How Much You Should Have In Your Australian Superannuation By Age

[@raymondla]

Are you guys making extra concessional contributions? 💸

[@AnorexicBoar]

Salary sacrificing my compulsory 6%, and a voluntary salary sacrificed ~5%. Making sure I don't go over the concessional cap of $27.5k and investing that extra amount on top of the usual investment.

[@anthonywalsh2164]

Always, and you continue to until 70, even after retirement.

[@nickpower-fj9bu]

At 58 I am maximising CC while I earn good coin….. and wiping out the carry forward allowance credits. Should be square at 60. But early career didn’t earn that much so kinda behind in my eyes but average for my age group…..

[@theowenssailingdiary5239]

What? What compulsory 6%? @@AnorexicBoar

[@zo_471]

For close to 18yrs. Currently salary sacrificing 20% which is the most I’ve ever been able to do 😊

[@cyclemoto8744]

I've never seen such low targets for super. I certainly advise all to aim much higher.

[@deborahcurtis1385]

It's not very well-expressed. Those aren't targets, they're averages for the amounts held for those age groups. Targets should be much higher and the discrepancies explained. Lazy vlogging with no focus on the key issues or what's useful to know. Just blah blah blah.

[@cyclemoto8744]

@@deborahcurtis1385 appears to be the case.

[@sengkhor8924]

A useful guide is to aim for a yearly income of about 65 to 75% of your pre retire earnings.

[@Lord_hoodenvargen]

I’m 30 been working since 19, always contributed more, currently have 250k this was really good to show my work has paid off

[@andrewandcarmenbarney6862]

Exceptional!

[@Woodland26]

paid off mortgage in early 40s and contributed max concessional since. I am 59, my last super account for FY23 has its balance increased by 300k compared to the year before. Magic of compounding.

[@raymondla]

That's awesome to see, hopefully I can get there one day!

[@DoctorMeatDic]

Yeah, but you're still a knobhead.

[@BenState]

The magic of boomer economics. People in their early 40's today cannot afford a home.

[@Boom85Boom]

Ok boomer

[@naughtynat82]

​@BenState if you bought young then you can.

[@matthewstrutt1231]

The carry forward concessional contribution is an awesome initiative. My wife and I have just cleared our 5 year backlog and gone from a below average combined balance to an above average balance in 3 years. If you can, try to max your super every year, its totally worth it. I'm 43 and she is 37, we will have $530k at the end of this FY and plan to buy a $1.3M commercial property via SMSF at the end of 2024.

[@raymondla]

That is awesome mate thanks for sharing! I've still got some carry forward concessional contribution that I need to use it. Interesting concept about buying a commercial property via SMSF, I'll need to look into that sometime in the future!

[@southaussielad2496]

That's bloody awesome 💪

[@theowenssailingdiary5239]

Don't buy a commercial property!! Jesus!

[@身不由己人在江湖-p2y]

$1.3m for a commercial property? A corner shop?

[@Woodland26]

@@theowenssailingdiary5239 that's what I thought until I did the same 25 years ago. Value has 6x the purchase price and the rent collected is abundant.

[@michaelfreedman4161]

Best thing I did in my mid 30s was set up a self managed fund and invest in property - I now have enough to retire now should I want to at 43. I plan to work until 50 and I’m done and the property market has allowed me to do such a thing. I also made salary sacrifice contributions all through my 30s and still do at $200 a week now Just need to be smart and understand compounding interest

[@Digital_Chief]

Amazing to see a young person talking about super. So refreshing! Wish your kind of advice was around when I much younger 😊

[@sheedsanator76]

Been on defined benefit since I was 21, now 48 and have well over $1m . Looking at some of these numbers makes me think I am extremely lucky and I am grateful

[@rogerngu830]

I appreciate that you highlight the difference between average and median. Helpful info you have provided, thanks

[@raymondla]

Glad it was helpful!

[@mabamabam]

Median is average.

[@strongarm1129]

Median gets all the numbers from smallest to largest in a row and picks the middle one, this significantly reduces the effects of outliers

[@mabamabam]

@@strongarm1129 yes. Its a good way of measuring the average

[@cyclemoto8744]

@@mabamabam Median is median & average is average, different terms and calculated differently

[@mrandmrsbearau]

Watching this made me feel much better about where my super is sitting at the moment. Having just turned 30, I was concerned that I was far behind, but it looks like I might be well ahead.

[@CosmicSpark24]

Same! I'm 27 and tracking around the median for males in my age group. Hoping for a comfy retirement

[@deborahcurtis1385]

No you aren't ahead at all. Those are averages currently held for those demographics and they're woefully short of what's needed. Particularly for women or non home owners. It's appallingly misleading and lazy.

[@Keith-ej1sx]

​@@CosmicSpark24I think the point of the video (at the end) was that the median results in approximately half of "comfortable". That also assumes you own your own house at retirement. Don't get complacent.

