$360,000 in super at 60 is a more workable position than most people expect when they first see it written down. It’s below the ASFA comfortable benchmark. It’s below the national average for men. But for a homeowner without debt, it funds a genuine retirement when structured well and when the Age Pension is factored in from 67.
The honest answer is that $360K at 60 works, but it requires understanding the seven-year bridge before government support starts, being deliberate about what you spend in the early years, and knowing exactly what the Age Pension adds to your income picture at 67.
Here’s the full breakdown.
Can You Access Super at 60?
Yes. Preservation age in Australia is 60 for anyone born after 1 July 1964. Once you retire or cease an employment arrangement, your full $360,000 is accessible tax-free. Withdrawals from a taxed super fund after age 60 attract zero income tax, whether you take a lump sum or start an account-based pension income stream.
The moment you retire, you should convert your super from accumulation phase to pension phase. In accumulation, investment earnings are taxed at up to 15%. In pension phase they are completely tax-free. This switch does not happen automatically. You need to contact your fund and initiate an account-based pension. Doing it on day one of retirement rather than weeks later makes a real difference at this balance level.
Source: ATO: Super withdrawal options (Current as at May 2026)
Please note: All figures, projections and scenarios in this article are for general illustration only. Individual outcomes depend on personal circumstances, spending levels, investment returns, fees and government policy. This is general information, not personal advice.
How Long Will $360,000 Last?
Using a net annual return of 5% after fees and investment tax in a balanced account-based pension, here is how $360K tracks from age 60 across five spending levels:
| Annual spending | Balance at age 67 | Balance at age 75 | Age Pension status at 67 |
|---|---|---|---|
| $20,000/yr | ~$296,000 | ~$218,000 | Part pension likely |
| $25,000/yr | ~$248,000 | ~$143,000 | Full pension likely |
| $30,000/yr | ~$199,000 | ~$71,000 | Full pension |
| $35,000/yr | ~$152,000 | Nearly depleted | Full pension |
| $40,000/yr | ~$106,000 | Depleted ~72 | Full pension |
What changes the picture completely from age 67: A single homeowner with assets below $321,500 qualifies for the full Age Pension of approximately $29,000 per year. At $30,000 per year spending during the bridge years, you arrive at 67 with approximately $199,000. Well within full pension territory.
From 67, that $29,000 pension means you only need to draw approximately $6,000 to $10,000 per year from super to maintain $35,000 to $39,000 total income. That modest drawdown from 67 onwards extends the remaining balance significantly, often into the mid-to-late 80s.
Source: Services Australia: Age Pension (Current as at May 2026)
Where $360K Sits Against Australian Benchmarks
National average super balances for Australians aged 60 to 64 (APRA data):
- Men: approximately $396,000
- Women: approximately $313,000
At $360,000 you’re below the male average but above the female average. You’re in the middle of the pack for Australians your age, which is exactly the group the Age Pension system is designed to support from 67.
ASFA Retirement Standard (February 2026):
- Comfortable single homeowner at 67: $630,000
- Modest single homeowner at 67: $110,000
$360K sits between these benchmarks, closer to the comfortable end than the modest end in terms of the bridge capacity it provides. The $630,000 comfortable benchmark is for retirement at 67 where the Age Pension immediately supplements income. Retiring at 60 with $360K and drawing conservatively during the bridge years produces a combined income from 67 that approaches the modest to mid-range standard.
Source: ASFA Retirement Standard, February 2026
The Seven-Year Bridge: 60 to 67
This is the defining planning challenge for anyone retiring at 60. Age Pension eligibility starts at 67 for anyone born on or after 1 January 1957. Seven full years of self-funded retirement separate your last day of work from government income support.
At $25,000 per year spending over seven years, you draw approximately $175,000 from super before the pension starts. On a $360K starting balance growing at 5%, you arrive at 67 with approximately $248,000. As a single homeowner, that sits below the $321,500 full pension threshold. The full Age Pension of approximately $29,000 per year begins immediately.
The practical picture from 67: $29,000 pension plus $10,000 to $12,000 from super drawdown equals approximately $39,000 to $41,000 per year total. For a homeowner with no mortgage, that funds a comfortable and stable lifestyle well above the ASFA modest standard of $36,700 per year.
The lever that matters most at $360K: Your spending rate during the bridge years. Every $5,000 less per year in drawdown over seven years adds approximately $35,000 to your balance at 67 and moves you further into full Age Pension territory. The difference between $25,000 and $30,000 per year in spending between 60 and 67 is not just $35,000 in your account. It changes the entire income structure from 67 onward.
