$570,000 in super at 60 puts you within genuine reach of a comfortable retirement. ASFA’s comfortable retirement benchmark for a single person is $630,000 at age 67. You are retiring seven years earlier with $570K. That gap is smaller than it sounds, and for many homeowners at this balance, it closes almost entirely by the time the Age Pension arrives.
This article shows you exactly what $570K funds, how the numbers play out year by year, and what the difference between a comfortable and a very comfortable retirement actually looks like at this balance.
Is $570K Enough to Retire Comfortably at 60?
For a single homeowner, yes. At $48,000 to $52,000 a year spending with a balanced investment approach, $570K can support a retirement that sits at or close to ASFA’s comfortable standard throughout. That means private health insurance, a decent car, regular domestic holidays, dining out and genuine discretionary spending. Not a budget retirement. Not a luxury one either. A solid, comfortable life.
The key reference point here is the ASFA Retirement Standard (February 2026):
- Single homeowner, comfortable lifestyle: $54,240 a year
- Single homeowner, modest lifestyle: $35,199 a year
- Couple homeowners, comfortable lifestyle: $77,375 a year
- Couple homeowners, modest lifestyle: $50,866 a year
At $48,000 to $52,000 annual spending, a single homeowner is living close to the full ASFA comfortable standard. That covers everything that standard includes: top-level private health insurance, a reasonable car with running costs, annual domestic travel, regular leisure and social spending, and occasional overseas travel every few years.
For couples, $570K combined is workable at more modest spending levels but falls short of ASFA’s comfortable couple standard of $77,375. A couple in this position generally benefits from one partner continuing to work part-time through the early 60s.
What the Numbers Look Like: $570K at 60
Projection assuming an account-based pension with 5% net annual return:
| Age | Opening balance | Withdrawal | Net growth (5%) | Closing balance |
|---|---|---|---|---|
| 60 | $570,000 | $50,000 | $26,000 | $546,000 |
| 61 | $546,000 | $50,500 | $24,775 | $520,275 |
| 62 | $520,275 | $51,000 | $23,464 | $492,739 |
| 63 | $492,739 | $51,500 | $22,062 | $463,301 |
| 64 | $463,301 | $52,000 | $20,565 | $431,866 |
| 65 | $431,866 | $52,000 | $18,993 | $398,859 |
| 66 | $398,859 | $52,000 | $17,343 | $364,202 |
| 67 | $364,202 | Pension starts | ~$340,000 |
At 67, approximately $340,000 remains and the Age Pension begins. For a single homeowner, this balance sits above the full Age Pension assets test threshold of around $314,000 (current as at May 2026, Services Australia), which means a part pension initially. As the balance draws down through the early 70s toward that threshold, Age Pension entitlements increase.
At $340,000 in super at 67, the part Age Pension for a single homeowner is approximately $15,000 to $20,000 a year under the assets test taper. Combined with a $20,000 to $25,000 annual drawdown from super, total income from 67 sits in the range of $35,000 to $45,000 a year, scaling up as the balance draws down and pension entitlements grow. Once the balance falls below the full pension threshold, near-full pension of $29,754 a year kicks in and the drawdown requirement from super drops sharply.
Please note: All figures are approximate and for illustrative purposes only. Individual outcomes will vary based on spending, investment returns, fees and personal circumstances. This is general information, not personal advice.
This Line Chart Tracks how $570K depletes from age 60 to 90 under annual spending levels of $20K, $25K, and $30K.
How Close Is $570K to the ASFA Comfortable Standard?
This is the question worth sitting with for anyone at this balance. ASFA’s comfortable standard says $630,000 at age 67. You have $570K at age 60. The gap is $60,000 in dollar terms, but the real comparison is more nuanced.
Retiring at 60 with $570K versus retiring at 67 with $630K involves seven extra years of retirement. Your super needs to work harder and longer. But $570K also has seven years of investment returns before the Age Pension arrives, which offsets some of that pressure.
