As Australians approach the age of 60, they encounter a critical financial milestone that often prompts serious reflection on retirement preparedness. By this age, retirement transitions from a distant concept into an imminent reality, leading many to reassess their superannuation balances and retirement plans. A recent analysis reveals the average superannuation balances for Australians nearing this age in 2026, providing insight into their financial readiness for retirement.
Understanding the cost of a comfortable retirement is crucial for those approaching this pivotal age. According to the Association of Superannuation Funds of Australia (ASFA), the amount needed in superannuation varies significantly depending on lifestyle expectations. ASFA defines a comfortable retirement as one that allows individuals to cover essential living costs, maintain private health insurance, engage in leisure activities, and afford both domestic and occasional international travel. Based on current data, a comfortable retirement requires annual expenses of approximately $54,240 for singles and $76,505 for couples.
To sustain this level of spending, ASFA estimates that retirees need around $595,000 in superannuation for singles and $690,000 combined for couples, assuming they own their home outright and enjoy good health. On the other hand, a modest retirement, which covers basic needs with limited discretionary spending, necessitates about $100,000 in super, regardless of whether an individual is single or in a couple.
With these benchmarks set, it is essential to evaluate where the average 60-year-old Australian stands financially. Data indicates that for women, average superannuation balances increase from approximately $243,000 for those aged 55–59 to around $313,000 for those aged 60–64. This suggests that the average 60-year-old woman likely holds about $278,000 in superannuation. Conversely, for men, balances rise from around $320,000 at ages 55–59 to approximately $396,000 at ages 60–64, positioning the average 60-year-old man at about $358,000. Consequently, the average couple nearing retirement at age 60 has a combined super balance of roughly $636,000.
The question of whether this amount is adequate remains. For couples, nearing $636,000 brings them closer to ASFA’s comfortable retirement benchmark, especially if they plan to continue working for a few more years or have additional assets to supplement their superannuation. In contrast, for singles, the situation appears more challenging. Average balances ranging from $278,000 to $358,000 fall significantly short of the $595,000 guideline for a comfortable retirement, indicating many may need to rely on the Age Pension or modify their retirement expectations.
Falling below the average superannuation balance at age 60 does not spell doom for individuals. Many Australians still have several working years ahead of them, and even small adjustments can lead to improved financial outcomes. Options such as working part-time, making additional concessional contributions within annual limits, reviewing investment strategies, or consolidating multiple super accounts can all contribute to enhancing retirement savings.
Most importantly, understanding personal retirement goals and lifestyle preferences is vital in making informed financial decisions. The average superannuation balance at age 60 in 2026 underscores a broader narrative: while many Australians are doing reasonably well, a significant number of singles are not adequately prepared for a comfortable retirement solely based on superannuation.
As Australians approach this significant life stage, it is crucial to assess not only their average standing but how their individual superannuation aligns with their retirement aspirations. At age 60, there remains ample opportunity to influence financial outcomes, ensuring a more secure and fulfilling retirement.
