how much super do i need to retire at 60

To retire comfortably at age 60 in Australia, the estimated superannuation balance needed is approximately $515,000 for a single person and around $660,000 for a couple. This balance aims to provide an annual income of about $52,000 for a single person and $72,000 for a couple, combining super drawdown and Age Pension payments. These figures are based on the standards set by the Association of Superannuation Funds of Australia (ASFA) and assume home ownership and typical retirement expenses for a comfortable lifestyle. For context, super balances to retire comfortably rise with age and lifestyle expectations, and modest lifestyles require significantly less super. Planning to retire earlier than the typical age of 67 may require a larger super balance to support more years in retirement. If a more modest lifestyle is sufficient or if there are other income streams, the required balance would be lower, but for comfort and security at age 60, approximately half a million dollars in superannuation is a common target.