If you are approaching 60 with $475,000 in super, you are close to the average super balance for Australians at this stage of life. The average super balance for men aged 60 to 64 sits in the range of $430,000 to $450,000. At $475K, you are slightly above that average, which means the planning question most Australians at this age are asking is the same one you are asking: is this enough to stop work?
The honest answer is that $475K can support retirement at 60 for many homeowning Australians, but it requires a realistic spending plan and a clear understanding of how the seven-year gap to the Age Pension at 67 works. This post covers both.
Please note: All figures, projections and scenarios in this article are approximate and for illustrative purposes only. Individual outcomes will vary based on personal circumstances, investment returns, fees and current government policy. This is general information, not personal advice.
How Long Will $475K Last in Retirement?
How long your super lasts depends on what you spend each year and what your balance earns in investment returns. Here is an illustrative guide:
| Annual Spending | How Long $475K May Last |
|---|---|
| $30,000 per year | approximately 18 to 20 years |
| $40,000 per year | approximately 14 to 16 years |
| $50,000 per year | approximately 11 to 13 years |
These are illustrative estimates only. They assume a 2.4% inflation-adjusted real return with consistent annual withdrawals from age 60. Actual outcomes will vary based on investment returns, fees and personal circumstances.
At $30,000 a year, $475K could carry you to your late 70s or early 80s before the balance is substantially reduced. That is the point where the Age Pension is providing most of the income. The investment return assumption in that estimate is conservative. A balanced or moderately growth-oriented portfolio typically produces better long-term outcomes than a cash or fully defensive option over a 20 to 25 year retirement.
Scott and Phil covered the real cost of being too conservative with your investment mix in retirement in Episode 1: Why Playing It Safe in Retirement Can Cost You More. The episode is directly relevant for anyone deciding what to do with their super at 60.
What a $30,000 Annual Retirement Budget Covers
For a homeowner with no mortgage, $30,000 a year covers a genuine and stable lifestyle. Here is how that budget typically distributes:
| Category | Percentage of Budget |
|---|---|
| Housing and Utilities | 22% |
| Food and Groceries | 18% |
| Healthcare and Insurance | 15% |
| Transport | 13% |
| Leisure and Travel | 10% |
| Clothing and Personal Care | 8% |
| Bills and Communication | 7% |
| Buffer and Miscellaneous | 7% |
This is not an extravagant lifestyle but it covers the essentials and leaves room for modest leisure, a car, private health cover and some short domestic travel. For a homeowner with no housing costs, this spending level is achievable on $475K for most of the retirement period, particularly once the Age Pension supplements income from 67.
The 60 to 67 Gap: The Part That Needs the Most Planning
The Age Pension does not start at 60. It starts at 67. That means from the day you retire at 60, your super carries the full weight of your income for seven years with no government support.
Drawing $32,000 a year from $475K across that seven-year bridge, with modest investment returns, means a meaningful portion of the balance is consumed before the Age Pension arrives. The amount remaining at 67 then shapes both your pension eligibility and how long the rest of retirement holds together.
For a homeowner who manages spending carefully during the bridge years, the remaining super at 67 will often sit within the assets test thresholds for at least a part Age Pension. That changes the retirement income picture considerably.
Scott and Phil covered the cost of the pre-pension gap in Episode 19: Is Early Retirement a Trap? The $150K Gap Most Aussies Miss. The episode found that even a one-year difference in retirement timing shifts the long-term numbers meaningfully, and that the average couple retiring today has around $540K combined. At $475K for a single person, that context is useful.
Sample Retirement Budget: Living on $30K/Year
Here’s how a modest retirement budget might break down:
| Category | % of Budget |
|---|---|
| Housing & Utilities | 22% |
| Food & Groceries | 18% |
| Healthcare & Insurance | 15% |
| Transport (fuel, rego) | 13% |
| Leisure & Travel | 10% |
| Clothing & Personal Care | 8% |
| Bills & Communication | 7% |
| Other Essentials & Buffer | 7% |
What the Age Pension Adds From 67
From age 67, the Age Pension becomes available subject to the assets test and income test. Current maximum rates as at March 2026 are:
- Single: approximately $31,223 per year
- Couple combined: approximately $47,070 per year
(Source: Services Australia. Rates are updated each March and September.)
A homeowner who retires at 60 with $475K and draws carefully across the bridge years will typically arrive at 67 with a remaining balance that falls within homeowner assets test thresholds for at least a part Age Pension. Even a part pension of $15,000 to $20,000 a year on top of a reduced super drawdown gives total retirement income of $40,000 to $44,000 a year. That is a substantially different income position to the $32,000 a year the super alone was carrying from 60 to 67.
Getting the Age Pension structuring right before you retire is one of the most valuable things a financial adviser can do at this balance level. Our Pension and Centrelink page explains how the assets test and income test work in practice. Episode 9 of the podcast, When Super Fund Advice Can Cost You the Age Pension, showed a real case where poor structuring decisions cost a retiree significant entitlements. At $475K, that kind of mistake is genuinely costly.
Who Can Make $475K Work at 60?
