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How much super should I have?

Super | | 2 min read


Is your super on track?

While most people have a rough idea of how much super they currently have, knowing what that will look like in 10, 20 or even 30 years is another matter.

If you’d like to know your future super balance, and what that potentially means for retirement, we can help.

How much is enough?

How much super you need for a comfortable retirement will depend on various factors. While the age you want to retire and how much income you will need are the most common questions, there are plenty of other things to consider.

You also need to factor in whether you own your own home, your relationship status, your eligibility to the Age Pension and whether you have other assets or investments.

The Association of Superannuation Funds of Australia (ASFA) Retirement Standard estimates that a couple retiring today needs a retirement super balance of $640,000 to provide a comfortable standard of living. That works out to be about $62,000 in annual income.

Singles need a lump sum of $545,000 to provide a comfortable income of $44,000 a year. These figures assume people own their home and will receive a part Age Pension.

Of course, everyone’s idea of comfort is different. Annual overseas trips or expensive hobbies will require greater savings, but if you’re more likely to be looking after grandkids and staying local you may need less.

Where can I check my future balance?

So, that’s how much you need for a comfortable retirement. But is your super on track to meet it?

The best place to start is our retirement calculator. It enables you to enter your current details and get an estimate on your future balance.

When can I retire?

Estimate your future super balance and possible retirement age by using our retirement calculator.

Try it today


The retirement calculator enables you to see how your predicted balance compares to the ASFA Retirement Standard.

If you’re after a quick snapshot the Canstar table below can also help. It shows both the average super balance for a given age and how much you should have to meet the ASFA standard.

AgeAverage balance (male)Average balance (female)ASFA recommended balance


Source: Canstar

So, how are things looking?

If your super is not tracking as well as you would like, there are various ways to give it a nudge.

Here are three options:

Salary sacrifice. Salary sacrifice means you pay some of your pre-tax salary into your super account. As well as boosting your super balance, salary sacrificing can potentially reduce your tax rate. All of that adds up, and the sooner you start, the greater the benefits.

Consolidate your super. As obvious as it sounds, consolidating your super accounts is still one of the best ways to boost your super. It might mean you’re not paying unnecessary fees on your super, which could result in more money for your retirement.

Look at your investment options. Our default Aggressive option has delivered over 9% p.a. over the last ten years. That's a great result. But if you've previously changed your investment options you may be missing out, so it pays to check in and see where your money is invested.  

Relax, you've got time

Super is a long-term investment, and everyone’s journey to retirement is different. So even if your current balance is below the recommended amount don’t despair. As long as you're still working there's opportunities to boost your super and plan a better future. 

But if you’d like professional advice on boosting your super you can speak to one of our financial planners at no additional cost for the initial appointment.

Any figures quoted are correct at the time of writing but may be subject to change.

Authorised by Togethr Trustees Pty Ltd (ABN 64 006 964 049; AFSL 246383) ('Trustee') the trustee of the Equipsuper Superannuation Fund (ABN 33 813 823 017). Catholic Super is a division of the Equipsuper Superannuation Fund (ABN 33 813 823 017). Financial advice services may be provided to members by the trustee's related entity. 

Togethr Financial Planning Pty Ltd (ABN 84 124 491 078; AFSL 455010). The information contained herein is general information only. It has been prepared without taking into account your personal investment objectives, financial situation, or needs. It is not intended to be, and should not be, construed in any way as investment, legal or financial advice. Please consider your personal position, objectives, and requirements before taking any action. Past performance is not a reliable indicator of future performance.

© 2020 Togethr Trustees Pty Ltd. For further information please our contact our Service Centre on 1300 655 002 or visit our website: csf.com.au.

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