Older Australians aged 65 to 69 have an average super balance of approximately $420,936, indicating significant retirement savings among seniors.

The rise in superannuation balances is partly due to the recent increase in the super guarantee from 9.5% to 12% over the past five years.

A median 30-year-old Australian earning $30,000 annually is projected to retire with about $610,000 in super, surpassing the $595,000 benchmark for a comfortable retirement, assuming home ownership and no career breaks.

Australia's superannuation sector has reached a historic milestone, surpassing $1 trillion in total assets, reflecting its growth and importance in the country's retirement landscape.

By March 2025, the total superannuation assets in Australia exceeded $4.1 trillion, with the average Australian holding around $172,000 in super, highlighting substantial growth over recent years.

This growth is driven by strong investment returns and an increased super guarantee rate, which industry leaders view positively as it bolsters retirement savings.

According to ASFA CEO Mary Delahunty, policy changes combined with robust investment performance are enabling Australians to save more for retirement, enhancing their financial security.

As superannuation balances grow, fewer Australians are relying primarily on the age pension, signifying a shift towards superannuation becoming the main source of retirement income.