Australians are retiring with more in their superannuation accounts than ever before, though most - and particularly women - are falling short of recommended retirement standards.

However, younger people should not be alarmed, an advocacy group says, given the lift in employer contributions to 12 per cent.

New research by the super sector’s peak body, ASFA, reveals the average super balance is up to $172,384, and for those aged 65-69, $420,934.

ASFA chief executive Mary Delahunty said growing balances were “great news”.

“The increase in the superannuation guarantee to 12 per cent combined with strong investment returns from super funds mean Australians have more savings than ever put away for retirement,” she said.

A deeper dig into the analysis, based off a biennial release of Austra

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