The practical difference between $570K at 60 and $630K at 67:
- At $570K from 60, you arrive at 67 with around $340,000 and a part pension
- At $630K from 67, you arrive at 67 with $630K and a near-full pension immediately
- The $630K position is more comfortable in the early retirement years
- By the mid-70s, when the $570K retiree’s balance has drawn down further, both positions are converging toward full pension territory
The honest read: $570K at 60 gives you a comfortable retirement, but the most comfortable years are 67 onwards when pension support builds. The years from 60 to 67 require some spending discipline. At $50,000 a year, that gap period is fully achievable without feeling constrained.
If you are currently at $570K and still working, even one more year of contributions and compounding adds roughly $55,000 to $65,000 to your balance, meaningfully closing that gap to ASFA’s benchmark.
Age Pension: What Happens at 67
Current Age Pension rates as at May 2026 (Services Australia):
- Single (including supplements): approximately $29,754 a year
- Couple combined (including supplements): approximately $44,856 a year
Updated each March and September by the Australian Government.
With around $340,000 in super at 67, a single homeowner is above the full pension threshold of $314,000 and into part pension territory. The taper rate reduces pension entitlements by $3 for every $1,000 of assets above the threshold. At $340,000, that means approximately $26,000 less than the full pension per year, so roughly $21,000 to $22,000 in Age Pension initially.
As your balance draws down through the early 70s and falls below $314,000, you transition to full pension. At that point, combined income from the full pension plus modest drawdown can comfortably sustain $45,000 to $50,000 a year for a homeowner.
Phil and Dan walked through the assets test taper and how it interacts with different retirement balances in Episode 10 of the Wealthlab Podcast, using real case studies. Worth a listen if you want to understand exactly how the transition from part pension to full pension works with a balance in this range. Watch Episode 10 on YouTube.
Our pension and Centrelink page has more detail on the assets test, income test and the application process.
What a Comfortable Retirement at $570K Actually Looks Like
A sample $50,000 annual budget for a single homeowner:
| Category | Annual spend |
|---|---|
| Groceries and food | $10,000 |
| Housing costs, rates and insurance | $6,500 |
| Healthcare and private health cover | $8,500 |
| Transport and vehicle running costs | $5,500 |
| Domestic travel and holidays | $11,000 |
| Dining out and social activities | $5,000 |
| Utilities, phone and subscriptions | $3,000 |
| Clothing and personal | $500 |
This is ASFA’s comfortable standard in practical terms. Regular domestic travel, private health cover, a car, dining out and social spending. Not a budget retirement. Not a luxury one. A comfortable, active life for someone who owns their home outright.
How to Keep $570K on Track Through Retirement
Stay invested for growth through the early years. With 25 to 30 years of retirement ahead of you at 60, moving everything to cash at retirement is one of the most common ways to undermine a solid starting balance. Inflation at 3% a year means a cash-heavy portfolio loses real purchasing power every year before withdrawals are even counted. A balanced investment option with 60 to 70% in growth assets keeps returns ahead of inflation through the critical gap years.
Scott and Phil covered this directly in Episode 1 of the Wealthlab Podcast, comparing identical couples with growth versus conservative portfolios over a long retirement. The gap in outcomes was 15 years of additional funding for the growth portfolio. Watch Episode 1 here.
Watch sequencing risk in the first three years. The early years of retirement, when your balance is at its highest and you are drawing regularly, are when a significant market fall has the most impact. Keeping one to two years of spending in cash outside your account-based pension means you are never forced to sell growth assets at a low point to fund everyday living.
Plan the seven-year gap deliberately. Overspending in the 60 to 67 window, particularly large lump sum withdrawals in years one and two, changes your Age Pension position at 67 more than most people realise. Arriving at 67 with $280,000 versus $340,000 is the difference between near-full pension and part pension, and that difference compounds over the following decade.
