$700,000 in super at 60 puts you ahead of most Australians. The average super balance for a 60 to 64-year-old man is around $395,000, and for women around $313,000. A couple with $700K combined has hit the ASFA comfortable retirement target.
But is it enough to actually stop working at 60? And what does retirement look like in practice on that balance?
The short answer is yes, for most homeowners with realistic spending expectations, $700K at 60 is workable. For a couple, it can support a genuinely comfortable retirement. For a single person, it’s tighter but still achievable with the right structure. What determines whether it works is how you manage the seven-year gap before the Age Pension starts at 67.
This guide runs through the real numbers, the single versus couple difference, what the Age Pension adds from 67, and what you need to get right to make $700K last.
Is 60 a realistic retirement age in Australia?
It is, but it comes with a specific planning challenge that many people underestimate.
At 60, your super is accessible if you’ve retired or left an employer. But the Age Pension doesn’t start until 67. That means seven years of fully self-funded retirement before any government support arrives. During that window, your super has to cover all your living costs without the safety net of the pension. Every dollar you draw down in those gap years is a dollar that’s no longer invested and compounding.
The second challenge is longevity. A 60-year-old retiring today has a reasonable chance of living into their late 80s or early 90s. That’s potentially 30 years of retirement to fund. $700K sounds like a lot at 60, but spread across 30 years with inflation, healthcare cost increases and market volatility, it needs to be managed deliberately.
That said, $700K at 60 gives you meaningful options. It’s close to the ASFA Retirement Standard benchmark of $730,000 for couples and $630,000 for singles (current as at February 2026), both set at retirement age 67. Retiring seven years earlier means you’re covering more years from super, but you’re starting with a strong position.
Scott and Phil talked about the real impact of retiring even one year earlier on your funding in Episode 19 of the podcast, including how one year can shift your money from lasting to age 105 to running out at 79 if spending isn’t managed.
How long does $700K last? The numbers by spending level
Please note: All figures, projections and scenarios in this article are approximate and for illustrative purposes only. They assume a 5% net annual return from a balanced account-based pension, with drawdown starting at age 60. The Age Pension is not included in these projections, which means real-world outcomes will generally be more favourable once pension support begins at 67. Individual outcomes will vary based on personal circumstances, investment returns, fees and current government policy. This is general information, not personal advice.
Single person with $700K
| Annual spending | Balance at 67 | Balance at 75 | Balance at 85 |
|---|---|---|---|
| $40,000 per year | ~$580,000 | ~$430,000 | ~$160,000 |
| $50,000 per year | ~$490,000 | ~$280,000 | Depleted ~83 |
| $60,000 per year | ~$400,000 | ~$120,000 | Depleted ~78 |
Couple with $700K combined
| Annual spending | Balance at 67 | Balance at 75 | Balance at 85 |
|---|---|---|---|
| $50,000 per year | ~$580,000 | ~$430,000 | ~$160,000 |
| $60,000 per year | ~$490,000 | ~$280,000 | Depleted ~84 |
| $70,000 per year | ~$400,000 | ~$120,000 | Depleted ~79 |
The Age Pension from 67 significantly extends these projections. A single person spending $50,000 a year with $490,000 remaining at 67 would likely qualify for at least a part pension, which reduces the drawdown needed from super. A couple with $580,000 remaining at 67 who qualify for even a partial couple pension are in a genuinely strong position.
Scott and Phil walked through why the investment mix you choose at 60 matters as much as the balance itself in Episode 1 of the Wealthlab Podcast. Sequencing risk, where bad market years in the early stages of drawdown can permanently damage a portfolio, is the main reason a 5 to 6 per cent return assumption is more realistic than a conservative 3 per cent over a 25 to 30 year horizon.
Single vs couple: a very different story
$700K as a single person and $700K as a couple produce substantially different retirement outcomes. This is one of the most important distinctions and most pages on this topic gloss over it.
Single person with $700K at 60
$700K for a single person at 60 is a solid but not effortless position. The ASFA comfortable retirement standard for singles requires $630,000 at age 67 and annual spending of $54,840 (current as at February 2026). Retiring at 60 means funding seven more years before the benchmark age, which puts meaningful pressure on the balance.
At $50,000 per year in spending, a single person arrives at 67 with around $490,000 remaining. At that point, under the March 2026 assets test, a single homeowner with $490,000 in assessable assets is above the full pension threshold of $321,500 but below the part pension cut-off of $722,000. They would receive a part Age Pension, not the full amount. That still adds meaningful income on top of super drawdown.
At $40,000 per year, the picture looks considerably better, with around $580,000 remaining at 67. A single homeowner at that level is still above the full pension threshold, but the gap is smaller and the part pension received would be more substantial.
The key variable for singles is home ownership. A single person who owns their home and spends $40,000 to $45,000 per year can make $700K work comfortably at 60. A single person who rents faces a different calculation entirely.
Couple with $700K combined at 60
For a couple, $700K is near the ASFA comfortable retirement benchmark of $730,000 at age 67. Retiring seven years earlier at 60 means drawing down slightly more before the benchmark age, but a couple’s shared household costs mean the same balance goes further per person.
