. Meanwhile many blokes decide to go part-time, so their earnings and super level up for a while.

[@petkuscinta9797]

Less coffee and lunches out and add to super extra as much as possible. Leave it alone except big crashes. In your life time you will get 2 or 3. Get 1/2 into cash before crash and invest in balanced around bottom

[@nickrossetto7804]

Fantastic - just have to know when the crashes are LOL.

[@petkuscinta9797]

@@nickrossetto7804 Crashes on blue chip stocks are not a concern if you have time, patience and you trade with 1/3 of cash available.

[@Ivan-zz9hd]

Number seems quite low in both average and median...even with 400K probably will not provide a comfortable lifestyle...

[@danielbretschneider1660]

Mate, love your videos, keep it up 👍

[@raycorc]

Thanks Daniel, appreciate you watching!

[@maxrebo8455]

I had to check the date of when this was recorded. Those figures are far too low surely.

[@catweaseloz]

dont forget that initial 3% was in exchange for a n agreement to halt or slow wage claims by unions and the government of the day

[@gorai6234]

Not sure that’s correct that the Keating labour government introduced this amazing initiative. It was the Hawke government with Keating as treasurer with the support of bill Keating and Gary weaven. Even Keating who is overrated to the nth degree got something right but what an amazing legacy and outcome for Australia as very lethargic savers

[@harleydrew7100]

Keating was a forward thinker, Hawke was a drunk 😅

[@razsbags]

There needs to be balance. When you are earning more, put it away. Pretend you are on pensioner or Jobseeker income, anything above that goes to the roof over your head, any extra on house maintenance, insurances & fees, health. Invest in growing some food. Work from home or close to unless work pays for your travel costs. Match govt incentives for saving super if you can. Put more into super, & investment after you have paid off a roof over your head. Some expect to sell their business to retire but some businesses don’t sell. Possibly married women gain more super if their partner leaves them their share of the house & they downsize or work more & save. Males might retire earlier due to disability from hard tradies work, more likely to gamble & alcohol, cigarettes & die younger than most women or not eating healthy. & less active. Divorced or widowed men often remarry which may cost them more.

[@raycorc]

Yep all good points - yeah I personally don’t even think about super I plan to be financially secure well before retirement so it will just be the icing on the cake. I haven’t bothered with extra contributions much over the years but after recently speaking with my accountant I should be taking better advantage of it!

[@angelabyrne154]

I’m 55 with just above the median amount in my super, which to my reckoning is not enough. I have ten years to turn this around - will salary sacrificing the max amount be enough? I’m mortgage and debt free.

[@TheSuperdodgy]

If you work till 65. You'll double whats in there currently and add about $350k-$400K if you salary sacrifice the max amount for 10 years.

[@Nerdificationing]

You should really take more advantage of super... maxing your concessional contributions is strongly recommended

[@raycorc]

you’re right - funnily enough I am planning to make a voluntary contribution later in the year to use up my last 5 years of caps

[@Nerdificationing]

@@raycorc excellent, because even if you're going for FIRE you can use super from 60 onwards and use brokerage from early retirement to 60 👍

[@karinpeagam7742]

Between 60 and 69 its hugely profitable tax wise, for men to contribute super to their partners accounts

[@chooseboost]

I think this is going to make me depressed and I haven’t watched it yet… 😭😭😭

[@raycorc]

If you’re under the average, it should motivate you. If it’s over, it should reaffirm you’re on the right track All about perspective

[@CharlotteHansen-z5z]

Super balances should be compared as follows: combined super balance of couples vs single men's vs single women's at all ages.

[@Woodland26]

I am at late 50s and my SMSF balance is well above the median in the table. I am self employed so no one pays my super. I just max out my cap from late 30s onward. The cap used to be around 25k per year at the time.

[@raycorc]

that's awesome - I've been considering maxing the super caps out. Haven't done it in the past because I'd rather have the access to the money, but the tax breaks are so good. I think it's still similar, like 27500 ish

[@Woodland26]

@@raycorc I am aiming for 2x TBC when I reach 60

[@cedarmanagement2343]

How can anyone retire with these numbers and live for another 30 to 40 years with these numbers? In other countries we're aiming for at least $3 million by retirement. Is Australia the new urban poor country?

