Fresh concerns over superannuation accumulation

A new breakdown reveals just how much Super Australians should have as they progress through their careers. The figures are daunting, but more concerning, according to the industry, is the number of people ignoring the issue. Finance editor Chris Kohler explains the average super balance is about $123,000, but that’s across everyone, so it’s not that useful. What is useful is an age breakdown. A new research shows a good amount of super for a 25 year old is $18,500, but from there that ideal number goes up fast. By 35, it should have grown to more than $100,000 by 45. 210,000 and by 55 the Australian Retirement Trust data shows we should be sitting on more than $360,000 and upwards from there. Understandable then that close to 7 out of 10 Australians are worried they don’t have enough super and many are ignoring it. 25% of Australians haven’t checked their super balance in the last 12 months. Now this creates a massive, monstrous problem for people when they retire. It’s a missed opportunity. If there’s one thing to do, it’s crackdown on fees. Separate research shows the difference by retirement between a fund charging 1 1/2% and half a percent. Is $250,000.