At $60,000 per year in household spending (well within comfortable retirement territory for a couple), a homeowning couple arrives at 67 with around $490,000 remaining. Under the March 2026 assets test, a homeowning couple with $490,000 in combined assessable assets is above the full pension threshold of $481,500 but only just, and well below the part pension cut-off of $1,085,000. They would qualify for a meaningful part pension.
The couple Age Pension at the full rate pays $47,070 per year combined as of March 2026. Even a half-rate entitlement adds $23,000 to $24,000 in household income per year from 67, substantially reducing the drawdown needed from super.
For a homeowning couple with $700K who retire at 60 and spend $55,000 to $60,000 per year, retirement is very workable.
What the Age Pension changes from 67
The Age Pension is the second engine of most Australian retirements, and understanding how it interacts with $700K matters enormously.
As of 20 March 2026, the full Age Pension rates are:
Singles: $1,200.90 per fortnight ($31,223 per year). Couples combined: $1,810.40 per fortnight ($47,070 per year).
Whether you receive a full pension, a part pension or no pension depends on the assets test and income test, with the lower result applying.
Assets test thresholds (current as at 20 March 2026):
| Situation | Full pension threshold | Part pension cut-off |
|---|---|---|
| Single homeowner | Below $321,500 | Below $722,000 |
| Couple homeowners (combined) | Below $481,500 | Below $1,085,000 |
| Single non-homeowner | Below $579,500 | Below $980,000 |
Source: Services Australia. These figures are set by the Australian Government and are typically updated each March and September.
With $700K at 60 and careful drawdown across seven years, most homeowners arrive at 67 with a balance somewhere between $400,000 and $580,000. At those levels, the assets test places them in part pension territory. The pension received won’t be the full rate, but it’s meaningful income that substantially reduces how hard super needs to work from 67.
One thing worth understanding: the deeming rules. Once you hit Age Pension age, Centrelink assesses a deemed rate of income on your financial assets, including your account-based pension, regardless of what it actually earns. From 20 March 2026, the lower deeming rate is 1.25% on the first $64,200 of financial assets (singles) and the upper rate is 3.25% on amounts above that. This affects the income test calculation and can reduce pension entitlement if your balance is large.
Phil and Dan covered how the interaction between super, the assets test and the income test catches people out with real case studies in Episode 10 of the Wealthlab Podcast. It’s worth understanding before you make drawdown decisions.
What $700K can realistically buy you at 60
Here’s a practical worked scenario for each situation.
Single homeowner, $700K, age 60
Age 60 to 67: Annual drawdown of $45,000. Balance at 67 (assuming 5% net return): approximately $535,000. Assessable assets above full pension threshold, but qualifies for a part pension.
Age 67 onwards: Part Age Pension (estimated, based on assets): approximately $15,000 to $20,000 per year. Super drawdown reduced to $25,000 to $30,000 per year. Total annual income: approximately $40,000 to $50,000. Super balance likely lasts into mid-to-late 80s.
What does $45,000 a year get a single homeowner? It covers groceries, utilities, private health insurance, a reliable car, regular domestic travel, dining out occasionally and most leisure activities. It’s close to ASFA’s comfortable standard for a single person ($54,840 per year). It’s a good retirement, not a lavish one.
Homeowning couple, $700K combined, age 60
Age 60 to 67: Annual household drawdown of $58,000. Balance at 67 (assuming 5% net return): approximately $475,000. Qualifies for a meaningful part couple pension from 67.
Age 67 onwards: Part Age Pension (estimated): approximately $20,000 to $30,000 per year combined. Super drawdown reduced to $30,000 to $35,000 per year. Total annual income: approximately $50,000 to $65,000. Super balance likely lasts into early to mid-80s.
$58,000 per year for a couple covers ASFA’s comfortable standard ($77,375 per year for couples) less some discretionary spending. The gap narrows considerably once the part pension kicks in at 67, bringing total income close to the comfortable benchmark for many couples.
Want to model your own numbers? Try the free Wealthlab super calculator to see how your balance, spending and Age Pension entitlement fit together.
The biggest risks to get right
$700K gives you margin for error, but a few things can quietly undermine the position.
Spending too much in the first five years. The early years of retirement are often the most expensive: travel, home improvements, helping the kids. Drawing $70,000 to $80,000 per year at 60 and 61 can deplete the balance faster than people realise, leaving less to grow in the later years when healthcare costs rise. Keeping spending disciplined in the gap years protects the long-term position.
The wrong investment mix. Many super funds default to a conservative or cash-heavy option as members approach retirement. A conservative portfolio returning 3 to 4 per cent per year on $700K generates $21,000 to $28,000. A balanced portfolio returning 5 to 6 per cent generates $35,000 to $42,000. That difference compounds over 25 years into a very different retirement. With $700K and a long horizon, the investment mix deserves careful attention.
