SMSF members by age
At 30 June 2014, 82% of SMSF members were aged 45 years or older (see appendix 1, table 10). The average and median member age was 56 years and 58 years respectively.
There were generally younger members in more recently established funds. Of SMSFs established in 2009, 49% of members were under 55 years old. This compares to 68% of members of SMSFs established in 2013, an 8% increase from 60% of members of SMSFs established in 2012. 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 2013, compared to the whole SMSF population at 30 June 2014. The proportion of members between the ages of 25 years and 54 years in more recently established funds exceed that of the whole SMSF member 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 2013, the majority of SMSF members or 53% were between 35 and 59 years, while the majority of non-SMSF members or 73% were under 50 years.
While only 5% of non-SMSF members were over 65 years old, 23% of SMSF members were in this age range. Conversely, 6% of SMSF members and 38% of non-SMSF members were under 35 years (see appendix 1, table 11).
Graph 6: Age distribution of SMSF members and non-SMSF members as at June 2013