The average Australian has $147,425 in their retirement savings, but in some areas the average is significantly higher.
The Association of Superannuation Funds of Australia (ASFA) released an analysis of superannuation balances across states and territories.
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The average super balance varied from a high of $205,369 in the ACT to a low of $107,677 in the Northern Territory.
The average super balance in each state and territory is:
ACT - $205,369
VIC - $151,679
NSW - $149,063
SA - $147,148
QLD - 142,345
TAS - $139,719
WA - $137,152
NT - $107,677
Within each state, the analysis showed there was a vast difference between electorates.
For example, in Victoria those who live in the electorate of Kooyong had the most in their superannuation, with a massive $321, 593 on everage.
Meanwhile, the lowest super balances could be found in the electorate of Bruce, with just $78,294.
In New South Wales, North Sydney had the highest average super balance of $290,510, while Blaxland had the lowest at $66,610.
ASFA’s CEO Dr Martin Fahy encouraged Australians to check their super balance in advance of the end of financial year and consider if the balance is where it needs to be to meet retirement goals, in the long-term.
“We encourage people to check their super on or before June 30th by using a retirement tool such as our SuperGuru to get a sense of how they are tracking towards their goals in retirement,” Fahy said.
On 1st July there will be several changes coming into effect relating to superannuation.
“The increase of the Superannuation Guarantee to 10.5 per cent, the removal of the minimum $450 earnings threshold for payment of super, and changes in the downsizer contribution policy which allows more people to use the proceeds from selling the family home, will all assist more people to boost their super,” Fahy said.