If you’ve hit 60 with around $300,000 in super, you’re likely asking a very honest question: is this enough to stop working?
The short answer is: it depends. $300K is below what most financial benchmarks suggest you need for a comfortable retirement, but it doesn’t automatically mean retirement at 60 is off the table. What it does mean is that you need a clear-eyed plan, a realistic picture of what your lifestyle will cost, and a good understanding of how the Age Pension fits in.
This guide walks through exactly what retiring at 60 with $300K looks like in practice.
What the benchmarks say
The ASFA Retirement Standard (lump sums updated February 2026, spending figures updated quarterly) estimates that a single person needs approximately $630,000 in super to retire comfortably at 67, and a couple needs around $730,000. Those figures assume you own your home and will eventually receive a part Age Pension.
A “comfortable” retirement covers private health insurance, a reliable car, regular domestic travel and occasional overseas trips, dining out, and modest lifestyle spending. It is not luxury. It is a solid, secure retirement.
$300K falls well short of those targets. But ASFA also defines a “modest” retirement standard, which covers the basics including simple leisure activities, basic health cover and local transport, but with limited capacity for extras. The modest lump sum required is just $110,000 for a single person and $120,000 for a couple, because the Age Pension covers most of the income at that level.
The reality is that many Australians retire with far less than the comfortable benchmark. According to ASFA’s analysis of ATO data, the average super balance for men aged 60 to 64 is around $381,000 and for women around $301,000. $300K is not unusual. It just requires a more deliberate strategy.
Please note: All figures, projections and scenarios in this article are approximate and for illustrative purposes only. Individual outcomes will vary based on personal circumstances, investment returns, fees and current government policy. This is general information, not personal advice.
The core problem: the seven-year gap
At 60, you can access your super tax-free (once you’ve met a condition of release). But the Age Pension doesn’t start until age 67. That creates a seven-year gap where your super has to do all the heavy lifting.
If you draw $30,000 a year from $300K for seven years, without any investment return, you’d have roughly $90,000 left by the time you turn 67. At that point, the Age Pension becomes available and can supplement whatever remains.
With modest investment returns (say 4 to 5 per cent per year in an account-based pension), the balance erodes more slowly. But the maths is still tight. Let’s look at how different spending levels affect the picture.
Scott and Phil covered the real cost of the gap years in Episode 19 of the Wealthlab Podcast, showing how retiring even one year earlier can dramatically change how long your money lasts.
How long does $300K last at different spending levels?
These figures assume a 4% net annual return (a conservative account-based pension) and starting drawdown at age 60:
| Annual spending | Super balance at 67 | Approximate balance at 75 |
|---|---|---|
| $25,000 per year | ~$130,000 | ~$60,000 |
| $35,000 per year | ~$50,000 | Depleted by ~71 |
| $45,000 per year | Depleted by ~65 | Gone |
The picture looks very different once you factor in the Age Pension from 67. A single person with $130,000 in super at 67 and no other significant assets would likely receive close to the full Age Pension of $31,223 a year (current as at 20 March 2026). That changes the income picture considerably.
Line chart showing how $300K depletes under three annual spending scenarios over 25 years.
What the Age Pension adds to the equation
The Age Pension is not means-tested on your home, which is one of the most important things to understand. If you own your home outright, it doesn’t count toward the assets test. That means a homeowner with $300K in super and modest savings is likely to receive a significant pension from 67.
As of 20 March 2026, the full Age Pension pays $1,200.90 per fortnight ($31,223 per year) for singles and $1,810.40 combined per fortnight ($47,070 per year) for couples.
Source: Services Australia. These figures are set by the Australian Government and are typically updated each March and September.
For a couple retiring at 60 with $300K combined, spending carefully through the seven-year gap and arriving at 67 with, say, $100,000 to $150,000 in super, the Age Pension would likely cover most of their living costs. Super becomes a top-up rather than the sole income source.
For a single person, the same logic applies, but with less margin for error. The Age Pension for a single ($31,223) covers modest living costs if you own your home. Adding even $1,000 to $2,000 per month in super drawdown on top of that gets you close to a liveable income.