Ignoring deeming after 67. Once you reach Age Pension age, Centrelink deems income from your financial assets. If your super balance is still substantial at 67, the deemed income can reduce your pension entitlement, even if you’re not actually earning that amount. Getting the drawdown rate right in the years approaching 67 can improve your pension position meaningfully.
Healthcare cost creep. A healthy 60-year-old often budgets modestly for healthcare. By 75, specialist appointments, medications, dental work and potential aged care costs become significant. Build in a realistic healthcare allowance that grows over time, not a flat number.
For more on managing the investment side of retirement, see our retirement planning page.
What you can still do to strengthen the position
If you’re approaching 60 with $700K and want to improve the starting position:
Maximise contributions in the final years. The concessional contribution cap is $30,000 per year for 2025-26, rising to $32,500 from 1 July 2026 (ATO). Every dollar put in at 15% tax instead of your marginal rate builds the balance and reduces tax. If you have unused carry-forward amounts from prior years (and your balance is under $500,000), you may be able to contribute significantly more in a single year.
Consider the downsizer contribution. If you own a home and are 55 or over, selling and downsizing to a smaller property allows you to contribute up to $300,000 per person ($600,000 for a couple) into super from the proceeds, outside the normal caps. This can boost a $700K balance considerably. Scott and Phil covered the traps to watch for in Episode 2 of the Wealthlab Podcast.
Think carefully about the transition to retirement strategy. If you’re still working at 58 or 59, a TTR pension can allow you to draw from super while still contributing, tax-effectively reducing income tax and building the balance before full retirement. It’s worth modelling with an adviser before you leave the workforce. Scott and Phil discussed how TTR pensions work and their limitations in Episode 18 of the podcast.
For more on super contribution strategies in the lead-up to retirement, see our superannuation page.
Frequently asked questions
Is $700K enough to retire at 60 in Australia?
For a homeowning couple, $700K is close to ASFA’s comfortable retirement benchmark and can generally support a comfortable retirement at 60 with careful management. For a single homeowner, it’s workable at $40,000 to $50,000 per year spending, with a part Age Pension providing additional support from 67. For renters, the same balance faces more pressure due to ongoing housing costs.
How much can a couple draw from $700K super at 60?
At a sustainable drawdown rate of around 5 to 6 per cent per year, $700K supports $35,000 to $42,000 in annual super income. A couple drawing $55,000 to $60,000 per year would be drawing down capital, but arriving at 67 with $450,000 to $500,000 and qualifying for a part pension still produces a viable long-term position.
Will I get the Age Pension if I retire at 60 with $700K?
Not at 60. The Age Pension starts at 67. By the time you reach 67, how much pension you receive depends on how much remains in super and your other assets at that point. A homeowner who has drawn down to $400,000 to $550,000 by 67 would likely qualify for a part pension under the March 2026 assets test thresholds.
What’s the difference between retiring at 60 vs 67 with $700K?
Retiring at 67 means you can access the Age Pension immediately, which significantly reduces how much super needs to do. Retiring at 60 means seven years of fully self-funded retirement. The same $700K balance produces a more comfortable outcome at 67 than at 60, but many Australians in good health reasonably choose 60 and build the gap years into their planning.
How does $700K compare to the ASFA retirement benchmark?
ASFA’s February 2026 Retirement Standard sets the comfortable retirement benchmark at $630,000 for a single person and $730,000 for a couple at age 67. $700K as a couple is just below that benchmark at 67, but retiring at 60 means seven fewer years of contributions and seven more years of drawdown, so the effective balance at 67 is somewhat less. The benchmark remains a useful guide rather than a hard target.
What’s a realistic annual income from $700K in super at 60?
For a single person, $40,000 to $50,000 per year may be sustainable over a 25 to 30 year horizon when combined with future Age Pension support, though individual outcomes depend on investment returns, fees and personal circumstances. For a couple, $55,000 to $65,000 per year may be achievable on the same basis. These amounts increase meaningfully from 67 when even a part pension is added to the mix.
Is $700K enough to retire at 60 as a single person?
It depends on your spending and home ownership. A single homeowner spending $40,000 to $45,000 per year can make $700K last comfortably, particularly once the part Age Pension starts at 67. A single person spending $60,000 or more per year faces more risk of depleting super before later-life expenses rise. Owning your home is the single biggest factor in whether $700K works for a single retiree.
Making $700K work at 60
$700K at 60 is one of the better starting positions for early retirement in Australia. It’s above the average, close to the ASFA comfortable benchmark for couples, and workable for single homeowners with realistic spending expectations.
What determines whether it actually works is not the balance itself but how you manage it. The seven-year gap to the Age Pension is the critical window. Spend too aggressively, choose the wrong investment mix or ignore the deeming and assets test mechanics at 67, and the same $700K produces a much more stressful retirement than it should.
The good news is that with some structure, $700K at 60 can genuinely support a comfortable, long-term retirement for a homeowning couple, and a modest to comfortable retirement for a single homeowner.
If any of this has raised questions about your own situation, book a free chat with the Wealthlab team. No pressure, no jargon.