Consider catch-up concessional contributions if you are still working. If your balance is under $500,000 and you have unused concessional cap from the previous five financial years, you can contribute more than the standard $30,000 annual cap. For someone at $570K today looking to add another year or two of work, this is a meaningful way to boost the balance further and reduce tax in your final working years. The rules and a worked example are covered in Episode 10 of the Wealthlab Podcast. Watch it here.
The free Wealthlab super calculator runs different spending and growth scenarios for your specific balance in a couple of minutes.
Should You Retire at 60 or Work a Little Longer?
At $570K, you are genuinely in a position where stopping at 60 works. But the financial case for one or two more years is also worth understanding clearly.
Working to 62 from a base of $570K adds approximately $55,000 to $70,000 in contributions and compounding. It reduces the self-funding gap from seven years to five. It also pushes your opening retirement balance closer to $630,000 to $640,000, which is at or above ASFA’s comfortable benchmark. The difference in annual spending comfort and Age Pension position at 67 is meaningful.
The decision is personal, not just financial. Scott talked about this tension 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.” Both matter. Watch Episode 5 here.
Our retirement planning page covers the broader decisions around retirement timing. Our superannuation page has more on preservation age access, TTR and contribution strategies in the lead-up to retirement.
FAQ: Retiring at 60 with $570K in Australia
Can I retire at 60 with $570K in Australia? Yes, comfortably for a single homeowner. At $50,000 a year spending with 5% net returns, $570K leaves around $340,000 at age 67 when the Age Pension begins supplementing income. Part pension initially, building to near-full pension as the balance draws down through the early 70s. Combined income sustains a comfortable retirement well into the 80s.
Is $570K close to the ASFA comfortable retirement benchmark? Yes. ASFA’s comfortable retirement benchmark is $630,000 for singles at age 67. At $570K retiring seven years earlier at 60, you are $60,000 below that benchmark but arriving with seven years of investment growth ahead of you. By 67, the gap is partially offset by returns. Working one or two more years closes it almost entirely.
How long will $570K last from age 60? At $50,000 annual spending and 5% net return, approximately 20 to 22 years before drawing down significantly. With part Age Pension from 67 growing to near-full as the balance decreases, combined income sustains a homeowner comfortably into the mid-80s.
What is the Age Pension situation with $570K at 60? By 67, at $50,000 annual spending from 60, approximately $340,000 remains. This is above the full pension assets test threshold of around $314,000 (May 2026), so you receive a part pension initially of around $21,000 to $22,000 a year. As your balance draws down below the full threshold in the early 70s, entitlements increase to near-full pension of $29,754 a year.
What lifestyle does $570K support at 60? Close to ASFA’s comfortable standard for a single homeowner: private health insurance, a decent car, regular domestic travel, dining out and genuine discretionary spending. A $50,000 annual budget covers all of this for a homeowner with no debt.
Is $570K enough for a couple to retire at 60? As a combined balance, it is workable at modest to moderate spending, but below ASFA’s comfortable couple standard of $77,375. A couple in this position generally benefits from one partner continuing to work part-time through the early 60s, or from delaying retirement until a higher combined balance is reached.
Should I keep working if I have $570K at 60? One or two more years adds $55,000 to $70,000 to your balance and meaningfully improves both spending comfort and Age Pension position. Whether that trade-off is worth it is personal. For many people at $570K, stopping at 60 is financially viable. For those who can continue comfortably, another year or two makes the retirement noticeably more comfortable.
What is the Age Pension rate for a single person in 2026? Approximately $29,754 a year including supplements, as at May 2026. Updated each March and September. Current rates at Services Australia.
What to Do Next
If you are approaching 60 with around $570K in super, the most useful thing you can do is get a clear picture of your Age Pension trajectory and how your investment mix will hold up through the seven-year gap. At this balance, the difference between a well-structured retirement and an unplanned one is not whether the money is enough, it clearly is, but whether you extract full value from what you have built.
Not sure exactly where your retirement stands? Take the free Wealthlab retirement quiz for a general read on your position. Or book a free, no-pressure chat with the Wealthlab team to talk through the specifics.