[@1gauci]

The key is you can only take your super when the government says so, maybe invest into an etf so you can have the option to retire a few years earlier

[@harrykeynes1917]

Dude, please edit the video to include that the current retirement suggestion is $600k, but that doesn't include inflation, which at 2% per year (minimum) will mean 2L milk will cost $10+ and steak will cost $100+ You should be aiming well clear of $1mil if you are under 30

[@Kiwi_Dave]

Mercer Direct Investment has been a game changer for my Aus super, average annual returns past three years 23% while managed funds in New Zealand is less than cash rates. What's more important though is additional income sources that you can continue beyond retirement age. I'm 43 now and I'm hoping for redundancy because I have two additional passive income streams and one active which I enjoy..

[@mrdabolina7344]

I am 62 yrs old and had over 300k on my super, but separated and got divorced, lost 1/2 of my saving that took me over 30 yrs to my wife of 14 yrs marriage. Now I am starting again.😢

[@raymondla]

Sorry to hear that mate, hope you're okay as separation always sucks. It isn't the end of the world you've still got a solid amount nevertheless.

[@WilmanAus]

😮😮😮

[@jasonruppert9693]

Move to Thailand mate live like a king

[@theowenssailingdiary5239]

No, he doesnt-blokes 62 -Best comment is below regarding Thailand. @@raymondla

[@knightrider6473]

Why do you have to give her any of your super if she wasn't the one going to work?

[@pepperedangus6459]

Hey mate Is there any reason you exclude the 2% Medicare levy when calculating the benefit received by making concessional contributions?

[@johnbwill]

Wifey and I combined our Super savings - and set up a Self managed Super Fund. In that find, we allocated 5% (an amount so modest that if it all failed, it wouldnt make any real/notiecable difference to our lifestyle). We bought BTC when it was $3K - now it's $108K (per Bitcoin). It's worthwhile keeping abreast of future-tech and where things are going - and add some small/modest investments in some of these areas. Retired now - and so we are not taxed on these huge capital gains. Self managed is the way to go ... if you have an interest in makign your own decisions.

[@matk44]

My wife and I did something similar. I saw our super was being melted away by inflation and growing at a snails pace. By this I mean the rate of increase was comparable to rate of inflation. Set-up a SMSF and had some small exposure to Bitcoin (despite what some might say, it is a hard asset due to its fixed supply, whereas fiat is constantly expanding, melting your savings away). At 43 years old, its more than doubled our portfolio at the moment by just allocating a small amount to it.

[@johnbwill]

@@matk44 Such a good story. Nicely done. Wishing you both well.

[@matk44]

@johnbwill likewise John to you and your wife. I wish others are able to see that Bitcoin might be a life raft with the current monetary expansion dwindling our savings/purchasing power at such an alarming rate.

[@kisbushcraftdownunder]

The super didn’t start till the early 1990s so for a sixty year old they could of been working decades before that . As time moves on balances will increase as a person whole working life will be contributing to super

[@nissan1580sx]

You mentioned the ability to salary sacrifice into superannuation. What you neglected to mention is the fact you can put after tax into superannuation up to a maximum of $110000 a year. For every $10000 you put in you will get back a tax refund of $1950. Overall good information

[@TheSuperdodgy]

Yes. 24/25 you can salary sacrifice $30K and $120K as a top up.

[@nissan1580sx]

@@TheSuperdodgy some people would like to retire in Australia. Realistically these same people would require to have at least $1.5 million in superannuation to do so very comfortably. If like me and you plan on retiring overseas, at bare minimum I need $700k in superannuation to live very comfortably (SE Asia)

[@1one3_Racing]

Wow. Considering I earned very little most of my career and at one stage had 5 seperate super accounts and although I tried a few times, was never able to consolidate (it used to be much harder) I'm surprised to find I have the average amount in my super.

[@raymondla]

Nice work!

[@petergreaves2914]

Average does not mean that you have enough, it just means that plenty of other people had a similar experience to yours

[@1one3_Racing]

@petergreaves2914 at no point did I insinuate that it did. And I really don't care, because I don't plan on living long enough to need my super.

[@WilliamOwyong]

I have less trust in super. My dad lost all of his super to AMP a while back (several decades ago) and was never compensated for the amount. This leads me to conclude that diversifying your income streams (if you can) is the way to go.

[@Bluemusic66]

How did he lose ALL his super? I’d find that hard to believe unless he had a very small balance that was consumed in fees.

[@WilliamOwyong]

@@Bluemusic66 Not 100% sure on the details (I was a kid at the time) but it was either dodgy expensive admin, bad investments, or a mix of the two. A quick Google search and you'll find a lot of examples of people bitten by them.

[@daweigo6851]

That is nothing to do with super as such, that comes down to what it was invested in...super is just a structure, the same investment in or out of super will have tge same risk

[@WilliamOwyong]

@@daweigo6851 Except super is forced upon us and the people managing the super choose what to invest in (or at least they did back then) with minimal repercussions. And if investment is the same in or out of super then what's the point? It's not pocket money for people to play the stock market with - it's money for our retirement.

