Can you retire at 60 with $350K in super? Yes, but it won’t be a set-and-forget retirement. $350,000 in superannuation is a modest balance, and it means every dollar needs a plan behind it. The good news is that with careful spending, the right investment approach, and smart use of the Age Pension from 67, retiring at 60 with $350K is genuinely achievable for Australians who own their home.
To put it in context, the average super balance for women aged 60 to 64 is approximately $301,000, based on ASFA’s analysis of ATO data. So if you’re at $350K, you’re actually ahead of average for women and not far below average for men (~$381,000). You’re not an outlier. The question is how to make it work, and that’s what this guide covers.
How long will $350K last if you retire at 60?
The biggest factor in how long $350,000 lasts in retirement is your annual spending.
Please note: All figures, projections and scenarios in this article are approximate and for illustrative purposes only. They assume a balanced investment return of approximately 5% per annum after fees. Individual outcomes will vary based on personal circumstances, investment returns, fees and current government policy. This is general information, not personal advice.
Using a conservative real return of around 2.4% after inflation (typical for a balanced retirement portfolio), here’s what $350K can realistically support from age 60:
| Annual spending | How long $350K lasts (super only) | Age super runs out |
|---|---|---|
| $25,000/year | 16 to 18 years | Late 70s |
| $30,000/year | 13 to 15 years | Mid 70s |
| $35,000/year | 11 to 13 years | Early 70s |
These estimates assume you’re drawing from super alone. Once the Age Pension kicks in at 67, the pressure on your super balance drops significantly. For a single homeowner with $350K at 60, by the time you reach 67 your super might sit around $100,000 to $200,000 depending on spending and returns. At that level, you’d likely qualify for a full or near-full Age Pension, which then covers most of your day-to-day expenses.
The seven-year gap between 60 and 67 is the part that needs the most planning. Get that right, and $350K can carry you well into your 80s and beyond.
What retiring at 60 with $350K looks like day to day
A retirement on $350K won’t include overseas holidays every year or expensive hobbies. But for a homeowner with no debt, it can absolutely support a decent everyday life.
At $25,000 to $30,000 a year, you can cover groceries, utilities, council rates, basic car costs, health insurance, and some social activities. You’ll need to be mindful about spending, but that doesn’t mean sitting at home doing nothing. It means being intentional about where your money goes.
According to the ASFA Retirement Standard (spending figures updated quarterly), a modest retirement for a single person costs approximately $36,700 a year. On $350K, you’ll likely need to spend a bit under that in the early years, particularly during the gap before 67. Once the Age Pension starts, your total income rises and the pressure eases.
The key phrase here is “own your home.” If you’re renting, $350K becomes much harder to stretch. Rent of $350 to $400 a week adds $18,000 to $21,000 a year to your costs, which chews through a $350K balance fast. If you’re renting, you may need to supplement with part-time work or consider whether downsizing into a cheaper area could free up some capital.
The seven-year gap: funding retirement from 60 to 67
This is the critical window when you retire at 60 with $350K. You’ve got seven full years before the Age Pension starts, and your super has to cover everything during that time.
If you spend $28,000 a year across those seven years, that’s roughly $196,000 drawn from super. With modest investment returns on the remaining balance, you’d arrive at 67 with somewhere around $170,000 to $200,000 in super. That’s a strong position for Age Pension eligibility.
The real risk during this gap period is spending too much too early. We see it a lot. People retire, feel free for the first time in decades, and spend heavily in year one and two. A big holiday, a new car, some home renovations. Before they know it, they’ve pulled $80,000 out in the first 18 months and the rest of their plan is under pressure.
Scott and Phil talked about this exact pattern in Episode 19 of the podcast, showing how retiring even one year earlier than planned can shift your funding from lasting to age 105 to running out at 79.
How the Age Pension changes everything at 67
The Age Pension is the piece that makes retiring at 60 with $350K realistic. Without it, $350K on its own would struggle to fund a full retirement. With it, the maths change completely.
From age 67, the full Age Pension for a single person pays $1,200.90 per fortnight ($31,223 a year) and for a couple $1,810.40 per fortnight combined ($47,070 a year), as of 20 March 2026.
Source: Services Australia. These figures include the pension supplement and energy supplement and are updated each March and September.
A single homeowner with assessable assets under $321,500 qualifies for the full Age Pension. For homeowner couples, the threshold is $481,500 (current as at 20 March 2026). If you’ve been drawing on your super from 60 to 67, your balance at 67 could easily be under that threshold, meaning you’d receive the full payment.
At that point, the Age Pension covers most of your living costs. Your remaining super becomes a top-up fund for extras, unexpected costs and healthcare. That combination of full pension plus a small super buffer can sustain a modest lifestyle well into your late 80s.
Phil and Dan walked through real worked examples of how the assets test and income test interact in Episode 10 of the podcast. They also covered commonly missed Age Pension opportunities that can improve your position in Episode 20.
Can you retire with $350K as a couple?
For a couple, $350K combined is a tight position. The ASFA modest standard only requires about $120,000 in super for a homeowner couple (because the Age Pension does most of the work), so $350K is well above that threshold. But the ASFA comfortable standard for couples is $730,000 (lump sums updated February 2026), so a comfortable lifestyle on $350K combined requires serious discipline.
The upside for couples is that the Age Pension pays more. A homeowner couple with assessable assets under $481,500 qualifies for the full couple pension of $47,070 a year. If your combined super is around $150,000 to $200,000 at 67 (after seven years of drawdown), you’re well under that threshold.
