At 30 June 2015, 85% of SMSF members were aged 45 years or older (see appendix 1, table 10).19 The average and median member age was 58 years and 59 years respectively.
There were generally younger members in more recently established funds. Of SMSFs established in 2014, 71% of members were under 55 years old, compared to just 65% of members of SMSFs established in 2013 and 51% of members of SMSFs established in 2010.
Likewise, the average and median age of members of newly established funds over the five years declined from approximately 54 years to 49 years.
Graph 5 shows the proportion of SMSF members by age in the fund’s year of establishment over the five years to 2014, compared to the whole SMSF population at 30 June 2015. There are a greater proportion of SMSF members between the ages of 25 years to 54 years in more recent established funds compared to all members in the total SMSF population. This is particularly evident in the 35-44 year age range.
Graph 5: Proportion of SMSF members by age range
Graph 6 shows that at 30 June 2014, the majority of SMSF members or 51% were between 35 and 59 years, while the majority of non-SMSF members or 71% were under 50 years.20
While only 5% of non-SMSF members were over 65 years old, 26% of SMSF members were in this age range. Conversely, 5% of SMSF members and 36% of non-SMSF members were under 35 years (see appendix 1, table 11) 21
Graph 6: Age distribution of SMSF members and non-SMSF members as at June 2014
20 Age ranges used are as produced in the APRA Annual Superannuation Bulletin, for comparison between members of SMSFs and members of non-SMSF funds.
21 APRA 2015, Figures on non-SMSF members sourced directly from APRA.