[@uberboiz]

Diversifying income stream wouldn't necessarily fix your money problem if you have a spending issue.

[@TheGreatLordDufus]

Surely nobody can afford to retire in Australia. I'm looking at Malaysia, Thailand, Portugal, etc; any of which might be possible before 55. Even having paid off this apartment, retiring here is just not going to be possible before age 80. As someone with very little chance of surviving to "retirement" age, getting out of the grind early is the only hope of having any free time on this planet.

[@KobiEllem]

im almost 40 and I have $113K so I don't think I'm doing too bad for a woman who had 1 child

[@_Zir]

'' the research does assume that you own your own house'' brother in christ. really?

[@theowenssailingdiary5239]

It is not a certainty that paying down a mortgage is better than Sal sacrificing into super -far from it. If you have say 10 years u til retirement and 15 years left on your loan, most likely you are much better off going interest only and sacrificing into super. As long as you intend on remaining aggressively invested inside super, and interest rates don't get out of control.

[@knightrider6473]

Im 45 with 300k in my super, i paid off my mortgage at 40, you think ill have enough to retire at 60?

[@AustralianHistory-ip1tp]

MORE than enough

[@knightrider6473]

@@AustralianHistory-ip1tp that's good, I worry sometimes that I won't have enough, I really didn't want to be working past 60.

[@lengerer]

​@@knightrider6473you can't access super until 67 and no pension. So you Goto keep working or have money outside of super. Super is no good if you want to retire early

[@GhostWhoWalks14]

Nowhere near enough, how much do you think you will need to spend per year once retired?

[@lllchironexlll]

It all comes down to how much you want to spend once you retire. There are many online tools to help you work out how much you will need.

[@arthurgiannakis2156]

Super is a mugs game. Basic conclusion is unless you are a rich fat cat that knew to throw lots at it and had the 50 years of compound interest to gain then the ordinary person with standard contributions and no salary sacrifice or after tax contributions, after a lifetime of working superannuation still isn't enough to support their life style once they get to 67. The continuously rising casino game of the 'cost of living' and inflation increases along the way will make sure your balance will fall short. You will still need to draw the pension. So, unless you invested your money in something else in parallel as well, the ordinary working person is getting stitched, really really hard.

[@pablosskates7067]

It’s a system designed to give you the bare minimum to survive. If you want more, work for it. Nothing is free. I came from a poor family and graduated middle of my class. I’m not special in anyway and have not done anything special with my investments (just boring stuff like property and boring boring boring shares like Westfarmers and the like). We all have roughly 40 years to figure out a plan. Even excruciatingly slow and boring plans like mine will do.

[@gdubyadubya8961]

@@pablosskates7067nailed it ! I too came from nothing and worked hard to work my way into my own business and will retire comfortably. Instead of bitching about it if you don’t like the situation you’re in then change the situation. Life isn’t there to give you hand outs.

[@user-pi6cs3ue4s]

@@gdubyadubya8961 Inflation really is a killer though, in the video where it says 700k will allow a couple that has paid off their mortgage to live comfortably assumes 2% inflation, a net return of 4% on the balance that you are able to draw down.

[@uberboiz]

Super is just a tax efficient structure. The return is determined by the underlying assets. If you want to beat inflation, make sure you invest in assets that have the potential to outpace inflation, whether you do it within or outside the super environment (instead of blaming the super structure).

[@MrSouthernlord]

People that say Super is a mug's game are generally morons.

[@dougsiva7015]

excellent video and information, one negative, if this is for Aussies, why all the US images? I'm sure we have a great picture of parliament house in Canberra and our own money which is better looking than the greenback - cheers (I wish I had seen this video 20 - 30 yrs ago). Very good cheers Doug - Perth

[@deemad2180]

A new govt can change the rules again. Thsts what I'm worried about

[@just_passing_through]

9:55 I’m not exactly sure what you mean by “average”. In technical terms, there is no such thing. Mean? Median? Mode?

[@IronFistKempo]

Great advice. I retire next year age 70,my super balance as of April 2024 is just over $1 million. Have no mortgage, the way things are going in the economy you think I need to worry? 😮

[@raymondla]

Don't think you'll need to worry at all mate, enjoy your retirement that's a nice nest egg you've accumulated!

[@IronFistKempo]

@@raymondla Thanks for the feedback. Appreciate it.

[@chopsticksforlegs]

Yes you do

[@rtyler1869]

While this is averages, one thing that people have no real control over is how much they can afford to contribute to super. It is a great concept, but when you are low income earner at 50, paying rent, being able to contribute to the max is not just possible. Investment choices have a huge impact as well

[@_lonath_]

That 690k to retire is misleading Because that’s how much you need to retire now. It will be much more the next decade and even more the next

[@bebetheexplorer624]

I am turning 50 next month retired 3yrs ago. I have more than 600k in my super.👌👌👌

[@rvassallo1671]

Great video Raymond, however you're going on the assumption of a woman that's been working her whole life. What if you spent 23 years throughout your 30s and 40s as a stay at home mum and therefore couldn't contribute to your super. What do you do when you're in your 50s and only have 30k in your super and can't really afford to salary sacrifice. Make a video about that.

