Yes, you can retire at 62 with $365,000 in super. Whether you should depends on a few things: what you plan to spend, whether you own your home and how you bridge the five years before the Age Pension kicks in at 67.
The short answer is that $365K won’t fund a luxury retirement on its own, but with a sensible drawdown strategy, some continued investment growth and the Age Pension coming in later, plenty of Australians make it work. The catch is that early retirement is genuinely harder than retiring at 67. You’re self-funding for longer, and you’ll need your money to last potentially 25 to 30 years.
Here’s what the numbers actually look like.
What $365K Looks Like in Practice
The biggest challenge at 62 isn’t whether $365K is enough. It’s the five-year gap between now and Age Pension eligibility at 67.
During those years, your super is doing all the heavy lifting. If you’re spending $40,000 a year, you’ll draw down roughly $200,000 before the pension starts, assuming modest investment returns.
A rough projection at different spending levels (assuming your super stays invested at around 5% per annum net of fees and inflation):
| Annual spending | Super left at 67 | Age Pension eligibility |
|---|---|---|
| $30,000 | ~$185,000 | Very likely (full or part) |
| $40,000 | ~$130,000 | Very likely (full or part) |
| $50,000 | ~$75,000 | Most likely full pension |
These are rough guides only. Your actual outcome depends on your investment returns, any other assets, and whether you’re single or part of a couple.
The good news: once the Age Pension starts at 67, it significantly reduces what you need to draw from super. As of 2026, the maximum Age Pension is around $29,754 a year for singles and $44,856 a year for couples (including supplements). That’s a meaningful top-up to even a modest super balance.
This Line Chart Shows How $365K Super Depletion from Age 60 to 90 Visualising how your balance depletes under different lifestyles helps you compare your options. Spending less can significantly extend the life of your super.
The Five-Year Gap: How to Bridge 62 to 67
This is where most early retirement plans either work or fall apart.
With $365K in super, you can access it from age 60 as a tax-free income stream (if you’ve met a condition of release). The question is how fast you draw it down.
A few strategies that can help:
Keep working part-time for a year or two. Even $20,000 to $25,000 a year from part-time work dramatically reduces how fast you spend your super. One extra year of work can add several years to your retirement runway.
Convert super to an account-based pension. Rather than taking lump sums, an account-based pension pays you a regular income while keeping the remaining balance invested. It also means your drawdowns are tax-free after 60.
Watch your withdrawal rate. Financial planners often talk about a 4% rule as a starting point. On $365K, that’s about $14,600 a year, which is too low to live on comfortably on its own. But combined with part-time income, other savings or a partner’s income, it can work as a starting point while you preserve the balance for later.
We covered the tension between the maths and the emotion of this kind of decision in Episode 5 of the Wealthlab Podcast, where Scott and Phil dig into the mortgage-versus-super question at age 60. The same principle applies here: the spreadsheet says one thing, but your real life situation matters just as much.
How Far Does $365K Actually Go?
According to the ASFA Retirement Standard (February 2026 update), homeowners need:
- $35,199 a year for a modest lifestyle (single)
- $54,240 a year for a comfortable lifestyle (single)
- $50,866 a year for a modest lifestyle (couple)
- $77,375 a year for a comfortable lifestyle (couple)
Both standards assume you own your home outright. If you’re renting, the figures are significantly higher.
With $365K, you’re most likely looking at a modest lifestyle as a single retiree if you stop at 62, or a modest-to-comfortable lifestyle as part of a couple with combined assets.
The key insight here: the ASFA modest standard is almost fully funded by the Age Pension alone once you hit 67. That means if you can make $365K last to pension age, and your spending sits around the modest level, the Age Pension largely takes over from there
The Portfolio Question: Don’t Go Too Conservative Too Soon
One of the most common mistakes we see is retirees moving all their super into cash or a conservative option the moment they stop working.
It feels safe. It’s often not.
With 25 to 30 years of retirement ahead of you at 62, your money needs to keep growing. A conservative portfolio earning 3 to 4% a year will struggle to keep up with inflation and your spending over that timeframe. A growth or balanced portfolio earning 6 to 7% a year gives your money a much better chance.