What $360K Supports in Retirement: Three Scenarios
Scenario 1: Single homeowner, no mortgage, $25,000 per year
The most sustainable path at this balance. Drawing $25,000 per year through the bridge, you arrive at 67 with approximately $248,000. Full Age Pension kicks in. Combined income from 67: approximately $39,000 to $41,000 per year. For a homeowner with no debt, this covers groceries, utilities, rates, basic private health insurance, a reliable car, regular social activities and annual domestic travel. It sits above the ASFA modest standard and approaches mid-range comfort. The balance continues declining slowly from 67 but the Age Pension floor ensures income stability regardless.
Scenario 2: Couple with combined super near $360K to $500K
For a couple, the picture is more comfortable. Shared fixed costs reduce the per-person spending requirement. Two sets of Age Pension eligibility apply from 67, with the couple full pension of approximately $43,700 per year combined. A couple with $360,000 combined in super drawing $30,000 to $35,000 per year total during the bridge arrives at 67 with a meaningful combined balance and likely qualifies for a full or near-full couple pension. Combined income from 67 of $50,000 to $55,000 per year is genuinely comfortable for a couple with no mortgage. See our guide on can couples combine super in Australia for strategies to equalise balances and maximise the couple pension.
Scenario 3: Homeowner with small remaining mortgage
If you retire at 60 with $360K and a residual mortgage of $60,000 to $80,000, some people consider using a lump sum from super to clear it immediately. A $70,000 lump sum from $360K leaves $290,000 in super, reduces annual spending needs by removing mortgage repayments, and eliminates the debt stress of carrying a loan on a fixed income. Whether this makes sense depends on your mortgage rate, your drawdown timeline, and how the reduced balance affects your Age Pension eligibility calculation at 67. It’s worth modelling both paths before committing.
The Age Pension Assets Test: Exactly What $360K Means at 67
Current homeowner assets test thresholds from March 2026:
| Full pension | Part pension cut-off | |
|---|---|---|
| Single | Assets below $321,500 | Assets up to ~$695,500 |
| Couple combined | Assets below $481,500 | Assets up to ~$1,045,500 |
Source: Services Australia: Assets test (Current as at May 2026)
At various spending levels, here is what your asset position looks like at 67 and what pension entitlement follows:
- $20,000/yr spending: Arrives at 67 with ~$296,000. Above full pension threshold. Likely receives a part pension of approximately $20,000 to $24,000/yr.
- $25,000/yr spending: Arrives at 67 with ~$248,000. Below full pension threshold. Receives full pension of approximately $29,000/yr.
- $30,000/yr spending: Arrives at 67 with ~$199,000. Full pension.
- $35,000/yr spending: Arrives at 67 with ~$152,000. Full pension.
For most people at this balance, spending $25,000 or more per year during the bridge naturally brings the balance into full pension territory by 67. The more concerning scenario is spending only $20,000 per year and arriving at 67 with $296,000, above the threshold, receiving a smaller part pension. In this case drawing slightly more during the bridge actually improves your Age Pension outcome.
Phil and Dan walked through exactly this kind of counter-intuitive Age Pension planning in Episode 10 of the Wealthlab Podcast: “How the Age Pension Really Works.”
What to Sort Out Before You Retire at 60
The 12 months before retirement are the most leverage-rich period of your financial life. These five steps matter most at $360K.
Use catch-up contributions before 30 June 2026. If your total super balance is under $500,000 and you’ve had unused concessional cap space in previous years, you can carry forward those unused amounts and contribute them on top of the standard $30,000 annual cap. Unused amounts from the 2020/21 financial year expire permanently on 30 June 2026. A 59-year-old still working with unused cap space has weeks to use this. Check your carry-forward balance in myGov now. Scott and Phil covered this strategy in Episode 7 of the Wealthlab Podcast.
Convert to an account-based pension immediately. Don’t leave $360K in accumulation phase after retiring. Contact your fund before your last day and have the pension account set up to activate on day one. Every month of unnecessary accumulation tax is money that doesn’t have to leave.
Stay in a balanced investment option. At 60, your money potentially needs to last 25 to 30 years. Switching to cash or a conservative option because retirement feels risky reduces long-term returns significantly. At 5% versus 2%, the difference on $360K over seven bridge years is approximately $60,000 in additional growth. As Scott covered in Episode 1 of the Wealthlab Podcast, being too conservative in early retirement is one of the most common and costly mistakes Australians make.
