Your parents probably taught you that you shouldn’t compare yourself to others, but sometimes it can be fun to look at what others are up to – particularly when it comes to money.

We’ve already had a look at the 10 postcodes with the highest amount of lost and unclaimed super, so now we thought it was time to look at the 10 postcodes with the highest average member balances.

Based on taxation data from 2016-17 released by the Australian Tax Office, the postcode 3944 is at the top of the list. Covering the Victorian suburb of Portsea and its surrounds, the postcode has an average super balance of over $1.48 million.

Top 10 postcodes by average member balance

RankingPostcodeStateAverage balance
13944 - Portsea and surroundsVIC$1,488,929
22108 – Palm Beach and surroundsNSW$859,572
33142 – Hawksburn and ToorakVIC$780,243
42027 – Point Piper and surrounds, NSW$647,555
53943 – Sorrento and surroundsVIC$594,278
63929 - Flinders and surroundsVIC$543,398
73186 – Brighton and surroundsVIC$499,869
82030 – Vaucluse, Rose Bay and surroundsNSW$488,436
92110 – Hunters Hill and surroundsNSW$481,387
103126 – Canterbury, Camberwell East and surroundsVIC$477,524

Interestingly, the list of the top 10 postcodes with the highest median member balances looks a little different.

For those of us who have forgotten what we learned in our high school maths classes, the average balance is determined by dividing the total super held in the suburb, by the number of super accounts in the suburb.

However, this average balance can be skewed by balances that are either much higher or lower than most, which means you might not get the most accurate picture of what the typical super balance actually looks like.

The median balance, however, is the number that sits right in the middle of the highest and lowest – half the balances on either side of the median are lower, and half the balances are higher.

While 3944 also comes out on the top of this list, there’s a significant difference in the size of the balance – to the tune of about $1 million.

Top 10 postcodes by median member balance

RankingPostcodeStateMedian balance
13944 – Portsea and surroundsVIC$486,559
23943 – Sorrento and surroundsVIC$149,695
32600 - Canberra and surroundsACT$149,363
43929 – Flinders and surroundsVIC$136,134
53225 – Queenscliff, Point Lonsdale, Swan Bay and surroundsVIC$125,620
63126 - Canterbury, Camberwell East and surroundsVIC$123,127
72605 – Curtin, Hughes, Garran and surroundsACT$122,485
83193 – Beaumaris, Cromer, Black Rock and surroundsVIC$120,877
93789 – Sherbrooke and surroundsVIC$120,658
102619 – Jerrabomberra and surroundsNSW$119,512

How big does your balance need to be?

Though they’re interesting charts to look at, you don’t really have to worry too much if your balance doesn’t look like that of someone in Portsea.

After all, while someone in Portsea may need a balance of $1.48 million to live out their desired lifestyle in retirement, when it comes to the average Australian, figures from the Association of Superannuation Funds of Australia (ASFA) tell a different story.

ASFA’s Retirement Standard estimates that the average couple will need a lump sum of $640,000 in combined super savings at retirement in order to enjoy a ‘comfortable’ retirement, while a single person will need a lump sum of $545,000 in super savings.

A ‘modest’ lifestyle, meanwhile, will require a lump sum of $70,000 in super savings at retirement.

These figures assume that the retirees will draw down all their capital and eventually receive an Age Pension. It also assumes that the retirees own their home outright and are relatively healthy.

Everyone’s circumstances are different. The retirement income simulator in your online account can help you get an idea of the kind of income you may need to live out your retirement dreams, and whether you’re on track to get there.

If you have an accumulation account, you can use the calculator to see the long-term effects of:

  • The most common fees charged by various funds
  • Making extra contributions
  • Taking advantage of super co-contributions, if you’re eligible
  • Ceasing or reducing contributions as a result of time out of the workforce
  • Switching your investment strategy or changing funds

We're here to help

If you need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.