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How much super do I need to retire at 60?

Turning 60 after 1 July 2024? Then this page is for you!

Knowing how much you'll want in your super balance to retire comfortably will generally come down to 2 key things: how much super income you intend to take out each year as your income, and the length of time you want your super to last.

With that in mind, if you'd like your super to last until you are 90, this table provides some guidance:

Desired income per year Super balance you’ll need at age 60
$28,900 $200,000
$44,000 $500,000
$54,000 $750,000
$ 62,000 $1,000,000
$ 100,000 $2,000,000

This is guidance not a guarantee! The data was sourced from our super calculator, and you can get numbers that are more relevant to you by putting your own information into the calculator.

How much money do I need to retire at 60?

The amount of money you'll need to retire at 60 will be influenced by where your income is coming from. If you're looking to use your super, that income is usually tax-free after 60, but if you're using investments, term deposits and other money in the bank, then income such as dividends and interest will probably be taxed.

It's also handy to know that, if you're eligible you may also be able to combine your super with the Government Age Pension once you turn 65.

Can I access my super at 60?

Yes, you can access your super when you turn 60 years of age, but you must be fully retired by that date. However, if you choose to wait until you're 65, you can start accessing your super regardless of whether you're working part-time, full-time or not at all.

Can I access my super at 60 and still work?

Yes, you can access your super at 60 while you're still working via a transition to retirement pension. Before you turn 65, you can only use your super as regular income when you stop working altogether. After 65 though, you can have a full super income stream whether you're working or not.

Good to know... if you stop working at 60 with the intention of fully retiring and living off a regular super income stream, but later change your mind and return to work, don't worry. You can keep drawing from your super.

Is $2 million enough to retire at 60 in Australia?

If you retire at 60, with a super balance of $2 million, your chances of a comfortable retirement are high. Of course, that super won't last as long as if you retired at 70, because that money needs to last longer. Our retirement needs calculator can help you estimate your ideal retirement income and super.

Example: Retiring on a combined super and investment income

Anh and Susan both retired five years ago, when Anh was 60 and Susan was 61.

They've always been quite comfortable financially and own an investment property which is rented out full time. Before retiring, they spoke with their Industry SuperFund's financial planner about how to maximise their income in retirement, who mentioned that with an investment property worth around $500,000 and super balances of $350,000 and $450,000, they wouldn't have access to the Government Age Pension.

Instead, a combination of the rental returns and regular income via their super could be a good option. They would receive regular payments and the balances of their Industry SuperFund would continue to grow until they draw down on all of it.

Here's what that looked like:

  • When they retired, Susan's super balance was $350,000 and Anh's was $450,000. Both were converted to income stream accounts with their Industry SuperFund.
  • At the same time, their investment property was worth around $500,000 bringing an average annual income of around $26,282.
  • Over the past five years they've withdrawn around $41,251 (combined) each year from their super.
  • In that time, their balances have in fact grown to $381,003 and $490,011 respectively, because they benefitted from the average Industry SuperFund investment return of 6.91% over five years (2018-2023).
  • If they had switched to a retail super fund at retirement, their balances would only be $357,575 and $459,837 respectively. That's a difference of $53,602 after five years, simply because they stuck with their Industry SuperFunds.

Susan and Anh's numbers

Closing Balance $490,011 $381,003        
  Account balance after income taken - Anh Account balance after income taken - Susan Income stream payments - Anh Income stream payments - Susan Investment property income Total income
2018/19 $450,000 $350,000 $22,500 $17,500 $25,000 $65,000
2019/20 $462,310 $359,549 $23,116 $17,977 $25,625 $66,718
2020/21 $437,183 $339,985 $21,859 $16,999 $26,266 $65,124
2021/22 $502,877 $391,051 $25,144 $19,553 $26,922 $71,619
2022/23 $468,100 $363,984 $23,405 $18,199 $27,595 $69,200

Anh and Susan are not actual members. Their story has been created for illustrative purposes.

Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a fund. Comparisons and modelling by SuperRatings, commissioned by ISA, and show average difference in pension net benefit results after the first 5 years of retirement of the main balanced investment options of 8 Industry SuperFund pension products and a sample set of retail pension products tracked by SuperRatings with a 5 year performance history to 30 June 2023 (23 funds), taking into account historical earnings and fees. The model assumes a drawdown amount of 5% per annum, which is deducted monthly. Outcomes vary between individual funds. Modelling performed on 6 October 2023 using data as at 30 June 2023. See the Assumptions page for more details about modelling calculations and assumptions. General advice only. Consider a fund's Product Disclosure Statement (PDS) and your personal financial situation, needs and objectives, which are not accounted for in this information, before making an investment decision. ISA Pty Ltd ABN 72 158 563 270 Corporate Authorised Representative No. 426006 of Industry Fund Services Ltd ABN 54 007 016 195 AFSL 232514.

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