Is $800,000 Enough to Retire at 60 in Australia?

I get asked versions of this question all the time. Is this enough? Can I stop now? Most people asking it have worked hard, saved consistently, and are genuinely ready to be done. The question is whether the numbers agree.

$800,000 is well above what most Australians retire with. The average balance for women approaching retirement sits around $350,000 to $360,000. So if you are at $800,000 at 60, you are ahead of the curve by a significant margin. That matters. And it does not automatically mean you are done.

The answer to whether $800,000 is enough depends on a set of variables that are specific to you. Let me walk through the ones that matter most.

The 60-to-67 Gap Is the Critical Variable

In Australia, the preservation age for super is 60. You can access your super from that age. The Age Pension, however, does not start until 67. That means if you retire at 60, you have seven years of retirement to fund entirely from your own savings with no government support.

That is a significant drawdown on your balance before the Age Pension begins to supplement things.

The good news is that $800,000 invested in a well-chosen retirement income stream can continue to grow even as you draw from it. A 5% annual return on $800,000 generates $40,000 before you touch the capital. That covers a modest lifestyle and keeps the balance relatively stable. A higher drawdown rate means the balance shrinks, but it may still be sustainable depending on how long you live and what the Age Pension adds from 67 onwards.

What the ASFA Benchmarks Say

ASFA publishes a Retirement Standard each quarter. The 2026 figures say a single homeowner needs approximately $630,000 in super to fund a comfortable retirement at 67, generating an annual income of around $54,240. At 60, that number is higher because you have a longer retirement to fund and no Age Pension for seven years.

On that basis, $800,000 puts you comfortably above the ASFA benchmark for a single person retiring at the standard age, with meaningful headroom for the earlier start. Super Consumers Australia puts the comfortable retirement figure lower, at around $322,000 for a single homeowner at a middle spending level. Either way, $800,000 at 60 is a strong starting point.

What changes the picture is your spending level and whether you own your home outright. ASFA benchmarks assume home ownership with no mortgage. If you are renting in retirement, the comfortable retirement figure rises definitly. Rent of $400 a week adds over $20,000 a year in fixed costs that the benchmark was not built to cover.

How Long Will $800,000 Last?

At a drawdown rate of $50,000 a year with a 5% average return, $800,000 lasts well past 90, particularly once the Age Pension supplements income from 67. At $70,000 a year the balance depletes faster, but even at that level, combined with a part Age Pension from 67, a well-structured retirement can remain financially sound well into your 80s.

The women who run into trouble are the ones drawing too heavily in the early years, either because their spending is higher than planned or because they have not structured their income stream to last. Sequencing risk is real: a significant market downturn in the first few years of retirement, while you are drawing heavily, can do permanent damage to a balance that would otherwise have been fine.

The Age Pension: More Accessible Than Most People Think

A common misconception is that having $800,000 in super means you get no Age Pension. That is not necessarily true. The Age Pension is means-tested against both assets and income. A single homeowner with $800,000 in super at 67 would generally receive a part Age Pension under the assets test, which as at early 2026 allows a single homeowner up to approximately $704,500 in assets for a part pension. The income test runs separately. The additional income from a part pension can meaningfully extend how long your balance lasts.

What I Would Be Thinking About at 60 With $800,000

If I were sitting across from a woman with $800,000 at 60 asking me whether she could retire, here is what I would be asking her to think through.

1. Do you own your home outright? If yes, your cost base is dramatically lower than a renter and $800,000 works much harder.
2. What does your spending actually look like? Write it out properly. Not a rough estimate — the actual number. Most people underestimate what they spend, particularly in the active early years of retirement when travel and lifestyle costs tend to be higher.
3. Do you have any other income? Part-time work, investment properties, dividends? Even $10,000 to $15,000 a year in supplementary income changes the drawdown calculation significantly.
4. Do you have a plan for healthcare costs? Private health insurance, medications, and the unpredictable costs of ageing need a budget line.

$800,000 at 60 is a genuinely good position. With the right structure and honest spending assumptions, most single homeowners can make it work. The key is knowing your actual numbers, not the ones that feel comfortable to assume.