How Much Super Should I Have At 60?
Planning for retirement isn’t just about hitting a number – it’s about building a life you feel ready for. At MN8 Wealth, we help pre-retirees move from uncertainty to clarity, with strategic advice that reflects your lifestyle, values, and goals.
If you’re asking, “How much super should I have at 60?”, you’re not alone. Many Australians hope to retire around this age and understanding what’s realistic – and what’s possible – is a powerful first step.
What Does Retirement Look Like for You?
Retirement means different things to different people. Some want to travel, others want to slow down, volunteer, or spend more time with family. Your lifestyle goals shape how much income you’ll need and how much super you’ll want to have.
How Much Super Might You Need?
Estimates suggest that to retire comfortably at 60:
• A single person may need around $515,000 in super to generate an income of approximately $52,000 per year
• A couple may need around $660,000 combined to generate approximately $72,000 per year
These figures are based on ASFA’s Retirement Standard and assume a mix of super drawdown and, later, Age Pension support.
Planning for the Gap Between 60 and 67
While you may be able to access your super from age 60, the Age Pension (if eligible) doesn’t begin until age 67. That means your super may need to stretch further in the early years of retirement, especially if you’re retiring as a couple, since Centrelink entitlements are based on combined income and assets.
Strategic planning during this phase can help you bridge the gap with confidence.
How Does Your Super Compare?
Here’s a snapshot of average super balances in Australia, according to ABS data:
| Age | Average Balance (Men) | Average Balance (Women) |
| 15-24 | $6,500 | $5,100 |
| 25-34 | $42,100 | $34,500 |
| 35-44 | $107,700 | $76,900 |
| 45-54 | $219,300 | $136,000 |
| 55-64 | $326,200 | $246,300 |
| 65-74 | $435,900 | $381,700 |
| 75 and over | $370,900 | $314,100 |
Many Australians fall short of the ideal retirement balance, but there are strategies to help you catch up.
Ways to Grow Your Super
If your balance isn’t where you’d like it to be, here are a few ways to boost it:
• Consolidate your accounts to reduce fees and simplify management
• Salary sacrifice from your pre-tax income to grow your super and reduce tax
• Make voluntary contributions from after-tax income – even small amounts add up
• Contribute to your partner’s super to potentially access a tax offset and balance your household strategy
Want to explore strategies to grow your super with confidence? Book a Financial Clarity Session
Closing the Gender Super Gap
On average, women retire with less super than men, often due to lower earnings, part-time work, or time out of the workforce. But there are proactive strategies that can help close the gap and build long-term confidence. Tailored advice can help you take control and move forward with clarity.
FAQ
How much money do I need to retire at 60?
It depends on your lifestyle goals, income needs, and how long you expect retirement to last. A single person may need around $515,000 in super for a comfortable retirement, while couples may need closer to $660,000. These figures are a guide only and your ideal balance depends on your personal circumstances.
Is $500,000 enough to retire at 60?
It can be, but it depends on your spending habits, other assets, and whether you’re eligible for government support like the Age Pension. With the right strategy, $500,000 may support a modest or transitional retirement, especially if you’re flexible with lifestyle and income needs.
How much super is my employer required to pay me?
Generally, employers must contribute at least 12% of your ordinary time earnings to your superannuation under the Superannuation Guarantee (SG). This includes your regular hours of work, paid leave, and certain bonuses or commissions. Some employment agreements may specify a higher rate.
What if the gender super gap affects me?
There are strategies to help, including tailored contributions, investment reviews, and partner contributions. Advice can help you close the gap and feel more confident about your future.