The practical approach for a couple on $350K is to keep spending under $40,000 a year during the gap years, protect the super balance as much as possible, and then lean heavily on the Age Pension from 67 onwards. Supplementing with even small amounts of part-time work during the early years can take significant pressure off.
Is $350,000 enough to retire on? The honest answer
$350K is not going to fund a luxury retirement. That’s the honest truth. But “is $350,000 enough to retire on” is a different question from “can I have a decent life on $350K,” and the answer to the second one is yes for many Australians.
The ASFA modest standard for a single homeowner requires only $110,000 in super at age 67, because the Age Pension funds most of a modest lifestyle. So at $350K starting at 60, even after seven years of drawdown, you’ve still got a meaningful buffer above the minimum.
Where $350K gets difficult is if you’re renting, still carrying debt, have significant health costs, or want a lifestyle that includes regular travel and dining out. In those cases, part-time income, downsizing, or delaying retirement by a year or two can make a significant difference.
If you want to see how your own numbers play out, try the free Wealthlab super calculator. For a broader readiness assessment, take the retirement quiz.
Five strategies that make $350K last longer
Own your home before you stop working. This is the single biggest factor. Without rent or mortgage payments, your annual costs drop dramatically and $350K becomes much more workable. For more on how home ownership affects retirement planning, see our retirement planning page.
Keep spending under control in the gap years. The period from 60 to 67 is where your plan succeeds or fails. Aim to spend under $28,000 a year if you can, and avoid large lump-sum withdrawals in the first couple of years.
Stay invested, don’t go all cash. Moving everything to cash at 60 might feel safe, but at 2% returns your money won’t keep pace with inflation over a 25-year retirement. A balanced mix with some growth exposure helps your super last longer. Scott and Phil covered this in detail in Episode 1 of the podcast, showing how a conservative portfolio can run out 15 years earlier than a growth one on the same spending. Phil also pointed out in Episode 22 that what most funds call “balanced” is really a growth portfolio, so it’s worth checking what you’re actually invested in.
Consider part-time or casual work. Even 10 to 15 hours a week at $25 to $30 an hour adds $13,000 to $23,000 a year in income, which means you can leave your super largely untouched. That’s a massive difference over seven years.
Plan for the Age Pension from day one. Your retirement income strategy shouldn’t treat super and the pension as separate things. They work together, and the way you structure your drawdowns in the early years directly affects how much pension you receive at 67. For more on how the pension system works, see our pension and Centrelink page.
Frequently asked questions
Can I retire at 60 with $350K in Australia?
Yes, particularly if you own your home and can keep spending under $28,000 to $30,000 a year. The seven-year gap before the Age Pension at 67 is the main challenge, but with disciplined spending and a sensible investment approach, $350K can bridge that gap and still leave a buffer.
Is $350,000 enough to retire on?
For a single homeowner, $350K is above the ASFA modest lump sum benchmark of $110,000 at age 67, even after seven years of drawdown. Combined with the Age Pension from 67, it can fund a modest but decent retirement. For renters or couples, $350K requires tighter planning and likely some supplementary income.
How long will $350K last in retirement?
At $25,000 to $30,000 a year in spending, $350K lasts roughly 13 to 18 years from super alone. Once the Age Pension begins at 67, your annual super drawdown drops significantly, extending the balance well into your 80s or beyond.
Can you retire with $350K as a couple?
$350K combined for a couple is tight but workable. The ASFA modest standard requires only $120,000 for a homeowner couple at 67, so $350K at 60 provides a meaningful buffer even after gap-year drawdowns. The couple Age Pension ($47,070 a year from March 2026) does most of the heavy lifting from 67 onwards. Keeping spending under $40,000 a year in the gap years is important.
What is a $350K pension pot worth at 60?
In Australian terms, $350K in super at 60 can generate roughly $14,000 to $17,500 a year using a 4 to 5% drawdown rate. That’s not enough to live on alone, but it bridges you to 67 when the Age Pension adds up to $31,223 a year for singles or $47,070 for couples. From that point, total income becomes much more sustainable.
Should I keep working past 60 if I only have $350K?
Even a year or two of extra work makes a meaningful difference. Continued super contributions, investment growth, and fewer years of drawdown all help. If full-time work isn’t an option, part-time or casual work during your early 60s can significantly extend how long $350K lasts. Scott and Phil discuss the impact of delaying retirement by even one year in Episode 19 of the podcast.
Can I retire at 60 in Australia?
Yes. 60 is the preservation age for anyone born after 1 July 1964, which means you can access your super tax-free once you meet a condition of release (typically retiring from employment). The main consideration is whether your super can fund seven years of living costs before the Age Pension starts at 67. Scott and Phil covered how conditions of release work in Episode 18.
How does renting affect retirement with $350K?
Significantly. Ongoing rent of $18,000 to $25,000 a year consumes super quickly and makes the seven-year gap much harder to bridge. The assets test threshold for non-homeowners is higher ($579,500 for singles at March 2026), meaning renters may qualify for a larger pension, but ongoing rent costs still outweigh that advantage. If you’re renting and considering retirement at 60 on $350K, working a few more years would make a substantial difference.
Take the next step
$350,000 is not a huge amount, but it is not a small amount either. With the right plan for the gap years and a clear path to the Age Pension, it can support a secure, modest retirement for decades.
If any of this has raised questions about your own situation, book a free chat with the Wealthlab team. No pressure, no jargon.