If you’re 60 years old and sitting on $500,000 in super, you’re likely asking: “Is this enough to retire comfortably?” The answer? Yes, potentially — if you plan carefully.
Retiring on $500K isn’t about living large, but it can absolutely fund a secure, modest lifestyle, especially if paired with the Age Pension and a solid financial strategy.
How Long Will $500K Last in Retirement?
Let’s look at how different lifestyles affect your retirement timeline:
| Annual Spending | How Long $500K May Last |
|---|---|
| $30,000/year | ~19–21 years |
| $40,000/year | ~15–17 years |
| $50,000/year | ~12–14 years |
📉 These estimates assume a 2.4% real return (after inflation) and steady drawdown.
With a $30K annual lifestyle, your savings could last to your early 80s — well into the Age Pension years, which can then carry the rest of the financial load.
Graphic
This Line Chart Showing how $500K depletes over 25–30 years under three spending levels: $30K, $40K, and $50K/year.
What Does $30K/Year Look Like in Retirement?
| 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% |
The Role of the Age Pension
From age 67, the Age Pension can be a major source of support:
- Singles: up to ~$28,500/year
- Couples: up to ~$43,700/year
Even if your super starts to run low, this income stream can cover essentials, giving your savings a second wind for lifestyle extras, emergencies, or health care
🏠 Can You Realistically Retire with $500K?
You’re well positioned to retire at 60 with $500K if:
- You own your home (or pay low rent)
- You’re content with a modest lifestyle
- You avoid large lump-sum spending
- You use a structured drawdown strategy
- You plan to integrate Age Pension into your income model
Common Mistakes to Avoid
- Overestimating returns or spending more than you can afford
- Forgetting to factor in inflation and increasing health costs
- Missing out on government entitlements
- Not reviewing your retirement plan annually
Is $500K Enough?
Yes — with the right plan.
It won’t fund high-end travel or a luxurious lifestyle, but with smart choices, $500K can be the foundation of a stable, fulfilling retirement.
And remember, from 67 onwards, the Age Pension fills much of the gap — keeping the essentials covered while your remaining super supports your lifestyle.
Let Wealthlab Help You Retire Smarter — and Abundantly
At Wealthlab, we don’t just plan for retirement — we help you maximise what you’ve got, even if it’s less than a million.
Here’s how we help:
✅ Forecast how long your super will last
✅ Plan drawdowns in sync with Centrelink rules
✅ Strategise for Age Pension eligibility
✅ Factor in health costs, inflation, and emergencies
✅ Turn $500K into a confident, stress-free future
You worked hard to save. Let’s make that money work hard for you.
Book a consultation with Wealthlab] — and let’s plan for a more abundant retirement.