Super savings looking good for two thirds of Australians
A new Australian superannuation survey has shown that two thirds of workers can expect to retire with around half a million dollars each in savings but that the other one third will be left struggling.
The inaugural AMP Superannuation Adequacy Index, which looked at 320,000 AMP superannuation accounts, found that 67% of workers who are saving well for their retirement will have assets on average of $536,036, excluding their family home. But shortfalls in savings will mean that about 3.5 million Australians will have to live entirely off the age pension.
Tasmanians had the highest current average super account balances of $47,203, followed by NSW with $40,548, South Australia with $37,571, Victoria with $37,301, Western Australia with $30,040, and Queensland with $28,580.
The average super funds in the 25-29 age group were $13,886 for males and $12,142 for females. At 45 to
it was $67,113 for males and $35,083 for females and at 60 to 64 – the highest amounts – it was $108,096 for males and $61,630 for females.
