Since Easter is all about eggs, do you know how your nest egg compares to someone else’s at your life stage? And are you on track for a sweet retirement?
As Easter is all about eggs – and perhaps growth – do you know how your future nest egg compares to someone else’s at your life stage? And, crucially, is it on track to grow enough for a sweet retirement?, but I will get into that. These are the real, age-based super amounts the Australian Taxation Office has most recently reported.For males, the average super balance at age 18-24 is $8148, at 30-34 it’s $56,344, at 40-44 it’s $139,431 and at 50-54 it’s $246,955.
You must note, though, that these figures assume you own your home by retirement, and that you draw down progressively on all your funds and so, over time, get more age pension.The good news, if you are a man, is that the average will swell your super nest egg to an amount that, by retirement at age 67, is supposed to leave you set for life. That supposedly sufficient balance is $618,520, well clear of the $595,000 target.
This is the super situation for average 40-year-olds. You can plug your own income, super balance today and any additional contributions into the Moneysmart calculator, and see where your forecast sits.
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