[@Slim.Swainy]

You just divorce and take most of what your ex has worked his whole life for, including he’s super. Like a lot of stay at home mums do

[@rvassallo1671]

@Slim.Swainy that's hardly the answer to my question, though is it. Again assuming that all women are that ruthless or all husbands have 100 and thousands of dollars in their super. Mine doesn't.

[@triarb5790]

A few suggestions. Your partner gets an income tax concession if he (or she,) contributes to your super. Get them to ask their super company for advice, that will be free, or speak to a tax accountant. I see that as from 2025, I think it is that parenting payments will accrue super which will help our younger sisterhood. If you are able to do so, try putting even a minimum amount into super. Even $10 per week will help, you should then receive a Government co-contribution. Again, get advice (basic advice is free) Women are frequently forgotten in the equation. Remember also you will definitely be eligible for the full government pension when the time comes and you will get the Concession card which will reduce overall costs. There are also concessions for placing money into super from the sale of your home if you choose to downsize ( there is a maximum amount you can place directly into super but for you it could make a big difference) and the sale of your own property is not charged capital gains tax. Your super company should have lots of options for free seminars to help educate you. Also look out for courses in financial literacy at your local neighbourhood houses. Don't despair. In your 50s you still have time to make it better if you sit down and do our sums and your research. Good luck sister.

[@marcosacco5150]

Hey mate thanks for the info, there's no video showing up at the end of your video. Added it a bit earlier so people can click on it - just wanted to give you a tip too🙂.

[@Ugnutz]

I got lucky in a way with my super my father passed away at 57 and i was his sole beneficary and i just rolled all of his super into mine so ill have a pretty good nest egg thanks to my dad when i retire shit i could retire a good 15 years early if i want

[@ERIN_198]

Your dad died and you're lucky?

[@grahamashcroft871]

He's suggesting he's lucky that his dad loved him enough to leave everything to him, you know what he's intending don't be a cockhead !

[@michaelheaton4526]

The video does not answer the question of how much super is needed ????

[@rediculousman]

Use a superannuation calculator. There are heaps online

[@michaelheaton4526]

@@rediculousman yes but it’s not in the video but says it is

[@evolsdog126]

At about the 4 minute mark -690000 for couples - then he states some assumptions

[@triarb5790]

Look up the AFSA standards, (with a huge pinch of salt because it is not up to date with the rate of inflation) Don't forget that most Australians also qualify for a full or part government pension. Think of it that this way- the couples pension over a 25 year period equates to over $1 million. Which is on top of your own super. If you quaify for the pension you receive the Government Concession Card which reduces many of your costs ( 50% off car rego reduced medical bills, reuced public transport cost, reduced utilities bills etc) You can still do some work without losing it. And most of us are sitting on a golden asset called a house. People panic about super too much, with the fantasy that we should all be spending retirement travelling the world on a super yacht or some such. Noone knows what the future holds, especially what state their health will be in ( travel insurance sky rockets after age 65) and too many people leave their plans to enjoy life until the end part when it it is often too late, working themselves to the bone for future that may not eventuate. Don't forget to enjoy life on the way.

[@thecookeman]

Currently 40. 350k in super always made sure I put in 15% including employer contributions until I reached my goal of 300k (lost almost a third during gfc and just before covid) always worked 2-3 jobs. Even lousy pizza delivery, servo night shift, airtasker garden work, random painting jobs. Still don't think with 25yr to go I'll have enough with financial crashes and inflation over time. Not to mention crazy house prices and potential physical injuries and mental pressure. People I worked with when I was FIFO were 33-37yr old and have 600-700k+ dwarfed what I thought was needed! I don't think here will be a pension for me and I'd say the retirement age will balloon out to 70+ Start buying gold guys, put your super in a wrap account and leave it jammed on aggressive until you reach a milestone.

[@jimmyjames8573]

Bitcoin > gold

[@thecookeman]

@travelfootiekie nice work. Not sure if my balance will ever have more than 6 digits :) Gov is finally putting the contributions back up to 30k but it's all a race to beat inflation by the time you retire. What will 2.5mil buy you then when 600k doesn't even afford you a house now

[@jarrod1036]

You only ever pay 15% tax on concessional contributions unless you’re hit by Div 293, which means you pay 30% on all concessional contributions

[@tiwiking5146]

Im 60 years old mother, my 3kid already moved out i have no mortgage...my super 350k,is good idea if im retire 65..,i have sabing account too.i need your advice. Thank you

[@biboydoce8924]

Seniors with their super annuation they have saved for 30 yrs or more should be very careful because they are being targeted by heartless SCAMMERS.

