For a lot of Australians, turning 62 makes them think about a big question: do they have enough money in their super to retire comfortably? After years of required contributions, rising living costs, and market ups and downs, the average super balance at 62 can make retirement feel safe or uncertain.
New numbers from 2026 show that there is a big difference between what Australians have saved and what many people think they need. Here is what the most recent data shows about super balances at age 62 and what it means if you plan to retire soon.
What is the average super balance for people 62 years old in 2026?
- Men between the ages of 60 and 64 have an average super balance of about $430,000 to $450,000.
- Women aged 60 to 64 have an average super balance of about $330,000 to $350,000.
- The average for couples is about $700,000 to $800,000.
- Because high-balance accounts skew the data, median balances are much lower than averages.
It’s important to know the difference between average and median. Even though the averages look good, a lot of Australians actually retire with a lot less savings and lower than expected balances.
According to Treasury data, almost half of Australians who are about to retire have less than $250,000 in savings and limited financial security.
Why 62 Is a Very Important Age to Retire
There are a number of reasons why age 62 is a common retirement age:
- Once they meet a condition of release, a lot of Australians can access super from age 60.
- Some people leave their jobs early because they are sick or because they are no longer needed.
- It’s often a bridge age before you can get the Age Pension at 67.
- But if you retire at 62, you might have to pay for five years or more before you can get the Age Pension.
That gap can put a lot of stress on super balances over time and long-term retirement planning.
How Much Super Do You Really Need?
The following are the financial industry benchmarks for a “comfortable” retirement in 2026:
- $595,000 to $650,000 for one person
- Couple: $690,000 to $750,000
A “modest” retirement lifestyle requires a lot less money, but it also means you have less money to spend and limited lifestyle flexibility.
Here’s how the numbers stack up:
| Category | Average Balance (62 years old) | Suggested Comfortable Goal |
|---|---|---|
| Single Man | $440,000 | $600,000 or more |
| Single Female | $340,000 | $600,000+ |
| Couple Combined | $750,000 | $700,000 or more |
| The median (all) | less than $300,000 | varies |
The data shows that many single people who retire at 62 don’t have enough money to live comfortably in retirement and meet long-term expenses, but couples may be closer, depending on their lifestyle expectations.
Why Women Retire With Less Super
The gender gap is still one of the most obvious problems with Australia’s superannuation system.
The following reasons usually cause women’s balances to be lower:
- Taking time off work to care for someone
- More people working part-time
- Lower average lifetime wages
- Slower recovery after time off to care for a child
What Happens If You Stop Working at 62?
Here’s how your income might look if you retire at 62:
- Superannuation drawdowns: If you’re retired, you can start taking money out tax-free at age 60.
- Some people use their super to cut back on their work hours gradually.
- No Age Pension until 67, unless you qualify for other financial assistance.
- There is still investment risk because your balance is affected by market changes.
- Sustainability becomes very important because retirement could last 25 to 30 years.
To lower the risk of running out of savings, financial planners often suggest a withdrawal rate of 4–5% and careful long-term planning.
For example:
- $400,000 balance → $16,000–$20,000 per year
- $700,000 balance → $28,000–$35,000 per year
Pressures on the Cost of Living in 2026
The retirement equation in 2026 is made up of:
- Prices for groceries and utilities are higher than they were before 2020 levels.
- Higher premiums for insurance
- The cost of health and aged care is going up
- Renters are under pressure to find affordable housing options
- Inflation has gone down, but retirees still have to pay more for basic living expenses
That makes deciding when to retire, especially at 62, a very important financial decision and long-term planning choice.
How the government sees super and retirement
The Federal Government says that the superannuation system is meant to add to the Age Pension, not replace it.
But people who are now 62 didn’t have to pay into super for their whole careers, which is partly why their balances are lower than younger generations and less consistent contributions.
Should you retire now or wait until you’re 62?
Here are some important things to think about:
- Goals for health and lifestyle
- Mortgage or rent payments
- Your partner’s job status
- Being able to get Age Pension at 67
- Risk tolerance for investments
- Expected lifespan and longevity
Working for two to three more years can greatly increase super balances through continued contributions and compound growth and higher retirement savings.
Superannuation Withdrawal Policy 2026: Changes Could Influence Centrelink Benefit Eligibility
For instance:
- Extra contributions of $20,000 a year, plus investment growth, could add $50,000 to $70,000.
- Holding off on withdrawals keeps capital invested longer.
Things You Should Know Before You Decide
If you’re getting close to 62 in 2026:
- Look at total super across accounts
- Use super fund calculators to check retirement income projections
- Think about selling your home to increase available funds
- Know the Age Pension requirements
- Get professional financial advice
It’s not just about reaching a number when you retire; it’s also about sustaining income for decades and financial security over time.
Questions and Answers (Q&A)
1. What is the average super balance for a 62-year-old in Australia in 2026?
Men make about $430,000 to $450,000, and women make about $330,000 to $350,000, but the medians are significantly lower and vary across individuals.
2. Is $400,000 enough to let you retire at 62?
It depends on what you expect from life, where you live, and whether you will be eligible for Age Pension and future income support.
3. Can I get to my super at 62?
Yes, if you are 60 years old or older and meet a condition of release and super access requirements.
4. Will I get the Age Pension when I turn 62?
No. You can get the Age Pension when you turn 67, which means a gap in retirement income and delayed government support.
5. If I retire at 62, how long will my super last?
It could last 25 to 30 years, depending on how long you live and your spending habits and withdrawal strategies used.
6. What is the right amount of money to have saved for retirement?
In 2026, benchmarks show that singles should have at least $600,000 and couples should have at least $700,000 for comfortable retirement living and financial independence goals.
7. Why is the average higher than the median?
The average goes up because there are a few very high balances, which skew the overall data and inflate reported averages.
8. Can I access my super while working part-time?
Yes, according to the rules for transitioning to retirement, allowing partial income withdrawals and flexible retirement planning.
9. Does inflation have an effect on retirement savings?
Yes. Over time, rising living costs make it harder to buy things, reducing purchasing power over time and real value of savings.
10. Should I put off retirement to grow my balance?
Working a few more years can really help you save money and lower your risk of outliving savings and financial uncertainty in retirement.
11. What if I still owe money on my mortgage at 62?
The need for more retirement income grows as housing debt grows, increasing financial pressure in retirement and ongoing monthly expenses.
12. What is a safe amount for me to take out each year?
Depending on how much risk you are willing to take, many planners say 4–5% annual withdrawal rate and sustainable income strategy.
13. Will younger Australians probably have more when they retire?
Yes, because they had to make super contributions throughout their working lives, leading to larger accumulated balances and long-term financial growth.
14. Does super affect who can get the Age Pension?
Yes, once you reach retirement age, super balances are taken into account when determining your eligibility for pension benefits and means testing outcomes.
15. What is the worst thing to do when you retire?
Not knowing how long retirement will last and thinking that withdrawal rates will stay the same for a long time can lead to poor financial planning decisions and risk of running out.
