Many Australians aim to retire at 60. The amount needed to make this possible depends on several things, including the kind of retirement lifestyle you want
Book a time today
Let's start with your contact details
Super required to retire at 60
Many Australians aim to retire at 60. The amount needed to make this possible depends on several things, including the kind of retirement lifestyle you want.
The Association of Superannuation Funds of Australia (ASFA) has identified two standards of retirement lifestyles in Australia:
- Modest
- Comfortable
We estimate that to retire comfortably at age 60, a single person might need a super balance of around $515,000 (for an income in retirement of about $52,000 per year*), and a couple retiring at age 60 might need a combined super balance of around $660,000 (for a combined income in retirement of about $72,000 per year*).
*Based on a combination of super drawdown and Age Pension payments. Please see below for full assumptions.
Retirement Centre support
Not sure where to begin? Our Retirement Centre can provide one-on-one support and answer the questions you might be too shy to ask. Our services are available to all.
Modest retirement
A modest retirement provides a lifestyle that's better than relying solely on the Age Pension but still requires careful budgeting. According to ASFA, this equates to an annual income of $33,000 for singles and $48,000 for a couple.^
Comfortable retirement
A comfortable retirement allows for a higher standard of living. According to ASFA, this equates to an annual income of $52,000 for a single person, and $73,000 for a couple.^
^ASFA Retirement Standard, September quarter 2024.
Working out how much you’ll need to retire at 60
You can work out how much you’ll need in retirement savings by calculating your expected annual living expenses with a retirement budget, which can include:
- Everyday costs such as groceries and bills.
- More significant expenses like travel, leisure activities, and medical care.
For Australians aiming to retire at 60, it makes sense to plan for at least 20 to 30 years of income. You can access your super from age 60, but you won’t have access to the Age Pension (assuming you qualify) until you’re aged 67.
Our Retirement Lifestyle calculator can help you workout how much you’ll need for your desired lifestyle. Try it today.
Examples of how much is needed to retire comfortably
David and Karen are a couple, both aged 60, and have decided to retire. Together, they’ve accumulated $660,000 in superannuation and their goal is to generate a comfortable income in retirement. Once they turn age 67 they will be eligible for the full Age Pension.
After reviewing the ASFA Retirement Standard and using the Retirement Lifestyle calculator, they decide they’d like an annual income of $72,000 to support their lifestyle, which includes occasional travel, dining out, and some home improvements.
Using the Retirement Calculator, they find that they can withdraw $72,000 per annum from their super to cover their needs until they qualify for the Age Pension at 67. Once receiving the Age Pension they are able to use their superannuation to top up their income to continue to reach their $72,000 requirement.
In this scenario, David and Karen feel confident they can retire at 60 and maintain their desired standard of living. They understand, however, that their super balance could fluctuate based on market performance.
Retiring at 65 means you are closer to claiming the Age Pension, which can reduce how much super you need. As a single person, a balance of around $360,000 would be enough for an income of about $52,000 per year (using a combination of super drawdown and Age Pension payments), which is approximately what ASFA estimates is needed for comfortable retirement.
Delaying retirement until 70 means your super will need to last for fewer years. A single person would need a balance of around $270,000 for an income of about $52,000 per year (using a combination of super drawdown and Age Pension).
Figures determined using the Retirement Calculator as at December 2024:
- Super balance is in today’s dollars
- Age Pension rates are as at 20 September 2024
- User(s) already retired and expected to live to the average age of 89
- Invested in a ‘Cautious’ option returning 6.2% pa
- Administration fees and costs as at December 2024.
- 2.5% pa Consumer Price Index (CPI)
- 1.2% pa Improvement in living standards
How much do you need to retire?
For the most accurate and up-to-date information, online tools like our retirement calculators can help you estimate how much you’ll need based on your age, working situation and preferred lifestyle.
?ts=1730427381847&dpr=off)
How much do you need to retire?
For the most accurate and up-to-date information, online tools like our retirement calculators can help you estimate how much you’ll need based on your age, working situation and preferred lifestyle.
Your retirement questions answered
A financial planner can take the guesswork out of retirement. Book a time for an initial conversation and we can help you map out your retirement goals, supporting services, and next steps.
This initial appointment is obligation free and available to all fund members at no additional charge.
Book a time to talk to our advice team or call us on 1800 065 753
Have a general enquiry? Contact our Helpline.
Frequently asked questions
It depends on your lifestyle and financial goals. For up-to-date figures, use our Retirement Calculator to model different scenarios and estimate your required balance.
You would need about $515,000 in super to retire at age 60 with an income of about $52,000 per year*, which is approximately what ASFA estimates is needed for a comfortable retirement for a single person. You can explore different options using our Retirement Drawdown calculator to see how long your balance will last based on your expected spending and withdrawal rate.
*With a combination of super drawdown and Age Pension payments
A couple could retire with $500,000 in super, with an income of about $63,000*, but they would be below the ASFA Retirement Standard of $73,337 per year for a comfortable retirement for a couple. You can see how long your super balance might last in retirement using our Retirement Drawdown calculator.
*With a combination of super drawdown and Age Pension payments
With $1 million, a couple could enjoy a comfortable retirement, depending on their lifestyle, desired income and Age Pension eligibility. For a detailed assessment, use our Retirement Calculator to explore how this balance would perform over time.
We acknowledge all First Peoples of the beautiful lands on which we live and work, and their enduring knowledge and connections to Country. We honour the wisdom of and pay respect to Elders past and present.