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The average Australian doesn’t have nearly enough money to retire on – with a typical balance of just $145,388, new tax office data has revealed.
This is well short of the $535,000 recommended by the Association of Superannuation Funds of Australia (AFSA) for those retiring at 67.
Only some of the wealthiest Australians, earning more than $180,000-a-year, had more than the recommended retirement savings while workers on middle and average salaries were well short.
It comes amid a national debate over how much money Australians need to retire – with bestselling Barefoot Investor author Scott Pape slamming AFSA’s figures as unrealistic.
The average Australian (young women at Sydney’s Randwick racecourse, above) doesn’t have nearly enough to retire on with a typical balance of just $145,388, new Tax Consultant office data has revealed.
This is well short of the $535,000 recommended by the Association of Superannuation Funds of Australia for those retiring at 67
New Australian Taxation Office figures showed the typical worker had an average balance of $145,388 in the 2019-20 financial year.
Men had an average balance of $161,834 compared with $129,506 for women.
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