[@Kavothizzlafduxbfd]

I'm 25-26 is $34525 good?

[@jarrod155]

That's really good! Set yourself a goal. I'm 28-29 with 41k, I've set myself a goal for when I'm 35, if I achieve it, it's own growth should become 1.5-2M when I'm old enough to withdraw it.

[@thunu1hunuki581]

Just turned 22, currently have just under 23k in my super account. Is it worth it to salary sacrifice into my super account? Still new to this, any help is appreciated

[@UniversityOfTrials]

I’d say it is. Even a little that you add will compound. While the tax break you’ll likely get isn’t substantial the fact is you’ll have compounding returns for 40 years. Especially if some employers offer matching to give you free money also It’s a tough call because cost of living and housing means every cent needs to be saved for that. I did salary sacrifice numerous times through my career and have a solid amount now so I don’t regret it. So if you’re otherwise just going to spend it, throw a regular amount into SS. It’s forced savings and with other investments you’re more tempted to withdraw and all investing wins the longer you stay in.

[@paulmaccioni4398]

I've tried several times to get one of the cards you suggested, most recently the amex card. Each time I get rejected. I am employed without to many depts. Would you be able to explain to me what criteria these card providers want a person to have before they will approve an application. Is there a minimum yearly income perhaps ?? It's very frustrating

[@mickbeckers]

Awesome vid. Maybe a stupid question but because super depends on how stocks are going, if additional contributions are made and the market crashes, don't you loose your money? It's a gamble - maybe stocks are great and you earn a crap load more at retirement but you could loose out just the same right?

[@raymondla]

That's true that a large portion of your superannuation is invested into stocks, but I would hardly call it gambling. Whilst the stock market does fluctuate day to day, if you look at the Australian stock market over 20-30 years it has only gone up!

[@daweigo6851]

You dont need to have super in shares, that is your choice, look at the investment options available in your super fund

[@orangejuicepony6881]

Weird I have more in my super at 42 than a 60 year old. Never added anything just compulsory contributions. Should have over a million by retirement, hope that is enough.

[@raymondla]

That'll be plenty, awesome job!

[@richardwilson5913]

If employer contributions exceed $30,000 after July 2024, are they capped or just pay more tax but the full 11.5% allocation of money is still paid by the employer?

[@raymondla]

It'll still be paid by your employer because that is mandatory. Just that anything over the cap will be taxed normally.

[@Luria29]

⁠@@raymondlathis isn’t entirely true. Super guarantee is only payable on Ordinary Time Earnings (OTE). The Maximum Contribution Base is a ceiling on OTE, meaning that any earnings exceeding it aren’t considered OTE. The Maximum Contributions Base is set at a specific threshold so that super guarantee would get close to the concessional cap but never exceed it. So, your employer is not obligated to pay more than the cap and they likely won’t exceed the cap. Though, they could if they’re nice to you. If you do exceed the cap, the ATO will either give you the choice of removing the excess into you bank account attracting marginal tax rates (minus the 15% you already paid) or leaving it in the fund and attracting a tax rate of 47% (minus the 15% you already paid). The second option could result in a further 47% tax (94% total) if you also exceeded you non-concessional cap ($0 if your total super balance is over $1.9M)

[@deborahvella2323]

How much should I have I am 58 ? Thanks

[@deemad2180]

If you put in $300k at 18, and did nothing until 60, you would have $5.5m. ask for your parents for early inheritance

[@randomguy6189]

The power of compounding returns! The only issue with this is if the person ends up getting divorced, they will lose half of it.

[@deemad2180]

Easy don't get married

[@randomguy6189]

Or investment through a trust instead of super. Pay a bit more tax but assets are protected.

[@paulr9591]

If they die early…

[@robertbenn8751]

yes this all all fantastic. Bar one thing it doesnt factor in. When there is a crash. I have just turned 60 and have gone threw 2 so far. And from retiring with 1mil dollars plus. I currently have just over 150 thousand. And if there is another crash, I guess I retire with pretty much noting.

[@lewisjeffreys9175]

I just don't see how you managed to lose that much when every metric is at all time highs😮.

[@wealthelife]

Have to be a bit careful about assuming making extra super contributions is always the best idea. In some situations (eg. will have house paid off when retire, but have no other investments other than super) there is a 'band' when putting more into super will actually reduce your age pension entitlement. eg. Once a couple has more than about $450K combined super, every extra $1,000 in super will (due to the Age Pension Assets test) reduce the Age Pension income by $3/F ($78/yr). So, if your super is invested conservatively your extra $1,000 in super might actually produce less than $78pa of additional retirement income, so you have been better off just spending the $1,000 on lifestyle while working and had a larger Age Pension entitlement in retirement. It isn't a simple question though, as the extra $1,000 put into super after the 15% contribution tax, would have been a smaller amount of after tax disposable income (due to marginal tax rate being higher than 15%). Also, the $1,000 added to super would likely to have grown in real terms by retirement, boosting the amount of self-funded retirement income. And, once your super (and any other financial assets) exceed the threshold for receiving ANY part Age Pension during retirement, putting more into super doesn't have the same 'penalty' due to decrease in Age Pension (you can't get less than $0 Age Pension). Can read more in my enoughwealth blogpost "How the Age Pension Asset Test is designed to penalize the average Australian couple if they make additional super contributions", You can also mitigate the impact of higher super balances on Age Pension somewhat by using some of your super to purchase an annuity (less than the full purchase price is acounted for the Asset Test). So this can help if your super balance is somewhere in the range where the Age Pension is being reduced (but you are still eligible for a part pension).