In Episode 1 of the Wealthlab Podcast, Scott and Phil run through a real example where a couple with $500K in conservative super ran out of money 15 years earlier than the same couple invested for growth. The maths on that one is worth understanding before you decide where your super sits.
Yes, markets go up and down. But at 62, time is still on your side. Locking everything into cash could cost you more than a market correction ever would.
What About the Age Pension Assets Test?
With $365K in super at 62, the Age Pension assets test is actually likely to work in your favour once you turn 67.
As your balance draws down over the five years from 62 to 67, you’ll likely have well under the asset test thresholds when pension age arrives. For a single homeowner in 2026, the full Age Pension cuts out at around $314,000 in assets. For couples (combined), it’s around $470,000. A part pension is available up to significantly higher thresholds.
In short: the lower your super balance when you reach 67, the more Age Pension you’ll likely receive. For someone who retires at 62 with $365K, this maths often works in their favour, though your full picture (other assets, property, savings) all comes into it.
For a detailed walkthrough of how the assets test works with real numbers, Episode 10 of the Wealthlab Podcast covers it well.
Before You Decide: Run Your Own Numbers
Every retirement is different. $365K at 62 could be plenty for a couple who owns their home, lives modestly and is happy to ease into part-time work for a couple more years. For someone renting alone with high spending expectations, it’s tight.
Before you make any decisions, it’s worth stress-testing your own numbers. The free Wealthlab super calculator lets you model how long your balance is likely to last at different spending rates and investment returns. It takes a few minutes and gives you a much clearer picture than any general benchmark can.
FAQs: Retiring at 62 with $365K
Can I access my super at 62?
Yes. If you were born after 30 June 1964, your preservation age is 60. As long as you’ve met a condition of release (such as retiring, or turning 60 and leaving an employer), you can access your super tax-free from age 60.
Will I qualify for the Age Pension with $365K in super?
Most likely yes, or close to it. By the time you reach Age Pension age at 67 and have been drawing down your super for five years, your remaining balance will probably fall within range for at least a part pension. Your other assets and living situation affect exactly how much you’d receive.
How long will $365K last if I retire at 62?
It depends on your spending and investment returns. At $40,000 a year with moderate investment growth, $365K would likely last around 12 to 14 years on its own, but the Age Pension at 67 significantly extends that. With combined super and pension income, most people on this balance can fund retirement into their 80s and beyond.
Is $365K enough for a comfortable retirement in Australia?
On its own, no, based on ASFA’s comfortable standard. But combined with the Age Pension, a paid-off home and careful spending, many people live well within that range. A modest retirement as a homeowner costs around $35,199 a year for singles, which is largely covered by the Age Pension once you qualify.
Should I delay retirement to build a bigger super balance?
That’s a personal call, and the maths is worth looking at honestly. Each extra year of work both adds to your super and reduces the number of years you need to fund. Working part-time rather than fully stopping can be a good middle ground. A financial adviser can model the difference for your specific situation.
What investment option should I choose at 62?
Generally, a growth or balanced investment option is still appropriate for most 62-year-olds, because you could have 25 to 30 years of retirement ahead. An all-cash or ultra-conservative strategy can actually increase the risk of running out of money over time. Speak with a financial adviser to find the right mix for your circumstances.
What happens if I retire at 62 and run out of super?
The Age Pension acts as a safety net. If your super runs out before you reach 67, you may be able to access other government support depending on your situation. After 67, the Age Pension is available to eligible Australians regardless of whether they have super savings.
$365K at 62 is workable, but it requires a clear plan
The numbers point to a modest retirement lifestyle for most people, with the Age Pension providing real relief from 67 onwards. The biggest risks are spending too fast in the early years, being too conservative with your investments, and underestimating how long you’ll live.
If you’re close to this situation and trying to figure out whether you’re ready, a conversation with a financial adviser is one of the highest-value things you can do. Not to be told what to do, but to see your actual numbers in front of you and understand what’s possible.
Book a free call with the Wealthlab team and get a clear picture of what your $365K means for your retirement. No pressure, no sales pitch. Just some honest numbers.