Is your nest egg on track?
If you are in your 40s or 50s, the question of how much you should have saved can stir up mixed emotions. Life starts to look a bit different, and you might start to feel a bit of stress and worry about what you’ve saved up so far.
If you’re looking for a specific number of what the benchmark is for your age, Westpac provides the average and median savings by age in Australia - but this certainly shouldn’t be your measurement of success.
Everyone’s path is unique. Careers, family choices, and unexpected costs are just a few of the aspects that might affect how your savings look. What really matters is setting a plan in place that works for you and gives you confidence for the years ahead. The best time is always now, but this stage of life is the perfect time to take a clear, honest look at your financial position and work out what the next steps are.
1. Why now is the perfect time to review
Once you reach your 40s and 50s, you’re in a position where the stress of major life commitments are slowing down. It might be that the kids are moving out, the mortgage is getting slimmer, the super balance has been steadily growing, and your career is at its peak.
This is a generalisation, and as mentioned before - everyone’s path is unique! The point is, as we move through our lives, things start to change but the direction stays the same. The trajectory is what we have the chance to control.
We all would like to retire at some point. If you spent the last few decades setting yourself up for now, then now is the time to set yourself up for retirement.
Now is the time to do a full stocktake of everything relating to your personal finance. Regardless of whether you feel behind, comfortable, or ahead, there’s no better time to make the right changes and put yourself in the best position.
2. Where to get started
The best thing you can do is to understand where you stand today. It’s not an easy task, but it’s time to review everything in place right now.
Superannuation – Are your investment options and fees right for you, and could extra contributions help grow your balance faster?
Tax strategies – Are you making the most of the concessions available to you?
Insurance – Are you over-insured, under-insured, or right on track?
Estate planning – Have you put in place essentials like wills and powers of attorney to give you and your loved ones peace of mind?
Investments – Is your money working hard enough, or is it time to adjust your approach?
Savings buffer – Do you have enough set aside for the unexpected, and how could you build it up?
It might seem tedious, but reviewing and refining these areas now builds habits that set you up for the future you want.
3. The value of advice and why now matters
Trusted financial advice can make this process easier, clearer and more effective. A financial planner’s role is to connect all the dots.
Even a small boost each year can add up significantly. An additional 8% annually by optimising your tax, super, investments, and all the other dots, for example, can almost double the value of your earned income over a decade. Combine that growth with the confidence of knowing exactly where you’re headed through a strategy completely designed for you and your goals, and you’re on the perfect track.
Don’t look at what others have or how much they’ve saved. Whether you feel ahead or behind, now is the perfect time to take stock and make smart, deliberate moves. These years can be some of your most productive for building your nest egg. Start by reviewing your finances today, and if you’d like support, you’re only a call away from setting the right course.
White Rabbit Advisory Pty Ltd is a registered tax (financial) adviser and any reference to tax advice contained in this document is incidental to the general financial advice it may contain. You should seek specialist advice from a tax professional to confirm the impact of this advice on your overall tax position. You should obtain financial advice relevant to your circumstances before making financial decisions. Whilst every care has been taken in the preparation of this information, it may not remain current after the date of publication and White Rabbit Advisory Pty Ltd and its related bodies make no representation as to its accuracy or completeness. Published: September 2025 © Copyright 2025