[@bundyboy961]

The age pension has been put in place for people that fail to plan financially.

[@josephj6521]

@@bundyboy961no. It’s there for everyone as we cannot totally rely on superannuation. People on median incomes would struggle to have over a million in superannuation if they needed to buy a very expensive home. Some people get separated and their funds deplete. Making assumptions isn’t necessary.

[@bundyboy961]

Financial stability is up to the individual. People need to stop making excuses and start making wise decisions! Yes their are circumstances, but the vast majority spend money on shit and fail to plan for the future!

[@josephj6521]

@@bundyboy961 untrue. How old are you? As I said, the majority cannot afford to put aside $20k pa for their whole lives due to their incomes.

[@bundyboy961]

Why does my age matter? The majority are lazy and unmotivated, that I understand due to the structure of society. Their isnt encouragement to actually try at anything, just consume! I am 34 if you must know, I work a low end job and yet still manage to put enough away!

[@aaronc2076]

Inflation is a huge variable in all these saving strategies.. 😳

[@Creees]

Cant you set up with a financial advisor to have your own accounts that you arent forced to only pull out at 65?

[@Andre_XX]

It depends on what your super money is invested in. Events beyond your control can trigger a market crash that will wipe out your savings is less time than it takes you to brush your teeth.

[@theowenssailingdiary5239]

Nobody has been wiped out! Sounds like you are making excuses for not having enough super. Every super fund in Aus is well diversified and nobody, and I mean nobody has been 'wiped' out.

[@Andre_XX]

@@theowenssailingdiary5239You are obviously too young to understand.

[@theowenssailingdiary5239]

Well yes, I'm not eating into mine yet- sorry to hear that, and apologies. Did bonds let you down? @@Andre_XX

[@callumjensen9458]

@@Andre_XXyikes, maybe you are too old to understand, IF there is a crash, and your portfolio does have a large portion to stocks you will see a hefty drop (not wiped, after all most funds are diversified with other categories like housing, gold, bonds, money markets, etc), buuuuuut Australian market ALWAYS bounces back and returns higher. If that crash happens and you are still investing a fair bit, all your doing is buying low and see higher returns when it bounces back. If it happens close to retirement, then yeah yikes, but by then you should be in a conservative portfolio to reduce that.

[@Andre_XX]

@@callumjensen9458You sound like an investment advisor. When stocks are going up it is time to buy. When stocks are down it is also time to buy.

[@JimmyLLL]

Pro tip, don't get divorced after 40 :)

[@Antonchigurh69344]

Pro tip don’t get married at all lol

[@AussieGriffin]

Yet another perfectly good idea that has been gutted by a trifecta of 1) Wage Stagnation (people staying in their jobs longer to afford retirement and the stated policy of the Liberal party), 2) Cost of living inceases (how can you afford to salary sacrifice if you can't afford rent?) and 3) The legacy of the 2008 GFC (it's only a matter of time before the next market wipe-out). A.G.

[@stevenloynds3691]

I spent over 20yrs of my life in addition sitting on welfare now in my 40s been in recovery for a little while and actually am actively seeking work....i have zero in super im not sure if i can even recover financially for stability in my older years....what a waist of a life 😢

[@OhlordyOh]

If have ever been legally employed in Australia, your employer has to put money in your super on your behalf. So you have at least a little.

[@lewisjeffreys9175]

Thank goodness you live in a country with a safety net. Also remember that it's about the journey not the destination!

[@KenithCopeland]

this is clearly not for anyone in hospitality whos boss doesnt pay super for years on end

[@sharoch]

Let's be honest, if you do NOT have your primary house paid off, 2-5 invest properties fully paid off, 1-2 NEW cars fully paid off, 1m combined in super and a bank account with at least 300k in savings at retirement age (2060) then you're going to be doing it tuff! If you're still renting at retirement age then you're going to being screwed.

[@LorriSanga]

I make weekly contributions on top of the employer's. But the main weekly contributions goes to ETF's, I want money i can access when needed outside of the governments mits.

[@JimboJones-qn4wd]

3:00 - AND PROVIDING THAT YOU DON'T CLAIM A DEDUCTION ON THE $1,000 CONTRIBUTION. IF YOU CLAIM A DEDUCTION ON THAT $1,000 CONTRIBUTION, YOU WILL RECEIVE $0.00 FROM THE GOVERNMENT AS A CO-CONTRIBUTION!

