Can I Retire at 60?

For many Australians, retiring at 60 represents the opportunity to travel, spend more time with family and enjoy life beyond full-time work. But can you afford it?

There is no compulsory retirement age in Australia. Whether you can retire at 60 ultimately depends on your financial position and the lifestyle you want.

Can I access my super at 60?

For people currently approaching retirement, age 60 is particularly important.

Generally, you can access your super once you have reached preservation age and satisfied a condition of release, such as retiring. Super can generally also be accessed from age 65 regardless of whether you're still working.

For most people, income streams from a taxed super fund are also tax-free from age 60.

The challenge of retiring before the Age Pension

The Age Pension qualifying age is currently 67. This means someone retiring at 60 may need their super, investments, cash or other income sources to fund the years before they become eligible for Age Pension support.

And even at 67, eligibility depends on factors including income and assets.

How much do you need to retire at 60?

Start by estimating your desired annual spending and asking how it will be funded over potentially 25 or 30+ years.

Consider your:

Super + investments + cash + other income + potential future Age Pension

against your:

living expenses + major purchases + travel + tax + contingencies.

A detailed retirement projection can then model how long your money may last.

If you're asking "Can I retire at 60?", the next step is to turn your assets and expected spending into a retirement income forecast.

General information only. Consider obtaining personalised financial advice before making retirement or superannuation decisions.