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Can I retire at 60? Australia retirement calculator
Your super, account-based pension, Age Pension and savings, year by year to 95, with the income and assets tests and tax worked out each year. See how long your money lasts, how much Age Pension you get, and what retiring at 60, 62 or 65 changes.
Your money lasts to
93
Retiring at 60, spending $52,000 a year in today’s money.
- Pensions and savings at retirement
- $722,972
- Years to bridge before Age Pension age
- 7
- Earliest age your money lasts to 95
- 61
- Spending a year that lasts to 95
- $51,300
- Tax in retirement (today’s money)
- $0
At 67 the Age Pension pays $23,184 a year in today’s money. To last to 95, spend about $51,300 a year, or $700 less.
How each year of retirement is paid for
Income after tax from each source, against your spending (the line).
- Age Pension
- UK State Pension
- Work (DB) pension
- Pay (still working)
- Super pension
- Savings
- Not covered
- Spending
Retire at 60, 62 or 65?
Same savings and spending; only your retirement age changes (and when you draw your pension). Tap one to use it.
Money left: savings and pensions
Year by year
Amounts in today’s money. Shaded rows: still working. Red rows: spending not covered.
| AgeYear | Pay | Age Pension | DB and UK pensions | Super pension | Tax and Medicare | Income after tax | Spending | From savings | Not covered | Savings left | Super left |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 552027 | $95,000 | $0 | $0 | $0 | $20,652 | $74,348 | – | $0 | – | $56,500 | $534,690 |
| 562028 | $95,463 | $0 | $0 | $0 | $20,800 | $74,663 | – | $0 | – | $61,776 | $557,468 |
| 572029 | $95,929 | $0 | $0 | $0 | $20,949 | $74,980 | – | $0 | – | $67,077 | $580,850 |
| 582030 | $96,397 | $0 | $0 | $0 | $21,099 | $75,298 | – | $0 | – | $72,404 | $604,850 |
| 592031 | $96,867 | $0 | $0 | $0 | $21,250 | $75,618 | – | $0 | – | $77,757 | $629,483 |
| 602032 | $0 | $0 | $0 | $0 | $0 | $0 | $52,000 | $52,000 | – | $26,137 | $644,836 |
| 612033 | $0 | $0 | $0 | $25,736 | $0 | $25,736 | $52,000 | $26,264 | – | $0 | $634,828 |
| 622034 | $0 | $0 | $0 | $52,000 | $0 | $52,000 | $52,000 | $0 | – | $0 | $598,311 |
| 632035 | $0 | $0 | $0 | $52,000 | $0 | $52,000 | $52,000 | $0 | – | $0 | $560,904 |
| 642036 | $0 | $0 | $0 | $52,000 | $0 | $52,000 | $52,000 | $0 | – | $0 | $522,585 |
| 652037 | $0 | $0 | $0 | $52,000 | $0 | $52,000 | $52,000 | $0 | – | $0 | $483,331 |
| 662038 | $0 | $0 | $0 | $52,000 | $0 | $52,000 | $52,000 | $0 | – | $0 | $443,119 |
| 672039 | $0 | $23,184 | $0 | $28,816 | $0 | $52,000 | $52,000 | $0 | – | $0 | $425,111 |
| 682040 | $0 | $24,540 | $0 | $27,460 | $0 | $52,000 | $52,000 | $0 | – | $0 | $408,019 |
| 692041 | $0 | $25,835 | $0 | $26,165 | $0 | $52,000 | $52,000 | $0 | – | $0 | $391,806 |
| 702042 | $0 | $27,058 | $0 | $24,942 | $0 | $52,000 | $52,000 | $0 | – | $0 | $376,420 |
| 712043 | $0 | $28,225 | $0 | $23,775 | $0 | $52,000 | $52,000 | $0 | – | $0 | $361,826 |
| 722044 | $0 | $29,042 | $0 | $22,958 | $0 | $52,000 | $52,000 | $0 | – | $0 | $347,693 |
| 732045 | $0 | $29,294 | $0 | $22,706 | $0 | $52,000 | $52,000 | $0 | – | $0 | $333,468 |
| 742046 | $0 | $29,549 | $0 | $22,451 | $0 | $52,000 | $52,000 | $0 | – | $0 | $319,150 |
| 752047 | $0 | $29,805 | $0 | $22,195 | $0 | $52,000 | $52,000 | $0 | – | $0 | $304,739 |
| 762048 | $0 | $30,063 | $0 | $21,937 | $0 | $52,000 | $52,000 | $0 | – | $0 | $290,235 |
| 772049 | $0 | $30,323 | $0 | $21,677 | $0 | $52,000 | $52,000 | $0 | – | $0 | $275,638 |
| 782050 | $0 | $30,585 | $0 | $21,415 | $0 | $52,000 | $52,000 | $0 | – | $0 | $260,946 |
| 792051 | $0 | $30,849 | $0 | $21,151 | $0 | $52,000 | $52,000 | $0 | – | $0 | $246,159 |