Scott and Phil went deep on how the Age Pension assets and income tests actually work with real case study numbers in Episode 10 of the Wealthlab Podcast. Worth a listen if you want to understand how your super balance interacts with pension eligibility. Phil and Dan also covered how commonly missed Age Pension opportunities can make a real difference in Episode 20.
Single vs couple: the numbers are very different
Retiring at 60 with $300K looks very different depending on whether you’re doing it alone or with a partner.
Single person with $300K: The seven-year gap is the hardest part. Drawing $30,000 a year depletes super significantly before pension age. You’ll likely reach 67 with a modest balance and qualify for close to the full Age Pension. Combined with careful drawdown of remaining super, a modest retirement is achievable. A comfortable retirement on $300K alone as a single person is very difficult.
Couple with $300K combined: The two-person household dynamic helps. Costs are shared, and the couple Age Pension rate ($47,070 a year) is much higher relative to per-person costs than the single rate. If both partners are frugal through the gap years, a couple with $300K combined can reach 67 in reasonable shape and have the pension carry most of the load from there.
Home ownership changes everything
This keeps coming up because it genuinely matters that much. A retiree who owns their home outright has already removed their single largest living cost from the equation. No rent, no mortgage. That alone can reduce annual spending needs by $20,000 to $30,000 or more depending on location.
A renter with $300K in super at 60 is in a very different position. Rent costs consume super quickly, there’s no asset building over time, and the assets test threshold for non-homeowners (which is higher at $579,500 for singles as of March 2026) may actually mean you qualify for a larger pension, but ongoing rent still outweighs that advantage. If you’re renting and considering retirement at 60 with $300K, the numbers are genuinely difficult and working a few more years would make a significant difference.
What a modest retirement at 60 with $300K could look like
Here’s a practical scenario for a single homeowner:
Age 60 to 67 (the gap years): Super balance of $300,000. Draw $28,000 per year from super (account-based pension). Remaining balance at 67 (assuming 4% net return): approximately $110,000.
Age 67 onwards: Full Age Pension (approximate): $31,223 per year. Super top-up drawdown: $5,000 to $8,000 per year. Total income: approximately $36,000 to $39,000 per year. Super balance runs to approximately age 80 to 82 at this drawdown rate.
Is $36,000 to $39,000 a year comfortable? For a homeowner with no debt, probably not luxurious. But it covers groceries, utilities, basic health cover, a modest car, local activities and simple holidays. It is a modest but workable retirement.
Want to model your own numbers? The free Wealthlab super calculator lets you plug in your balance, age and spending target and see how the projection tracks.
What you can still do before retiring
If you’re 60 and considering retirement, but your balance feels light, a few strategies can make a meaningful difference even in a short window.
Work one or two more years. It sounds obvious but the impact is real. Each year you keep working adds employer contributions, potential salary sacrifice contributions and one fewer year of drawdown. Scott and Phil covered the maths on this in Episode 19 of the Wealthlab Podcast. Retiring one year later can shift your retirement funding position significantly.
Salary sacrifice through your final working years. If you’re still earning income, adding concessional contributions into super at 15% tax instead of your marginal rate builds the balance and reduces your tax bill. The concessional cap is $30,000 per year (including employer contributions) for 2025-26, rising to $32,500 from 1 July 2026.
Catch-up contributions. If your super balance is under $500,000 and you haven’t used your full concessional cap in recent years, you may be able to carry forward unused amounts and make larger contributions before you retire. The maximum five-year carry-forward available from 2026-27 is $175,000 for someone who used almost none of their caps over the past five years. This is worth checking with an adviser.
Consider part-time work rather than full retirement. Transitioning to three days a week, or taking on casual work for a year or two, keeps income coming in without the full grind of full-time employment. It also slows the drawdown on your super, which compounds significantly over a seven-year gap.
For more on structuring your retirement income strategy, visit our retirement planning page or our pension and Centrelink page for how the Age Pension works.
