Yes, retiring at 60 with $670,000 in super is achievable for many Australians, but there are some important realities to get your head around before you hand in your notice. Sixty is earlier than most people realise when it comes to the actual numbers: you’ll have no access to the Age Pension for seven years, you could be funding a retirement that runs 25 to 30 years, and the decisions you make in the first few years carry a lot of weight.
The good news is that $670K is a meaningful balance. With a clear picture of your spending, the right investment approach and an understanding of how the Age Pension eventually fits in, it can support a comfortable retirement for a long time.
The 7-Year Gap You Need to Plan For
The Age Pension isn’t available until 67. If you retire at 60, your super carries the full load for those first seven years, with no government supplement.
At a drawdown of around $50,000 to $55,000 a year for a single retiree, that’s roughly $350,000 to $385,000 out of your $670K before the pension even comes into the picture. Investment returns on the remaining balance will offset some of that, but the point is clear: early retirement puts real pressure on your opening balance, and spending in the first decade sets the trajectory for everything that follows.
This is also why how your super is invested in retirement matters so much. A balance sitting in an overly conservative portfolio during your 60s can lose ground to inflation even while you’re drawing it down. Scott and Phil covered this directly in episode 1 of the Wealthlab Podcast, comparing what happens to a growth portfolio versus a conservative one over a long retirement. The gap in outcomes is significant.
What Income Can $670K Generate?
The ASFA Retirement Standard gives a useful benchmark for what a comfortable retirement actually costs in Australia (as at December 2024, ASFA):
- Single: around $51,278 per year
- Couple: around $72,148 per year
A single retiree drawing $45,000 to $50,000 a year from $670K is in a workable position, particularly if they own their home and have modest other expenses. A couple drawing $60,000 to $65,000 combined would be stretching the balance harder, but with returns on the invested portion and the Age Pension from 67, it can still work.
Owning your home outright is one of the biggest variables. Without rent or a mortgage, the same super balance goes considerably further than it would for someone with ongoing housing costs.
Please note: All figures, projections and scenarios in this article are approximate and for illustrative purposes only. Individual outcomes will vary based on personal circumstances, investment returns, fees, and current government policy. This is general information, not personal advice.
This Line Chart Shows Depletion of $670K over 30 years across spending levels: $25K, $30K, $35K, and $40K/year.
What Happens When the Age Pension Kicks In at 67
Once you reach 67, the Age Pension can meaningfully supplement your super drawdown and extend how long your savings last. The current maximum rates (as at April 2026, per Services Australia) are:
- Single: approximately $31,223 per year
- Couple (combined): approximately $47,070 per year
Whether you receive the full pension, a part pension, or nothing at all depends on your assets and income at that point. With $670K at 60, and seven years of drawdown before pension age, many retirees find their balance has reduced enough by 67 that they qualify for at least a part pension, which further eases pressure on the super.
Understanding how the Age Pension interacts with your super balance is one of the most valuable things to get clear on before you retire, not after.
Current as at April 2026. Age Pension rates are updated by the Australian Government each March and September.
The Withdrawal Rate Question
The commonly referenced guide for sustainable retirement withdrawals is 4% to 5% of your balance per year. On $670K that’s $26,800 to $33,500 a year at the lower end, which sounds tight, but the minimum drawdown rules for account-based pensions also increase with age, and the Age Pension adds a significant floor to your income from 67.
The more important question is whether you’ve thought through spending by decade. Many retirees spend more in their 60s (travel, lifestyle, activity) and less in their late 70s and 80s as those patterns shift. Getting your drawdown strategy aligned with how you actually expect to live, rather than a flat annual figure, makes the numbers work harder.
Strategies Worth Understanding at 60
Retirement Portfolio Allocation
One of the GSC queries for this page is “best retirement portfolio allocation by age”, and it’s a fair question. At 60 with a 25 to 30 year retirement, many financial planners would suggest a portfolio with more growth exposure than people expect, because the real long-term risk isn’t a short-term market fall. It’s inflation eroding your purchasing power over decades while your money sits in cash or bonds. The right allocation depends heavily on your spending needs, your other assets and your tolerance for short-term volatility. A balanced to growth-oriented allocation is a reasonable starting point for many retirees at 60, but this is exactly the kind of decision that benefits from professional input.