[@pantsgaming759]

problem i have with super is will we ever get it? they keep raising the age you can access it 67 is old and in 30 years when i hit it they will probably raise it to 75 by then.

[@raymondla]

Preservation age is the age at which someone can access super, which is at 60 years old assuming you've retired. Once you're 65 there are no restrictions on working and accessing super.

[@Spratdragon]

I know I will be working till death.

[@stormsandfishing5448]

That’s my thoughts as well. I invest outside super so I can access it whenever needed ( either for a replacement house or earlier retirement)

[@pantsgaming759]

@@stormsandfishing5448 100% like i get all the tax benifits but then what good are they if im dead or have to wait an extra 10 15 years to retire because i cant access the money

[@johnwu3593]

Why is bro silent on crypto

[@Luke1985]

I think videos like this of what people “should” have is counterproductive. Everyone is different. Everyone comes from different backgrounds. Some people were homeless or addicted to drugs or in n out of jail. You cant say what people should or shouldn’t do. Its bull shit n i dont agree with it 1 bit.

[@andyg9872]

There’s going to be a huge burden on Australia’s pension system coming up with baby boomers retiring & super balances being lower than needed

[@suad01]

People have been saying this for decades now. What is more alarming is that despite the mass immigration we've experienced, and the supposed commensurate increase in income tax take, net debt is higher than ever. These immigrants by and larger are probably net takera from they system, just like the boomers

[@AceAussie77]

So I’m 33 and have $140k in my super doing well haha

[@booradley0x0]

Thanks so much for this!!

[@GCD8]

I'm confused by you graphics. You are discussing Oz Super and show USD money and the White House as Gov??

[@Mark_Mark_Mark_Mark_Mark]

I work with a guy that has his house payed off and puts 70k a year into his super

[@robertwalters5654]

What is super annuation

[@raymondla]

If you're from the UK the equivalent would be the SIPP

[@robertwalters5654]

@@raymondla what is sipp tell in really simple terms

[@raymondla]

@@robertwalters5654 it’s like a 401k for Americans or a Self-invested Personal Pension if you’re from the UK

[@zo_471]

It’s money taken out of your pay that you can’t access until you retire. The purpose of it is to fund your life after you stop working so that the government doesn’t have to pay for it.

[@Dreamer10888]

I don’t ever check but I just did, I think I just make the 35 age bracket

[@raymondla]

That's awesome progress mate!

[@findingsolitude4644]

I just turned 40 and have $325k in my super.

[@iphoneography]

I have no super. B U T my property income returns better than any super could have done. Three properties have increased by 700k+ since 2020 - super would never do that. I'm retired. I'm 52.

[@STORMIETR00PER]

Sigh, Horribly untrue. the rate of return on those properties assuming roughly 500k starting price each, (if higher the outcome is worse) is about 11.2%pa. **Edit actually 10%, 11.2% would have been 800K increase** Depending on the super fund you have you could have literally those same properties inside super (SMSF) and have the same return with less tax. Or you could have a retail fund, with some off the shelf geared share managed funds inside. these are sitting on approx 30% returns this financial year. Even an industry funds off the shelf high growth option has averaged 9-10% over the last 10 years. Other than the property SMSF the other options dont leave you with a horribly concentrated illiquid asset base exposed to a single asset class. you also dont have to find someone to rent your shares off you, or pay to repair them after a few years use ;) Neglecting super is like voluntarily taking a 20m handicap in a 100m race. it is just a tax structure... literally the best tax structure available to an australian (in pension phase (retirement) for the majority of people the structure is literally tax free). Property is great. diversification is better.

[@Soulkeeper-tv8re]

My problem with super government keep increasing age of retirement 🙄

[@raymondla]

The last time they increased the preservation age to 60 was introduced in the late 90s and phased in over about 30 years. Changing the preservation age is unpopular, hence giving a lot of notice before phasing it in. So it's unlikely to be increased again in our lifetime and even if it were to be, there'd be significant lead time.

[@philgoogle1535]

I'm 59 and 2 weeks from retirement. I won't gloat about my super balance but I have enough. If you"ve only got $300k and you're 50, you are toast!

[@raymondla]

Enjoy your retirement!

[@GhostWhoWalks14]

You are working on the premise that the govt will allow you to keep it, they are gunning very hard to take peoples super completely.

[@notsure1135]

Got a source to support this claim? First I have heard of it, seems counterintuitive given they match contributions until a certain value…

[@pkd6369]

love fin advisers take the commision up front and then play the slot machine gamble !

[@randomguy6189]

Take the commission on what exactly? If you’re referring to investments, that’s not correct. Financial Advisers can only receive commissions for insurance products.

[@BludRayp]

I'm 33 and got like not even 1K in my super :(

[@raymondla]

We all start somewhere mate, if you use some of the strategies I mentioned in this video to increase your balance you'll be able to get it up in the future!

