You’ve saved $300,000 in super and are now seriously considering early retirement. It’s a big milestone but the question remains: can you make it work at 60? The short answer is yes, but only with disciplined planning and a clear strategy. Retiring at 60 with $300k is certainly achievable if you own your home, commit to a modest lifestyle, and manage your super and future Age Pension access wisely. In this guide, we’ll explore how long $300k can last, what kind of lifestyle it can support, what changes financially between 60 and 67 (when the Age Pension begins), how to stretch your savings to go the distance, and the common mistakes to avoid when planning an early retirement.
Graphic:
Line chart showing how $300K depletes under three annual spending scenarios over 25 years.
What Happens Financially at 60?
Turning 60 gives you tax-free access to your super if you’re retired this is called reaching your preservation age.
However, you’re not yet eligible for the Age Pension, which only begins at age 67. So, for the first 7 years, you’ll need to self-fund your retirement from super or other income sources.
This gap can be managed if:
- You own your home
- You budget carefully
- You use super as a regular income stream
What Retirement Costs Look Like
The ASFA Retirement Standard (March 2024) estimates:
- ✅ Modest lifestyle (single): ~$32,000/year
- ✅ Comfortable lifestyle (single): ~$51,000/year
These figures assume:
- You own your home
- You use public healthcare
- You live independently
💡 With $300k, a modest lifestyle is achievable, especially if you aim to live on $26,000–$30,000/year.
What Happens at Age 67?
At 67, you become eligible for the Age Pension, subject to income and asset tests.
Current Full Pension Rates (as of July 2024):
- Single: ~$29,000/year
- Couple: ~$43,800/year (combined)
If you’ve used your super carefully, your balance may be low enough by then to qualify for full or part Age Pension, which can support you for decades to come.
How to Make Retirement Work on $300,000
✅ 1. Own Your Home
Owning your home removes your biggest expense. Without rent or mortgage, it’s easier to live under $30k/year making $300k last far longer.
✅ 2. Set Up an Account-Based Pension
Convert your super into a super income stream to receive regular, flexible payments. It’s tax-free after 60 and helps you control withdrawals, preserving eligibility for Age Pension later.
✅ 3. Live Below the ASFA Modest Standard
Try to live on $26,000–$30,000/year. Cut discretionary spending, use concessions, shop smart, and take advantage of public healthcare.
✅ 4. Keep Some Growth in Your Portfolio
Don’t move everything to cash. Keeping 30–50% in low-risk growth assets helps protect against inflation. Hold enough cash to cover 1–2 years of living expenses for stability.
✅ 5. Supplement with Casual or Freelance Work
Working a few hours a week until 62–63 can reduce your drawdowns, extend the life of your super, and improve your Age Pension eligibility later.
Common Mistakes to Avoid
❌ Relying on super alone to last 30 years
❌ Spending too much in the first 5–7 years
❌ Assuming Age Pension starts before 67
❌ Keeping all your super in cash
❌ Not planning for rising healthcare costs
Final Verdict: Is $300k Enough to Retire at 60?
Yes, but only with discipline and smart choices.
To make it work, you need to:
- Own your home
- Stick to a modest lifestyle
- Strategically draw income from super
- Possibly work part-time early on
- Transition smoothly to the Age Pension at 67
Let Wealthlab Help You Retire with Confidence
At Wealthlab, we help Australians:
✅ Plan for early retirement
✅ Structure account-based pensions
✅ Maximise Age Pension eligibility
✅ Stretch every dollar for a sustainable future
📞 Book your free 30-minute strategy session today
Start your retirement journey with confidence.
🔗 Get Started – Wealthlab.com.au