| 802052 | $0 | $31,114 | $0 | $20,886 | $0 | $52,000 | $52,000 | $0 | – | $0 | $231,277 |
| 812053 | $0 | $31,382 | $0 | $20,618 | $0 | $52,000 | $52,000 | $0 | – | $0 | $216,300 |
| 822054 | $0 | $31,651 | $0 | $20,349 | $0 | $52,000 | $52,000 | $0 | – | $0 | $201,227 |
| 832055 | $0 | $31,922 | $0 | $20,078 | $0 | $52,000 | $52,000 | $0 | – | $0 | $186,057 |
| 842056 | $0 | $31,993 | $0 | $20,007 | $0 | $52,000 | $52,000 | $0 | – | $0 | $170,588 |
| 852057 | $0 | $31,988 | $0 | $20,012 | $0 | $52,000 | $52,000 | $0 | – | $0 | $154,737 |
| 862058 | $0 | $31,984 | $0 | $20,016 | $0 | $52,000 | $52,000 | $0 | – | $0 | $138,495 |
| 872059 | $0 | $31,980 | $0 | $20,020 | $0 | $52,000 | $52,000 | $0 | – | $0 | $121,853 |
| 882060 | $0 | $31,976 | $0 | $20,024 | $0 | $52,000 | $52,000 | $0 | – | $0 | $104,801 |
| 892061 | $0 | $31,972 | $0 | $20,028 | $0 | $52,000 | $52,000 | $0 | – | $0 | $87,329 |
| 902062 | $0 | $31,968 | $0 | $20,032 | $0 | $52,000 | $52,000 | $0 | – | $0 | $69,427 |
| 912063 | $0 | $31,964 | $0 | $20,036 | $0 | $52,000 | $52,000 | $0 | – | $0 | $51,085 |
| 922064 | $0 | $31,961 | $0 | $20,039 | $0 | $52,000 | $52,000 | $0 | – | $0 | $32,291 |
| 932065 | $0 | $31,957 | $0 | $20,043 | $0 | $52,000 | $52,000 | $0 | – | $0 | $13,036 |
| 942066 | $0 | $31,954 | $0 | $13,354 | $0 | $45,307 | $52,000 | $0 | $6,693 | $0 | $0 |
| 952067 | $0 | $31,950 | $0 | $0 | $0 | $31,950 | $52,000 | $0 | $20,050 | $0 | $0 |
How the calculator works
- Until you retire your pay rises each year and your employer’s super guarantee (and any salary sacrifice) goes into super, taxed 15% in the fund, and grows.
- From your start age (60 or later) super moves into an account-based pension, tax-free; at least the minimum comes out each year. Any lump sum goes to savings, tax-free.
- From 67 the Age Pension is worked out each year under the income test (deemed income on super and savings, pensions, pay after the Work Bonus) and the assets test (not your home), and the lower one is paid.
- Each year of retirement your spending is paid first from income after tax, then from savings, then from extra super pension drawdowns.
- Tax (14% band from 2027-28), the Medicare levy, LITO and SAPTO are worked out for each of you every year.
- Today’s money: amounts are in today’s dollars; the plan starts in the 2027-28 financial year.
The rules, and where each comes from
- Age Pension from 20 September 2026 to 19 March 2027: $1,237.70 a fortnight single, $933.00 each for a couple (basic rate, Pension Supplement, Energy Supplement $14.10 / $10.60). Source, read 9 November 2026.
- Age Pension age 67; rates change every 20 March and 20 September; foreign pensions count as income. Source, read 9 November 2026.
- Income test: $226 a fortnight free (single), $396 combined (couple); then 50c a dollar (couple: 25c each on combined income). Source, read 9 November 2026.
- Work Bonus: the first $300 a fortnight of work income is not counted (income bank up to $11,800, not modelled). Source, read 9 November 2026.
- Assets test: full pension up to $333,000 single / $499,000 couple (homeowners), $600,000 / $766,000 (non-homeowners); the home is not counted. Source, read 9 November 2026.
- Assets taper: $3 a fortnight for each $1,000 over the limit (single or couple combined), worked out in whole $250 steps. Source, read 9 November 2026.
- Super under Age Pension age is not counted unless it pays a pension; from Age Pension age it counts in both tests and is deemed. Source, read 9 November 2026.
- Deeming from 20 September 2026: 1.75% to $66,800 (single) / $110,600 (pensioner couple), 3.75% above; account-based pensions are deemed. Source, read 9 November 2026.
- Resident tax 2026-27: nil to $18,200, 15% to $45,000, 30% to $135,000, 37% to $190,000, 45% above. Source, read 9 November 2026.