Account-Based Pension
When you retire and move your super into an account-based pension, the earnings on that money become tax-free. That’s a meaningful shift from the 15% tax on earnings in the accumulation phase, and it’s one of the less obvious financial benefits of retiring properly rather than just reducing hours.
Transition to Retirement
If you haven’t fully left work yet, a transition to retirement pension lets you access some of your super while still employed, which can help you reduce hours, manage your income more tax-effectively and ease into retirement without a hard stop. It’s not the right move for everyone, but it’s worth understanding.
Keeping an Eye on the Assets Test
For homeowner couples, the lower assets test threshold for a part Age Pension currently sits at $1,045,500 (as at April 2026, Services Australia). With $670K in super at 60 and seven years of drawdown before pension age, many retirees are well-positioned to receive at least a part pension by 67. The family home is excluded from the assets test, which makes a significant difference for homeowners.
These figures are updated by the Australian Government each March and September.
What About the Other GSC Queries?
The GSC data for this page shows impressions for “best performing super funds over 15 years” and “best way to invest $10k Australia.” These aren’t queries this post should try to rank for as they’re entirely different topics. But “best retirement portfolio allocation by age” and “best retirement portfolio for 65 year old” are relevant signals. They suggest the people finding this page want more than just a yes/no on the balance. They want to know how to invest in retirement, which is worth covering here and linking to deeper content where it exists.
Want to Check Your Own Numbers?
Everyone’s retirement looks different. Your spending pattern, health, whether you’re single or part of a couple, whether you own your home, and how your super is invested all change the picture significantly.
The free Wealthlab super calculator lets you run your own numbers and get a clearer sense of how your balance, drawdown rate and Age Pension entitlements might fit together over time.
FAQs: Retiring at 60 with $670K in Australia
Is $670K enough to retire at 60 in Australia?
For many Australians, particularly those who own their home, $670K is a workable starting point. The key variables are spending and investment returns. A retiree drawing $45,000 to $50,000 a year from $670K, with the super remaining invested, is in a different position to one drawing $65,000 from day one. The Age Pension at 67 also eases the pressure on the balance significantly from that point.
How long will $670K last in retirement?
That depends on your drawdown rate, investment returns, fees and inflation. A retiree drawing around $45,000 a year from $670K with reasonable returns and Age Pension support from 67 could reasonably fund retirement well into their 80s. Higher spending without adjustments shortens that considerably.
What is the best portfolio allocation for a 60-year-old retiree?
There’s no single answer, but at 60 with a 25 to 30 year retirement ahead, many financial planners would suggest keeping meaningful growth exposure in the portfolio rather than shifting heavily to cash or bonds. The bigger risk over that time horizon is often inflation eroding purchasing power, not short-term market falls. Individual circumstances vary significantly and this is worth discussing with a qualified adviser.
Can I access my super at 60?
Yes. Australia’s preservation age is 60 for anyone born after 30 June 1964. You can access your super at 60 if you’ve met a condition of release, such as retiring or ceasing an employment arrangement. This is separate from the Age Pension, which isn’t available until 67. The Wealthlab Podcast episode on preservation age covers the conditions of release in plain terms.
Will I get the Age Pension with $670K in super?
Possibly not at 67 if your balance is still close to $670K, as that may sit above the full pension assets test threshold. But as your balance draws down through your 60s, many retirees with this kind of starting balance transition to at least a part pension over time. Other assets outside super also factor into the assessment.
Does owning my home affect how far $670K goes in retirement?
Significantly. The family home is excluded from the Age Pension assets test, which helps with pension eligibility. It also means lower day-to-day living costs, which directly improves how long your super lasts. For a homeowner with $670K, the retirement picture looks materially different from a renter with the same balance.
$670K at 60 is a solid starting point, and with the right planning around spending, investment allocation and the eventual Age Pension, a comfortable retirement is within reach for many Australians in this position.
The specifics matter more than the headline number though. Whether you’re single or part of a couple, what you plan to spend, how you’re invested, and what other assets you have all shape the real picture. Getting clarity on those specifics before you retire, not after, is where good financial advice earns its keep.
Take a look at how Wealthlab approaches retirement planning, or if you’re ready to talk through your situation, book a free chat with the team.