What to watch out for
A few things that catch people out when retiring at 60 with a modest balance:
Healthcare costs rise with age. A healthy 60-year-old doesn’t spend much on healthcare. By 75, the picture looks different. Private health insurance, specialist appointments and medications all add up. Budget for this to increase over time.
Inflation erodes purchasing power. $30,000 a year in 2026 buys less than $30,000 did in 2016. An account-based pension invested in a balanced or growth option helps offset this, but a fully conservative portfolio may not keep pace with inflation over a 25 to 30 year retirement.
Sequence of returns risk. If markets fall sharply in the first few years of retirement and you’re drawing down at the same time, your balance can be damaged in ways that are hard to recover from. This is one of the most underappreciated risks for people retiring with modest balances. Scott and Phil explain this well in Episode 1 of the Wealthlab Podcast.
Investment mix matters at 60. Many super funds default you into a more conservative option as you approach retirement. Conservative portfolios have historically returned 3 to 4 per cent per year, versus 6 to 7 per cent for growth options. With $300K and a long retirement ahead, the investment choice you make at 60 can mean tens of thousands of dollars difference over 20 years.
Frequently asked questions
Can I retire at 60 with $300K in super in Australia?
It is possible for a homeowner targeting a modest lifestyle, but it requires careful planning. The main challenge is funding the seven-year gap before the Age Pension starts at 67. With controlled spending and a modest investment return, a single homeowner can reach 67 with remaining super and then rely partly on the Age Pension. A comfortable retirement on $300K alone is very difficult.
How long will $300K in super last if I retire at 60?
At $30,000 per year in spending with a 4% net return, $300K lasts approximately 13 to 15 years, taking you to around age 73 to 75. The Age Pension from age 67 supplements this significantly if you’re eligible, extending how long your money lasts in practice.
Do I qualify for the Age Pension if I retire at 60 with $300K?
Not immediately. The Age Pension is only available from age 67. At 60, you’ll need to live off your super. By the time you turn 67, if your super and other assets are modest, you’re likely to qualify for a full or part Age Pension. A single homeowner with $300K in super at 60 who draws carefully would likely qualify for a significant pension by 67, depending on how much remains.
What’s the difference between a comfortable and modest retirement in Australia?
According to the ASFA Retirement Standard (February 2026 update), a comfortable retirement for a single person requires around $54,840 per year in spending and approximately $630,000 in super at age 67. A modest retirement covers the basics on around $36,700 per year for a single person, and can be achieved with a much lower super balance ($110,000 for singles) when combined with the Age Pension. Both assume home ownership.
Is $300K in super enough for a couple to retire at 60?
Combined, $300K is very tight for a couple at 60. The seven-year gap before pension age is the hardest stretch. If both partners can work part-time through the early 60s, or one partner continues working, the picture improves considerably. A couple who reaches 67 with even $100,000 remaining and qualifies for the couple Age Pension ($47,070 per year) is in a workable position.
What if I’m still renting at 60 with $300K in super?
This is one of the harder retirement scenarios. Ongoing rent costs, which can easily run $20,000 to $30,000 per year, consume super quickly and make it very difficult to sustain a retirement over a 25 to 30 year horizon. If you’re renting and considering retirement at 60 with $300K, speaking with a financial adviser before making the call is worth considering.
Can I work part-time and still draw from super at 60?
Yes. Once you’ve met a condition of release (typically retiring, even partially, or turning 60 and leaving an employer), you can access your super. Working part-time while drawing from super is a common transition strategy. Just be aware of how combined income affects your tax position and, eventually, your Age Pension eligibility.
Making $300K work at 60
Retiring at 60 with $300K is not impossible, but it is not comfortable either. The honest answer depends on a few key variables: whether you own your home, how much you plan to spend each year, whether you’re single or part of a couple, and how well your super is invested through the gap years.
For many Australians, working two or three more years, or transitioning to part-time work rather than full retirement, makes a substantial difference. The financial impact of even one extra year of work at this stage is significant.
If any of this has raised questions about your own situation, book a free chat with the Wealthlab team. No pressure, no jargon.