- The 15% rate falls to 14% from 1 July 2027 (law); the planner uses 14% from 2027-28. Source, read 9 November 2026.
- Medicare levy 2%; low-income thresholds 2025-26: $28,011 single, $44,268 single entitled to SAPTO (10% of the excess above them until 2%). Source, read 9 November 2026.
- Medicare levy family thresholds 2025-26: $47,238, $61,623 for families entitled to SAPTO. Source, read 9 November 2026.
- SAPTO 2026-27: $2,230 single (reduced 12.5c a dollar over $36,034), $1,602 each of a couple (over $31,847). Source, read 9 November 2026.
- LITO: $700 up to $37,500, less 5c a dollar to $45,000 ($325), less 1.5c a dollar to $66,667. Source, read 9 November 2026.
- Preservation age 60 (born from 1 July 1964); super lump sums and pensions from a taxed fund are tax-free from 60; minimum pension drawdown 4% under 65, 5% at 65-74, 6% at 75-79, 7% at 80-84, 9% at 85-89, 11% at 90-94, 14% from 95. Source, read 9 November 2026.
- Concessional contributions cap $32,500 (2026-27); taxed 15% in the fund. Source, read 9 November 2026.
- Super guarantee 12%. Source, read 9 November 2026.
- Transfer balance cap $2.1 million from 1 July 2026; untaxed defined benefit pensions get a 10% tax offset from 60, up to the $131,250 defined benefit income cap. Source, read 9 November 2026.
- Division 296: extra tax on earnings of super balances over $3 million from 1 July 2026 (not modelled). Source, read 9 November 2026.
- The UK State Pension is not increased for people living in Australia (frozen at the rate when you claim). Source, read 9 November 2026.
- Pounds per Australian dollar 0.51332: ECB reference rates on 6 November 2026 (£0.83415 and A$1.6250 per euro); an input you can change. Source, read 9 November 2026.
Not included: Division 296 tax on balances over $3m, defined benefit pensions from taxed funds (tax-free from 60), transition to retirement, the Work Bonus income bank, rent assistance, the Commonwealth Seniors Health Card, and 2027-28 SAPTO and Medicare thresholds (not yet published: the latest are used). Growth, inflation and spending are your assumptions; markets can fall. General information, not advice: for a decision about your pension, talk to a qualified financial adviser. By DecisionsCalc.
Frequently asked questions
Can I retire at 60 with $500k in super?
For the example here (homeowner, age 55, $500,000 in super, $50,000 saved, spending $52,000 a year after tax) the money lasts to 93, with about $23,184 a year of Age Pension at 67 in today’s money. The spending that lasts to 95 is about $51,300 a year. With $1 million it lasts past 95. Change the figures above for yours.
What is the earliest I can retire in Australia?
The earliest age at which your money lasts to 95: 61 for the example plan. Super can be drawn from your preservation age (60 for anyone born from 1 July 1964) once you retire, and the Age Pension starts at 67, so there is a bridge to fund.
How much Age Pension will I get?
Up to $1237.70 a fortnight single or $933.00 each for a couple (from 20 September 2026), reduced by the income test or the assets test, whichever gives less. Your home is not counted. The calculator works out both tests every year from 67, so the pension grows as your super runs down.
What are the Age Pension asset limits?
Full pension up to $333,000 for a single homeowner and $499,000 for a homeowner couple ($600,000 / $766,000 if you rent). Above that the pension falls $3 a fortnight for every $1,000, so it stops at about $745,750 for a single homeowner and $1,121,000 for a couple.
How does deeming work?
Centrelink assumes your bank accounts, shares, managed funds and super (including account-based pensions) earn 1.7500000000000002% on the first $66,800 ($110,600 for a pensioner couple) and 3.75% above, whatever they really earn. That deemed income goes into the income test.
Is super taxed after 60?
Lump sums and pension payments from a taxed super fund are tax-free from 60. The calculator does not tax super drawdowns; it taxes pay, defined benefit pensions (as untaxed public-sector schemes, with the 10% offset), the Age Pension and any UK State Pension, with SAPTO, LITO and the Medicare levy.
What is the minimum I must draw from an account-based pension?
4% of the 1 July balance under 65, 5% at 65 to 74, 6% at 75 to 79, 7% at 80 to 84, 9% at 85 to 89, 11% at 90 to 94 and 14% from 95. The calculator takes at least that each year from the year after you start the pension.
I worked in the UK. Is my UK State Pension frozen in Australia?
Yes. The UK State Pension is not increased for people living in Australia: it stays at the rate when you first claim. It is taxed in Australia and counted as income for the Age Pension (50 cents of pension lost for each dollar over the free area). Enter your UK years or gov.uk forecast to see the effect.
When do the figures change?
Age Pension rates and limits on 20 March and 20 September, deeming thresholds on 1 July, tax and super caps each 1 July. We update this page after each change; the date each figure was read is below.
Related
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