[@theowenssailingdiary5239]

Have you ever worked old boy?

[@BludRayp]

@@theowenssailingdiary5239 plumbing apprenticeship and plumber from 18-24. Childcare from 24-26 slate roofing from 26-27 random part time jobs from 27-29 started my own business selling sauerkraut 29-31 (during COVID) gardener/landscaper 31-33. Youth worker current. There were plenty of gaps in between those jobs and I've been on Centrelink a couple of times in between. Took out all my super 14K at 29. Because of COVID.

[@lowlife4x424]

ive got about 110000 in mine im 40 my wife is 35 has 160000

[@raymondla]

Combined you guys are doing great!

[@zo_471]

Thanks for showing the average but can you do a video on what we actually need?

[@raymondla]

This really depends on each individuals own circumstances, so it’d be quite hard to do a video on that unfortunately :(

[@oggyoggy1299]

About double.

[@DingleBerryMTB]

WOW! those targets are SUPER low. at 40 you want to have a lot more than what you are saying.

[@robertwalters5654]

In the uk so thing are going to be different

[@Skybar23]

your super averages are LOW . exampl 35-44 yr olds $116, 494 but the ACTUAL average super is about 130k for men

[@Spratdragon]

I wonder in 30-40 years. Most Australians won't own a property and will need to keep paying high rent on top of everything else. I just wonder how that's going to work? I hope it's not a lot of elderly on the streets. I know there will be a large wealth transfer with the boomers passing on. Some of my mates as well as a lot of immigrants don't have that opportunity, though. Plus, the government is going to start an inheritance tax. I can only see the rich getting richer. I can imagine a lot of people living in tiny homes/caravan parks on food stamps in retirement.

[@davidnobular9220]

We will be own nothing, eat the bugs and be happy. So say our WEF overlords.

[@Antonchigurh69344]

Im 38, male and have 153k in super I also own my house in Sydney

[@2004lesk01]

this is great

[@franopavlovic3991]

I worked construction for 20 years. Housing. On ABN. Everyone i worked for except one paid some super. I'm 42 and have $20 000 super. Not good. I changed my job and have moved overseas. Goodbye Australia.

[@Nerderator]

Not sure why but I misread the title to be “Balayage by age” 😂😂😂😂

[@rustybogans2508]

I’m 43 with $480k and plan on working til 65 i better be a bloody millionaire when I retire

[@t-bone7988]

comments section a pissing contest

[@triarb5790]

A lot of them unaware life has a way of happening, including planned or unplanned career breaks due to having and raising children, having children with a disability, losing a child, accidents, illness, acrimonious and costly divorce, death of a partner, job losses, elderly carer responsibilities that preclude work and the invaluable experience of broad ranging non- employment travel. It is incredible how so many are naive and think showing off to strangers brings them some sort of kudos. I only care about my own situation. Why on Earth they think I want to hear about theirs is beyond me. 🤷‍♀️

[@t-bone7988]

@@triarb5790 BIG fax.

[@JBW886]

I can piss really high what about you

[@ricllinares5929]

All these people obsessed with putting everything into super ,don’t forget your needs are bugger all when your old and you can’t get back your youth .My father work hard ,retired at 65 and his super is still un touched.He got ill at 70 and wants for nothing .Money doesn’t matter to him .hed happily give up his super and other possessions for his health.

[@ljp1942]

Just see what a divorce does to your superannuation balance would advise not putting money into super ar any age.

[@davesunderland1026]

His math and that of the ATO is completely flawed

[@richardl3919]

Better off using your money now & investing it yourself then handing to a fund to squander it….

[@ronburgandy1475]

Ty for this video. Very enlightening *BUT PLEASE STOP* doing what all "professionals do" and say "OWNING a home" instead of having a MORTGAGE on a home... These are extremely different things. IE. In your 30s bracket you're talking about OWNING a home, no this is A MORTGAGE. How do you possibly work out a basis for wealth planning when people don't even use basic fundamentals of credit and debt accurately... Keep up the great work, but please, debt is debt, credit is credit. Our entire economic system and governance is built on this so it needs to be reflected accurately

[@benhartart9487]

Remember Investing in hard assets like Disruptive Technology stocks and Bitcoin will give you and your family Financial freedom in 10-15 years. Way better than a superfund retirement scheme which if your lucky grows at 10% per annum ( with fiat inflation around 15%) your really sinking not swimming financially

[@Ant1Long2]

Self managed super fund can invest in btc

[@Kiriletto]

This is crazy low, no?

[@pumba6099]

Young people have no clue all they do is regurgitate legacy strategies that no longer work. Cant wait for them to wake up to Bitcoin

[@megageek8509]

Ok

[@davegeorg8149]

You all make me sick. If you are feeling a little bit behind just dig yourselves out of that situation.. comparing super balances on the internet is a new low for society

[@trevoranderson1604]

I'm screwed 😂 😂 😂 😂