For many Australians, turning 62 is not merely another number on a birth certificate, rather, it is an attainable target when looking to begin to retire. This is largely due to a more mature superannuation system; coupled with an increase in compulsory employer contributions reaching 12%. Therefore, the burning question for many is, how much is enough for me to retire in 2026? Recent figures have provided insight on average superannuation balances stratified by age, however, despite being a useful starting point, these figures also illustrate the pitfalls of focusing too much on the average when considering your future.
How much superannuation do older Australians possess?
Industry analyses and trustee-level reporting indicate that for men in their early 60s, the average superannuation balance is in the mid 300 thousand dollar mark, with women averaging just below 300 thousand dollars. For the 60-64 age group, men average around $395,000, with women averaging $313,000. Many commentators have used these figures as a proxy to assume what a typical 62-year-old has. While these figures can be used as a starting point, they do not tell the entire story. Some individuals retire with superannuation balances of less than $100,000, while others retire with balances in the 700,000-800,000 range or higher.
The gap between the superannuation balances of men and women can largely be attributed to more breaks in employment due to childrearing, lower average wages and part time work amongst women throughout their working life. As a result, even in a strong economy, many women nearing age 62 will tend to depend more on the Age Pension or financial assistance from a partner than men who have similar work histories.
What we can learn from the average balance table
To understand the averages, it is valuable to see how they stand against a wider age cohort. Below is a simplified summary of average super balances by age group using the most recent trustee and industry data.
| Age group | Typical average balance (all genders) | Notes |
|---|---|---|
| 35–44 | Around 110,000 dollars | Many people consolidate multiple accounts here; tracking super becomes more important. |
| 45–54 | Around 220,000 dollars | Salary increases and catch‑up contributions often lift balances in this decade. |
| 55–64 | Around 325,000 dollars | Closer to retirement; transition‑to‑retirement strategies and contribution planning matter most. |
| 65+ | Around 400,000 dollars and above | Withdrawals start, but many keep money invested to prolong retirement income. |
Seeing 62 in conjunction with 60-64 and 55-64 ranges, it is clear that super is not merely a number you hit on your birthday. It is the result of a lifetime of contributions, investment returns, and decisions including but not limited to salary sacrifice, spouse contributions, and accessing the government co‑contribution schemes.
When the average is not enough
For many who intend to retire at 62, less about the average, and more about how much income is derivable from that balance is the critical concern. A balance of 400,000 dollars may seem to support a couple’s retirement comfortably on a lifestyle that is modest, it may be inadequate to the person who intends to travel frequently, run a business or sustain high health expenses.
There are four main pillars that determine retirement income: the amount in your super balance and how it’s invested, the amount you withdraw each year, and your life expectancy. For instance, a 62 year-old in 2026 may, in a conservative drawdown strategy, withdraw 4-5% of their balance annually, which amounts to 16,000-20,000 dollars per year from a 400,000 dollar account. This is often combined with the Age Pension or additional savings. This is the reason why most advisers emphasise on a total household strategy instead of super balance alone.
Changes in policy in 2025-2026 and their impact on your plans.
The shift in Superannuation Guarantee to 12% beginning July 1 2025 is beginning to alter the pathways for those who are still employed. For a 45-year-old making 80,000 dollars annually, the new 0.5% in addition to the previous 11.5% will result in approximately 400 dollars more per year in employer contributions. This, of course, will compound over years. By the age of 62, the differing rates of return on the additional contributions can result in tens of thousands of dollars more if the additional contributions are invested and not subject to high management fees or avoidable insurance premiums.
Because of the high cost of living and shifting housing costs, many Australians still withdraw super early under hardship or first-home-saver schemes. These actions impact the balance at age 62 and are the reason why more and more financial planners are advocating that people pursue alternative short-term solutions such as government supported hardship programs or budgeting before withdrawing from retirement savings.
Practical steps if you are looking to retire at 62
If you plan to retire at 62 in 2026, it is time to make some estimates. Visit your most recent super statement and annual update. This is better than looking at the national average. Ask yourself, your balance, investment strategy, and rate of withdrawals fit the lifestyle you are aiming for? There are simple things you can do, even in your late fifties like consolidating multiple accounts to one super, having fees instead of paying them, and making some contributions to the super.
Next, consider super plus the Age Pension, your home in the equity, and your savings. The system is designed to have some super and a pension not to solely rely on one. So, planning for 62 is not so much about hitting a magic number instead it is more about creating a solid system with a lot of trust.
FAQs
Q1: What is a good super balance target for 62?
A good target for most Australians is somewhere in the 300,000’s. However, good is subjective. It depends more on your lifestyle, housing, and whether or not you expect to have some Age Pension.
Q2: Can I retire at 62 if my super is below average?
Yes. Particularly if you have a low cost of living, own your home and can work part time, or draw on some rental income. You may need to do some budgeting, though, or consider delaying full retirement by a few years.
Q3: How can I catch up on my super in my late 50s?
Making additional contributions, using catch-up concessional rules if you’re eligible, reassessing your insurance coverage, and ensuring your investment mix aligns with your time frame and risk tolerance will be ways to catch up.