[@dustyward1739]

The disparity is because more women are working at that age and Men who have done well in life are retiring earlier

[@rvassallo1671]

I am 52 years old. I was a stay at home mum for 23 years raising 3 girls. I only went back to the workforce part time last year so finally getting the chance to build up my super but it's extremely low under 25k. Do you have any advice how can I boost it to make sure I have enough when I retire. Also how do I find lost super and consolidate all of my super accounts into one, which one would you suggest is the best one to be in.

[@kamaldaruwalla6172]

You can place upto 27.5 K in total per year into Super that includes employers contributions! So if 10 K is employers contributions then you can place 17.5 K of your money into Super per year that's taxed @ 15% and try to do it as salary sacrifice via your employers! I am a working female of 61 and have adopted that policy and it's effective! Good funds are Host Plus, Australian, Sun, Hesta! Best of luck!

[@andymacmac9151]

Don’t pay any insurance premiums, and choose either high risk/international investment options…

[@leannewith3]

In your myGov account, in the ATO link there is a find my super function. Definitely look into what you get from your super fund.

[@angelabyrne154]

Thank you, came here to ask the same question.

[@zacnat12]

Women often re-educate and work longer in the workforce ?

[@williamcrossan9333]

It does look like the data is from 2018-2019. The balances are higher today by a substantial amount.

[@gregselkirk4224]

Ray, the "median" male and female are in a long term relationship and have had children. The male is older, has been in the workforce for longer and did not take maternity leave. He has a transfer balance below $1.6m. As he is reaching preservation age first there is no need to share his larger superannuation balance with his younger partner. He can simply draw down on his super - lump sum or pension - whilst, if she is still working, she continues to contribute to hers. That is why they rebalance over time. This table is used by vested interests - including financial professionals - to justify additional super concessions and/or handouts for women. They are not needed. Nor are concessions for people holding over $3 million - $1.6m per person in pension phase is more than sufficient for a comfortable retirement.

[@raycorc]

What did you think of the stats? Were they higher or lower than you expected? Are you a fan of Super in Australia?

[@bign1667]

I'm 34 male and in got a balance more than what a 44 year old male has and I havnt given any additional contributions to my super and I've felt my superannuation was performing terribly feeling like I'm behind everyone else so actually I am really pleased by the facts of your video. Thanks for putting this video together for us Ray. But the superannuation scheme looks to be rigged when you look at the averages is so much higher for those 50+ it's really making you wonder where the growth came from.

[@peewii4326]

I’m surprised that the average balances are so low at 65.

[@chrishilliard3031]

The husband dies and the women inherit it.

[@michaelramage73]

Yes…..and 🤷‍♂️

[@somluck2813]

​@@michaelramage73That is simply why the numbers are what they are. 🤷

[@breeandersen1138]

Because men are retiring early so their super stops growing, while women are trapped in the workforce thus forces it to catch up. Exact same story with my parents right now.

[@cedarmanagement2343]

At 60, you should have at least $3 mil already. These numbers are depressing! Most comments here are still men vs women - sexist POV. Hello, you're all barking up the wrong tree. Either gain knowledge in investing or be slave of poverty (inflation, centrelink, socialism, move to India, grabbing at crumbs between sexes, etc)

[@michaelwhalan9783]

The reason why women get closer in older age to males is because they start to look for the many lost super accounts from many jobs they had in order to consolidate them.

[@nickpower-fj9bu]

Super started in 1992 which is only 30 years ago. 65 year olds were well into their career. Would expect these averages to soar over the next 10-15 years. If investment doubles every 10 years even those 30 year olds are going to have 8x their current balance let alone another 30 years of contributions…..

[@raycorc]

yep that’s a great point - ultimately it’s a good thing for people. Many people will completely rely on it later. I plan to have money well before that regardless

[@adriantaylor741]

I am a super fan as it provides for those who cannot save consistently for retirement. Some of the other big impacts on super balances are insurance, fees and poor investments by fund managers. A good concise summary. Thanks for sharing.

