Retiring at 62 is an attractive option for many Australians who want to enjoy more freedom while still young and active. But in 2026, with rising living costs and longer life expectancy, the big question remains: Is your super balance enough to retire at 62? Let’s take a closer look at the average superannuation balances and what they mean for early retirees.
Average Super Balances at Age 62
While exact figures vary slightly each year, data for Australians aged 60–64 (the closest bracket to age 62) shows:
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Men (60–64 years): Around $390,000–$400,000
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Women (60–64 years): Around $310,000–$320,000
These figures represent averages — meaning some people have significantly more, while others have much less.
It’s important to remember that the average does not always reflect what is required for a comfortable retirement. Many Australians retiring at 62 may find their balance lower than expected due to career breaks, part-time work, or late entry into the workforce.’
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Is That Enough to Retire Comfortably?
According to the Association of Superannuation Funds of Australia (ASFA), a comfortable retirement in 2026 may require approximately:
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$600,000–$650,000 for a single person
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$700,000–$750,000 for a couple
When compared to average balances at age 62, there is a noticeable gap. This means many Australians retiring at 62 may need to:
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Adjust their lifestyle expectations
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Supplement income with part-time work
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Rely partly on the Age Pension
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Use additional savings or investments
Accessing Super at 62
Australians can generally access their super once they reach their preservation age (between 55 and 60, depending on birth year). By 62, most people have full access to their super funds.
However, retiring before Age Pension eligibility (currently 67) means you may need to fund several years of living expenses solely from super and personal savings.
Why Balances Differ So Much
Several factors influence super balances at age 62:
1. Career Gaps
Time out of the workforce for parenting or caregiving can reduce contributions, especially for women.
2. Contribution Rates
Australia’s Super Guarantee rate has gradually increased to 12%, helping boost balances for current workers.
3. Investment Performance
Market returns play a major role. Strong years can significantly grow balances, while downturns may slow progress.
4. Salary Level
Higher lifetime earnings generally result in larger super balances.
Planning for Retirement at 62
If you’re considering retiring at 62 in 2026, here are some practical steps:
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Review your current super balance and projected growth.
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Consider making extra concessional or non-concessional contributions before retirement.
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Reduce debts before leaving the workforce.
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Estimate your annual expenses realistically.
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Seek financial advice to structure your super drawdown efficiently.
The Bottom Line
Retiring at 62 in Australia in 2026 is possible — but it requires careful financial planning. While average super balances hover around $350,000–$400,000 for this age group, many retirees may need significantly more to maintain a comfortable lifestyle.
The key is understanding your personal financial position rather than relying solely on averages. With proper preparation, retiring at 62 can still be a rewarding and achievable goal.
FAQ Retiring at 62 in Australia 2026
Q1: Can I access my super at 62?
Yes, most Australians can access their super by age 60.
Q2: What is the average super balance at 62?
Around $390,000 for men and $315,000 for women (approximate range).
Q3: Is that enough for a comfortable retirement?
It may be below recommended benchmarks, so additional savings could be needed.
Q4: Can I retire at 62 and still get the Age Pension?
You can retire at 62, but Age Pension eligibility generally starts at 67.
Q5: How can I increase my super before retiring?
You can make voluntary contributions and review your investment strategy.
