Can I Retire at 60 with $330K in Australia? Retirement planning can feel daunting, especially when your super balance sits around $330,000. You might be asking Is $330K enough to retire at 60 in Australia? The answer is yes, but with smart planning. While $330K is lower than the national average for retirement savings, combining your super with other assets and a carefully thought-out strategy can make a comfortable retirement possible.
In this guide, we’ll explore retirement income scenarios, how the Age Pension can supplement your super, budgeting strategies, and practical tips to make $330K last.
Can You Retire at 60 on $330K?
Yes, you can retire at 60 with $330K in Australiab ut your retirement income will depend on:
- How you invest your super: Returns from conservative growth or diversified investments will impact your annual income.
- Your lifestyle choices: A modest lifestyle is realistic, while higher expenses may require additional savings.
- Age Pension eligibility: You’ll be eligible at 67, which significantly boosts your retirement income.
If planned well, $330K can provide decades of financial security and a steady lifestyle.
How Long Will $330K Last in Retirement?
The longevity of $330K depends on your spending, investment returns, and inflation. Assuming a moderate investment return of 3% p.a. after inflation, your super can last:
| Annual Spending | Estimated Longevity |
|---|---|
| $20,000/year | ~16–18 years |
| $25,000/year | ~13–14 years |
| $30,000/year | ~11 years |
With careful budgeting and a mix of investments, your super can last well into your 80s or beyond.
What Lifestyle Can $330K Support?
With $330K at retirement, you’ll likely enjoy a modest lifestyle, including:
- Essentials: food, utilities, and housing costs
- Healthcare and medical expenses
- Transportation and basic travel
- Occasional leisure activities
Suggested Annual Budget for a Single Retiree (Based on $28K/year):
| Category | % of Budget |
|---|---|
| Food & Utilities | 30% |
| Housing & Insurance | 25% |
| Healthcare | 20% |
| Transport | 10% |
| Leisure & Travel | 10% |
| Contingency/Emergencies | 5% |
This budget allows for a secure, balanced lifestyle while keeping expenses in check.
Retiring at 55, 60, or 65 With $330K
The age at which you retire greatly impacts your retirement income. Here’s what to expect:
Can I Retire at 55 With $330K?
Technically, you can retire at 55 with $330,000, but there are some important considerations. In Australia, superannuation can’t be accessed until you reach your preservation age, which for most people is 60. This means that if you retire at 55, you will need five years’ worth of income outside your super to fund your day-to-day expenses.
These five years can be covered using:
- Savings in bank accounts or term deposits
- Investment portfolios, such as shares, ETFs, or managed funds
- Property income, either from renting out an investment property or downsizing your home
Once you reach 60, your super can be accessed tax-free, giving you a substantial boost to your retirement income. Assuming moderate investment growth, a $330K super balance could provide:
- Single retiree: ~$23,000 per year (adjusted for inflation)
- Couple: ~$28,000 per year combined
Keep in mind, this income assumes a modest lifestyle and careful budgeting. Retiring at 55 also means you may need to be more conservative with your investments to ensure your funds last through a potentially longer retirement period.
Can I Retire at 60 With $330K?
Reaching 60 changes the picture considerably. At this age, you can access your super tax-free, which means your $330K can start generating retirement income immediately.
Depending on your investment strategy and lifestyle needs, your annual income could be:
- Single retiree: ~$25,000–$27,000 per year (adjusted for inflation)
- Couple: ~$32,000–$35,000 per year combined
At 60, you are also in a stronger position to optimise your super through investment strategies that generate steady returns, such as a mix of growth and defensive assets. For example:
- 70% growth assets (shares, ETFs, property trusts) for long-term returns
- 30% defensive assets (cash, term deposits, bonds) for stability
Importantly, when you reach 67, you will become eligible for Age Pension payments, which could provide an additional:
- $28,500/year for singles
- $43,000/year for couples
This extra income reduces the pressure on your $330K super, allowing you to maintain your lifestyle, cover unexpected medical expenses, or enjoy modest travel.
Can I Retire at 65 With $330K?
Waiting until 65 to retire offers even more financial security. Why? Because:
- You draw down your super for fewer years, which means your $330K lasts longer.
- You are closer to Age Pension eligibility, meaning you will receive supplementary payments sooner.
With a $330K super balance at 65, your retirement income could be:
- Single retiree: ~$30,000 per year
- Couple: ~$38,000 per year combined
Retiring at 65 also allows you to take advantage of higher superannuation contributions made in your final working years, which may slightly increase your balance before you retire.
By waiting until 65, you can enjoy a more sustainable retirement, with less financial stress and more flexibility for healthcare, travel, or lifestyle expenses.freedom to manage unexpected costs or lifestyle upgrades.
Tips to Make $330K Work
Even with a smaller super balance, you can secure a comfortable retirement by:
- Budgeting wisely: Keep lifestyle expectations aligned with your savings.
- Investing smartly: Diversify your portfolio to generate steady returns.
- Supplementing income: Consider part-time work or small side projects.
- Blending Age Pension & super: Optimise drawdown strategies to make money last longer.
- Reducing debt: Enter retirement with minimal or no debt for greater flexibility.
FAQs
Is $330K enough to retire at 60 in Australia?
Yes, with careful planning, a modest lifestyle, and Age Pension supplementation, $330K can support retirement at 60.
How long will $330K last?
Depending on your annual expenses, $330K could last 11–18 years.
What retirement lifestyle can $330K provide?
A modest lifestyle with essentials, healthcare, transport, and occasional leisure is realistic.
See how to retire with $370K in Australia for more insights.
How Wealthlab Can Help You Retire with Confidence
Wealthlab specialises in helping Australians optimise their retirement strategy. With a $330K super balance, we can help you:
✅ Stretch your super with tax-efficient strategies
✅ Blend Age Pension and super for maximum efficiency
✅ Plan for inflation, market fluctuations, and healthcare costs
✅ Align retirement planning with lifestyle goals
With the right guidance, retiring at 60 with $330K can provide peace of mind and financial security.
📅 Book a free retirement strategy session today and start planning for a retirement you can truly enjoy.