Check insurance inside super. Default life and TPD cover in your accumulation account typically does not automatically transfer to a pension account. If you have a partner or financial dependants, confirm what cover you hold and what happens to it before switching.
Apply for the Commonwealth Seniors Health Card. Eligible retired Australians from age 60 can access cheaper PBS medications, bulk-billed GP visits at many practices and state government concessions on rates and utilities. The combined annual value is typically $2,000 to $3,500 per year. Apply through Services Australia before retiring so it activates immediately.
Should You Retire at 60 or Work a Bit Longer?
The financial case for working even one more year at $360K is more meaningful than at higher balance levels because the proportional improvement is larger.
Working one additional year at $75,000:
- Employer SG adds approximately $9,000 (12%)
- Avoids approximately $23,000 to $28,000 in super drawdown
- Allows $360K to grow rather than shrink for one more year (approximately $18,000 at 5%)
- Combined improvement to retirement position: approximately $50,000 to $55,000
That’s a 14% to 15% improvement in your starting retirement balance from a single additional year. At $600K the same year adds a smaller percentage. At $360K each year matters proportionally more.
That said, this is a personal decision. Health, energy, and the quality of your early retirement years all factor into a decision that the spreadsheet doesn’t fully capture. As Phil put it in Episode 5 of the Wealthlab Podcast, “Financial planning is a funny thing. You’ve got one answer on a spreadsheet, but you’ve got the other answer that takes into account living, breathing people with emotions.” The numbers inform the decision. They don’t make it.
Frequently Asked Questions
Can I retire at 60 with $360K in super in Australia?
Yes, particularly as a homeowner with no debt. Drawing $25,000 per year in a balanced investment option, $360K bridges the seven years to Age Pension eligibility at 67, arriving with approximately $248,000. A single homeowner at that level qualifies for the full Age Pension of approximately $29,000 per year. Combined income from 67 of approximately $39,000 to $41,000 annually is workable and stable for a homeowner with low fixed costs.
How long will $360,000 in super last at 60?
At $25,000 per year spending with 5% net returns, the balance tracks to approximately $248,000 at 67 and continues declining slowly through the 70s. From 67 the full Age Pension supplements income, meaning super drawdowns can reduce significantly and extend the balance into the mid to late 80s. At $35,000 per year spending, the balance is largely depleted by the mid 70s but the full Age Pension of $29,000 per year continues as a floor income indefinitely.
Will I get the full Age Pension at 67 with $360K in super?
It depends on your spending during the bridge years. At $25,000 per year or more during the 60 to 67 bridge, you arrive at 67 with assets below the full pension threshold of $321,500 for a single homeowner. You’d receive the full Age Pension of approximately $29,000 per year. At $20,000 per year, you arrive with approximately $296,000, above the full threshold, receiving a part pension of roughly $20,000 to $24,000 per year.
Is $360K above average super for a 60-year-old in Australia?
It’s above average for women (approximately $313,000) and below average for men (approximately $396,000). You’re in the middle of the national distribution for Australians aged 60 to 64.
What is the Age Pension age in Australia in 2026?
67, for anyone born on or after 1 January 1957. Retiring at 60 means seven full years of self-funded retirement before government income support begins.
What is the minimum super drawdown at 60?
The minimum annual drawdown from an account-based pension for someone under 65 is 4% of the opening balance. On $360,000 that is $14,400 per year. You can draw more at any time. Drawing only the minimum in the early bridge years and supplementing with modest part-time income is one effective way to preserve more capital for when the Age Pension starts.
What happens to my super insurance when I retire at 60?
Insurance held through your accumulation account, typically life cover and TPD, does not automatically transfer to a pension account when you switch. Before closing your accumulation account, confirm what cover you hold and what happens to it. If you have financial dependants or a partner who relies on your income, losing life cover at retirement without realising it is a serious risk.
Is $360K enough to retire at 60 in Australia?
For a single homeowner with no mortgage and disciplined spending of $25,000 to $30,000 per year during the bridge years, yes. The Age Pension of $29,000 per year from 67 provides a permanent income floor that significantly extends the retirement runway beyond what the super balance alone suggests.
Run Your Own Numbers
The scenarios above use general assumptions. Your actual retirement income depends on your specific spending habits, home ownership status, partner’s super, investment returns and health.
The free Wealthlab super calculator takes two minutes and shows how your balance tracks at different spending levels and what the Age Pension adds from 67.
If you want a proper retirement income plan built around your specific situation, book a free chat with the Wealthlab team. No pressure, no jargon.