[@raycorc]

Yep that’s a fair call - thanks for checking out the channel Adrian, appreciate it

[@robannat9627]

A great insight Ray, I think though that it should be easier to take your money out when your younger to invest in a property or invest in what you want for the future

[@raycorc]

Thanks Rob - yep there are some options available for that but some of them are a big fuck around to do. Or only worthwhile once your balance is over a certain point. Either way I’d love to have more control over it personally

[@josephj6521]

Do not agree Robann. When I was in my 20s & 30s, I thought it’ll be a good idea. Looking back I’m glad I didn’t touch my superannuation. It’s there for a reason. If everyone took their money out property prices would only increase further which makes the process counterproductive.

[@ronsmith2241]

Our situation has been different. The HUGE difference was when my wife passed and the cap on super for an individual meant some major changes to comply. She had MS for 26 years and I never worked harder in my life to care for her. After working so hard to build our superannuation up, I then had to take a large amount out. That means I have to pay more tax. Grrrrrr

[@raycorc]

Sorry for your loss Ron - that’s tough, what a crap situation. Some of the policies don’t take into account situations like this very well

[@martinthen5322]

The reason why women catches up is because on retirement, men are still expected to provide so they spend their super at a higher rate than women. One example is me.

[@samuelbarnes9243]

I completely disagree. I think it should be higher, say around 20%. Because its money you cant spend immediately it has a far lower affect on price inflation. If we were to remove super entirely and just pay people 10% more, prices would just rise by a similar amount. Also is this really correct? I'm 36 and I have almost $300k in super. that's over 3 times the average for my age. That's crazy.

[@raycorc]

lol no way

[@samuelbarnes9243]

​@@raycorc What's your counterpoint? because "lol no way" isn't really a good argument haha. The evidence for super having less of an impact on price inflation is undeniable. Its effectively trillions in liquidity that's not turning over in the system to buy goods and services. The issue is super mismanagement not the concept of super itself.

[@raycorc]

haha I just have a bad feeling the govt is gonna somehow change the rules around super down the track, after I’ve put heaps into it maybe nothing will happen but I generally assume the govt will make things harder over time I’d rather have the money, even if there are broader implications

[@samuelbarnes9243]

​@@raycorcyeah there are both a ton of risks and benefits to super. On a personal level I keep thinking I could put that money to better use but in reality its hard not to see that money just going straight into goods and services inflation. The masses aren't smart with their money, that's why lifestyle creep is such a huge issue. When people have money in their pockets, most will find a way to spend it and all that leads too is businesses realizing they can charge more and increase profits. Its a vicious game that the majority always loose. Capitalism doesn't really work as good as it should when most major sectors are controlled by just a handful of companies.

[@thetreekeeper143]

Women initiate divorce in their older years because they're sick and tired of their husbands frugality and get half the husbands assets.

[@raycorc]

hope that doesn’t happen to me

[@paulperrella670]

@@raycorcyeah .. that’s what I was hoping for too. But I was not so lucky 😂

[@razsbags]

You don’t always know where your super is being invested. I could have bought shares but watched the stock market for a few years & invested in own business, then saw stocks crash & many lost half or all of their super. Invest in what you know - yourself. Nothing is certain.

[@thatsnotmyname5852]

I’m tracking well ahead of the median but I’m still scared of not having enough. I got a late start in life so I’m scrambling to catch up. I assume those with the median balance won’t be looking forward to a comfortable retirement with overseas holidays.

[@raycorc]

Probably not. I wouldn’t worry too much about the future, my main focus is on improving my numbers each week and each month - the long term will take care of itself

[@RumperTumskin]

9:00 my guess is withdraw from the husband's super and put it into the wife's for better taxation treatment? Or selling a rental property (no income to offset the negative gearing against), and putting some of the proceeds into super

[@JohnGrenville-i2m]

there's no men 60-65yrs doing labor type jobs, women stay in work force

[@jacintatate]

Thanks for making these videos, they're very helpful for understanding Australian Finance. My dads a financial planner but he never explains the process to me, he just invests my income for me lol.

