Australia’s superannuation system is booming. Total assets now exceed $4 trillion, making it one of the fastest-growing retirement savings pools globally. Projections suggest that within the next decade, Australia could have the second-largest superannuation pool globally.

On the surface, this growth paints an optimistic picture: Australians are saving more than ever for retirement. But does system-wide growth mean individuals are truly prepared for life after work? Unfortunately, the answer is more complicated.

For women in particular, the answer is often no. Despite decades of compulsory super, many women reach midlife or retirement with less confidence, lower balances and more complex financial decisions to navigate alone – often after years spent prioritising family over finances. This is where guidance from an experienced financial planner can be critical.

The scale and growth of super

Three key factors have fueled the extraordinary expansion of Australia’s superannuation system.

First, the compulsory Superannuation Guarantee (SG) has ensured consistent contributions from employers. Since its introduction at 3% of wages, the rate has steadily climbed and reached 12% in July 2025. This long-term commitment has created a system of forced savings for millions of workers.

Second, favourable market conditions over recent decades have delivered strong returns. Despite periodic volatility, Australian and global equity markets have trended upward, compound returns have worked their magic and diversified super funds have generally performed well.

Finally, Australia’s growing workforce and rising wage levels have meant more people contributing more dollars over time.

Growing balances don’t necessarily mean retirement readiness

Despite this huge growth, there is still a problem: Average balances tell us very little about individual circumstances or whether someone is genuinely on track from a retirement planning perspective.

This is especially true for women, who are more likely to experience interrupted careers, lower lifetime earnings and periods of financial dependency, yet are more likely to live longer and need their savings to stretch further.

While some Australians will retire with substantial super balances, many will fall well short of what they need to fund the lifestyle they envision. A 2025 Finder survey of over 1,000 Australians revealed that 23%, equivalent to around 4.6 million people, believe they will have insufficient funds for a comfortable retirement.

So why are Australian retirees falling short?

Hidden barriers to retirement readiness

Several structural challenges mean that even with a growing super system, many Australians struggle to build adequate retirement savings without structured financial planning.

1. Broken work patterns

Career breaks for caregiving, periods of part-time work, time out of the workforce for health reasons or employment gaps all create contribution shortfalls. Women are disproportionately affected by these patterns, often retiring with balances 25-30% lower than men, according to the Super Members Council – a gap that has profound implications for retirement security.

2. Inadequate balances for lifestyle expectations

Middle-income earners often have higher lifestyle expectations than what a “modest” super balance can provide. The Association of Superannuation Funds of Australia Retirement Standard now suggests a couple needs over $76,000 per year to maintain a comfortable standard of living.

3. Longevity risk

Australians are living longer than ever before. Retirement may last 25–30 years or more, meaning that even a seemingly adequate super balance could be exhausted if withdrawals are not carefully managed as part of a broader retirement planning strategy.

4. Rising costs

Beyond daily living, the rising costs of healthcare and the eventual transition to aged care or retirement living can decimate a nest egg if not properly planned for years in advance.

The cost of major life events can also derail even the best-laid plans. Divorce, separation or the death of a partner often forces one, particularly women, to make major financial decisions at emotionally vulnerable times.

5. Poor engagement with super

Research from AMP found that one in four Australians never actively engages with their super. Without actively reviewing super investment options, risk settings or fees, you may be unknowingly leaving money on the table. A “set and forget” approach can create gaps in retirement readiness, especially when unexpected financial events arise.

At RFS Advice, we have also learned that, for women especially, disengagement is often driven by lack of confidence rather than lack of interest – reinforcing the importance of accessible, supportive financial planning.

From having super to having a retirement plan

For all of these reasons, it’s important to shift your mindset from having super to having a full strategy that sets you up to be retirement-ready. This is where professional guidance from a qualified financial planner becomes critical.

At RFS Advice, many clients ask for help not because they want higher returns, but because they want clarity, reassurance and a trusted sounding board. This is particularly true for women who value holistic advice that considers lifestyle goals, family responsibilities, health, housing and long-term independence – not just investment performance.

Having access to an advice team that understands these realities – and offers a dedicated all-female advice option – can make the difference between feeling overwhelmed and feeling in control. Retirement readiness is as much about confidence and decision-making as it is about balances.

Steps to improve retirement readiness

To bridge the gap, there are several proactive things you can do to improve your readiness:

1. Review and adjust where needed: As retirement approaches, it’s essential to review the investment mix to ensure it aligns with your risk tolerance and income needs.
2. Integrate your assets: Super is just one piece of the retirement puzzle. A Gold Coast financial adviser can help you integrate your super with other assets and savings to create a more robust retirement income strategy.
3. Maximise your contribution if necessary: Catch-up concessional contributions and salary sacrifice arrangements can accelerate super growth for those in their 50s or early 60s.
4. Focus on sustainability: A large super balance is only valuable if it can generate sustainable income throughout retirement.

Take the next step

Australia’s superannuation system may be thriving at a national level, but individual retirement readiness requires active, informed engagement and strategic retirement planning. Whether you’re years away from retirement or it’s around the corner, working with a qualified financial adviser on the Gold Coast can provide the clarity, strategy, and confidence you need.

Concerned your super may not be enough? Contact RFS Advice to create a retirement strategy that goes beyond balances and supports long-term income and security.

Frequently asked questions

How much super do I need to retire comfortably? Why do many women retire with less super than men? When should I seek advice about my super?

General advice warning:

This information is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether the information is appropriate to your circumstances and seek personal advice before making any financial decisions