For Australian retirees
Can you retire at 62 with $500,000 in super?
Here's what the numbers say for a single renter in 2026, based on current ATO and Services Australia rules.
At 62, super is accessible but the Age Pension is still five years away. How your balance depletes during this window directly affects your Centrelink entitlements — counterintuitively, spending down your super can increase the pension you receive from 67. With $500,000, you're around the median super balance for Australians approaching retirement. A part Age Pension from 67 is likely — the exact amount depends on how much you spend before then.
Your super is projected to last past age 90, supported by the Age Pension from 67. You appear to be in good shape.
Age Pension eligibility at 67
Part pension — $1,035/fn
With $500,000 in super and renting, you'd likely qualify for a part Age Pension of around $1,035 per fortnight from age 67. See below for what's limiting the amount.
Why not the full pension?
Centrelink assigns a "deemed" income to your investments, regardless of what they actually earn. It's this calculated income — not your asset level — that's reducing your pension below the full amount. The deeming rate is currently 1.25% on the first $64,200 and 3.25% above that.
Your super runway
Lasts until age 109
Currently showing ASFA comfortable standard for singles.
With Age Pension
Age 109
Without Age Pension
Age 78
Balanced returns (7%/yr), $50K cash, Age Pension from 67 (includes base rate + pension supplement + energy supplement). Adjust your spending to see the impact.
This is based on standard assumptions
Your situation is different.
The full tool reveals what this page can't show you:
- What if you work part-time through your 60s? (TTR pension scenarios)
- What if you add extra super contributions before retiring?
- What if your partner has super too? (couple scenarios)
- Your actual salary, super balance, and other assets — not fixed assumptions
- Year-by-year breakdown with your real numbers
Free. No sign-up required. Takes about 2 minutes.
Modelled outcomes only. Not financial advice. Projections assume a single person, renter, $45K annual spend in today's dollars, $50K in cash and investments, and a 7% p.a. balanced return. Age Pension amounts include base rate, pension supplement, and energy supplement — the full payment a pensioner receives. Estimates use 2025–26 Services Australia thresholds. Past returns are not indicative of future performance. Consult a licensed financial adviser before making retirement decisions.
What if you had more time or more savings?
Other super balances at age 62