We have made a new determination of the half-life of the radioactive isotope Fe60 using high precision measurements of the number of Fe60 atoms and their activity in a sample containing over 1015 Fe60 atoms. Our new value for the half-life of Fe60 is (2.62±0.04)×106yr, significantly above the previously reported value of (1.49±0.27)×106yr. Our new measurement for the lifetime of Fe60 has significant implications for interpretations of galactic nucleosynthesis, for determinations of formation time scales of solids in the early Solar System, and for the interpretation of live Fe60 measurements from supernova-ejecta deposits on Earth.