For most Australians, $475K works best at 60 when:
- You own your home outright with no mortgage or rent
- Your genuine annual living costs sit at or below $33,000 a year
- You draw from super steadily rather than taking large early lump sums
- You have an investment mix that gives the balance a reasonable chance of growth across a long retirement
- You understand the Age Pension means test and have structured your assets with it in mind
If you are still carrying a mortgage or renting at 60, $475K needs to work considerably harder and the case for specific advice before retiring becomes more important, not less.
Use the free Wealthlab super calculator to run your own numbers across different spending and return scenarios.
What to Watch Out For
Drawing down too aggressively in the first five years. The early years of retirement often involve new spending. A sustained annual drawdown well above your plan in the early years compounds over the following two decades and is the most common reason retirement plans at this balance come unstuck.
Underestimating inflation and healthcare in later years. $30,000 in 2026 will buy less in 2041. Building an inflation allowance into the plan rather than assuming flat spending keeps the projections honest. Healthcare costs also tend to increase significantly from the mid-70s. Episode 19 noted that healthcare consumes around 34% of lifetime retirement savings on average.
Missing Age Pension entitlements. Many retirees at this balance assume they will not qualify and do not investigate properly. Getting specific advice on the means test before you retire can make a real difference to the annual income available from 67 onwards.
Not considering life expectancy into the 90s. Australian life expectancy is around 81 for men and 85 for women. A retirement starting at 60 could last 25 to 30 years. A plan that only projects to 80 may underestimate the total funding required.
Our retirement planning page covers how Wealthlab approaches long-term retirement income planning.
A General Retirement Scenario
For a single homeowner at 60 with $475K in super, spending around $30,000 a year:
Age 60 to 67: Drawing from super at around $30,000 a year. Investment returns partially offset the drawdown. Balance reduces over this period.
Age 67 onwards: Part Age Pension likely accessible for many homeowners at the remaining balance. Combined income from pension and reduced super drawdown potentially around $40,000 to $44,000 a year depending on the means test outcome at that point.
Later retirement: Healthcare spending rises from the mid-70s. Building a modest buffer into the long-term plan for this leads to more realistic projections.
Individual outcomes vary considerably. This is an illustrative shape only.
FAQ: Retiring at 60 with $475K in Australia
Can I retire at 60 with $475K in super? For many homeowning Australians with spending of around $30,000 to $33,000 a year, retirement at 60 with $475K is achievable, particularly when combined with Age Pension income from 67. Whether it works for your situation depends on your actual living costs, home ownership, investment returns and total assets. Individual circumstances vary considerably. This is general information, not personal advice.
Is $475,000 enough to retire on in Australia? For a single homeowner with modest spending and no significant debt, $475K can support retirement in Australia when the Age Pension supplements income from 67. It sits below the ASFA comfortable benchmark of $595,000 for a single person but above the average male super balance at retirement, which is around $430,000 to $450,000. Whether it is enough depends on your specific circumstances.
How long will $475K last in retirement? At $30,000 a year with a 2.4% real return, $475K may last approximately 18 to 20 years for many people. At $40,000 a year, approximately 14 to 16 years. These are illustrative estimates only. The Age Pension from 67 reduces the annual drawdown from super, extending how long the balance lasts in practice.
What is the average super balance at retirement in Australia? The average super balance for men aged 60 to 64 is approximately $430,000 to $450,000. For women in the same age group, the average is lower due to career breaks and lower average wages across a working life. At $475K, you sit slightly above the male average. Episode 8 of the Wealthlab podcast, The Psychology of Money, covered the average super balance and retirement readiness statistics in detail.
Will I qualify for the Age Pension at 67 with $475K? A homeowner who retires at 60 with $475K and draws down carefully across seven years will typically arrive at 67 with a remaining balance that falls within homeowner assets test thresholds for at least a part pension. Eligibility is assessed by Services Australia under the assets test and income test at age 67. Rates are current as at March 2026.
What if I retire at 60 but do some part-time work? Even $10,000 to $15,000 a year from part-time or casual work during the 60 to 67 bridge period cuts the annual super drawdown significantly, allows the balance to grow for longer, and typically improves Age Pension eligibility at 67 by preserving more of the balance. Many people at this balance find that a gradual step-down out of work suits them better both financially and personally than a hard stop at 60.
How does $475K compare to what I need for a comfortable retirement? The ASFA Retirement Standard estimates a single homeowner needs around $595,000 in super plus the Age Pension for a comfortable retirement. At $475K, a single retiree is around $120,000 below that benchmark. The gap is meaningful but not insurmountable. For many homeowners with realistic spending expectations and Age Pension eligibility from 67, a comfortable modest retirement is achievable at $475K. (Source: ASFA)
Talk It Through with Wealthlab
If you are approaching 60 with around $475K and working out whether retirement is realistic, getting clarity on your specific situation is worthwhile. The investment mix, drawdown rate, account-based pension setup and Age Pension positioning all interact, and decisions made at the start of retirement are harder to reverse later.
Wealthlab works with everyday Australians navigating exactly these questions. No jargon, no pressure. Book a free chat with the team to talk through how the general principles here might apply to your circumstances.
To compare how the numbers shift at nearby balances, our posts on Can I Retire at 60 with $450K? and Can I Retire at 60 with $500K? cover similar ground.