[@raycorc]

Haha, thanks for watching Jacinta! Figured not many people do it in Australia

[@AL.BUNDY.]

Vegemite is tastes gross. Fosters beer is also yuck.

[@patrickfitzpatrick1600]

They catch up after divorcing and fleecing previous partners!

[@MrCJHamill]

It's not fair to enact laws retrospectively. I don't care how much Super the person has. The rules at the time are all that should apply. It's deeply unfair. And this is coming from a person with $232,000 in Super. It's wrong on principle

[@raycorc]

Yep I fully agree - they're putting money in based on those rules at the time. Makes me hesitant around super generally seeing as the Govt think they can change anything after the fact.

[@MrCJHamill]

@@raycorc that's exactly right. I have found a document that you might be interested in. I've been having a good look at it, especially page 11. It's from April 2015 though and I can't find a more recent version. I find it useful as a motivational tool to compare myself with other Australian Super holders. It's called 'Superannuation and high account balances' by Ross Clare. April 2015. On page 11 it gives actual numbers of people in Australia with certain balances. I find it useful and don't recall seeing the stats presented in that way before. Great document IMO. It's from ASFA.

[@MrSulzerboy]

How on earth does anyone save money in this climate. I've got nothing like that in my Super. What are the figures in reality.

[@cedarmanagement2343]

You don't save for retirement. You invest for retirement. You save to invest.

[@clashaustralia]

Great info, I’m shocked really that these numbers are as low as they are. I’m on nearly double the Average for my age. (Male 55), So hopefully that’s leading to a nice retirement when I get there.

[@raycorc]

Thanks for watching - I was as well. I wouldn’t think too much about averages, just keep beating your own personal best!

[@clashaustralia]

@@raycorc definitely will be… also, requested to join your Facebook group also. Hopefully you accept me. Thx again.

[@josephj6521]

@@clashaustraliamany people in Australia don’t earn good salaries. Their superannuation reflects this. Seeing online calcs, by 60 having a $400k-$500k balance is very good. Anymore even better.

[@nazmi5337]

In Australia the Superanuations Funds are scum!!! Big corrupts, AFP and ATO will catch them!!! ❤

[@nazmi5337]

My personal experience is do not relay or hope in your any Super Fund, 100%!!!

[@willnewby5204]

Median or Average if that’s all Australians have in Super they are screwed! I have never prioritised my Super but I’d have four times this, and even that’s stuff all!

[@jezdog3000]

Team tiger! 🐅🐅🐅

[@raycorc]

😂 hasn't been a better team in the Australian restaurant industry since kids these days won't even piss in the walk-in

[@andrewhuhn6006]

Its interesting I am approaching 900K at the age of 57 - I have always invested well and managed very closely. Yes, I have a reasonable income - however the key is to diversify your funds investment portfolio. When your young high growth is still a solid investment. Balance the fund out with some hedged fund drivers and you will see the results. I intend to retire O/S at the age of 60 with a plan that includes multiple destinations. Work hard, play hard, and " Live the life, you love!

[@mattduin7144]

I'd love to know which "minorities" didnt have enough for retirement? Most wogs i know (im italian myself) have at least 1 investment property

[@breebakey]

thank you for explaining this to my financially illiterate brain, in a nice child-friendly way :) (I'm 36, biologically speaking. But math speaking approx age 4).

[@davestuff100]

At 65 she has worked him to death and inherits his super. Just a theory

[@sacredclown4179]

Hi Ray a bit of clickbait going on here! Although I appreciate the effort and care to upload the information as most give a different take on the median super balances in Australia depending on their vested interest I assume. Your figures are reflective of balances in 2019? Can you give a heads-up on where to look for the official figures for 2023? Much appreciated

[@raycorc]

G'day mate - you're right it was a little cheeky! That was mainly because at time of upload that was the most recent 'official' stats that were published by age that weren't estimates or incomplete numbers Here's stats from Deloitte that is more recent which I've since seen www.australiansuper.com/campaigns/average-balance Hope that helps and I'll likely do another updated version in 2024 Thanks for watching

[@christempleton6348]

Have you looked at divorce?