How Much Super Do You Need in Your 30s, 40s, and 50s?

Author: Patrick Huolohan

Many people understand the importance of superannuation to fund their dream retirement.

However, so many of us pay very little or no attention to how much we have and whether we are on track for a financially secure retirement.

If you decide to make a contribution to your super – whether it’s compulsory or voluntary – you need to know that it is in the best interest of your future. What’s more, you likely want to know whether your contributions are going to be enough to meet your goals so that you’ll ultimately be able to retire comfortably.

In this post, Newcastle Financial Planning Group – trusted superannuation advisers in Newcastle, will give you an idea of how much super you should have in your 30s, 40s, or 50s:

How Much Super Should You Have Based on Your Age?

Here’s a ballpark for what your goal should look like at your age.

According to the Australian Bureau of Statistics (ABS), if you are in your 30s, you should have at least $31,600 in super. At age 40, you should have $69,300. By the time you reach 50, you should have $129,199 in superannuation. The goal is to have $245,100 in super when you reach the age of 60.

While these dollar amounts are a good guide, you should remember that they are only estimates and your realistic number may be higher or lower depending on your personal circumstances.

What You Can Do to Reach Your Superannuation Goals

Track Your Super’s Performance

When thinking about adjusting your super investment, you should decide whether you prefer to take risks with your money with the aim of growing your balance or to play it safe.

You may like to consider holding different assets outside of your super. Either way, you want to make sure that you always track your funds and monitor the performance of your super.

Aim for Growth

Be decisive when it comes to your superannuation. You should also consider whether you are prepared to be more aggressive and growth-focused with your super. Remaining in a stable account can actually hinder your growth so it’s worth considering other super investment options – especially if you are younger.

Seek Professional Advice

Super is essential, no matter what stage of life you are in. Always think about your super as a priority as it will become so important to you once you retire.

If you are planning your dream retirement, let your superannuation do the hard work for you. Seek advice from a financial planner so you can be confident in your super decisions. A financial adviser can offer you sound superannuation advice.

Hopefully, this answers your question of where you should be on your super, depending on your age. Superannuation is an excellent structure that you can use to save for retirement.  Whether you are in your 20s, 30s, 40s, or 50s, you can always improve your approach and ensure that you’re inching closer to your goal. If you need help, consult with the expert superannuation advisers in our Newcastle office.

To know more about tips in managing your finances during your retirement years, check out these posts:

• Factors to Consider for Your Financial Retirement Plan
• Understanding Investments: What Kinds Are Suitable For Me?
• How to build your own ETF Strategy

Newcastle Financial Planning Group can provide you with reliable superannuation advice that you can follow to ensure you’ll achieve the retirement lifestyle you’ve always dreamed of.

Book a meeting with NFPG today!

References:

https://www.abs.gov.au/ausstats/abs@.nsf/ViewContent?readform&view=productsbytopic&Action=Expand&Num=5.9.15

DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.