Can I Retire at 62 ? Retiring at 62 with $410,000 in super is possible especially if you own your home, are eligible for government support, and maintain a modest lifestyle. Many Australians are exploring early retirement options, and while $410K may not seem like a large balance, smart planning can make it last well into your 80s and beyond.
Is $410K Enough to Retire at 62?
Whether $410K is sufficient depends on several factors:
- Your annual living expenses
- Eligibility for the Age Pension at 67
- Homeownership or rent obligations
- How your super is invested
- Any other sources of income
By understanding these factors, you can create a strategy that ensures your super lasts and supports a comfortable lifestyle.
How Long Will $410K Last in Retirement?
Here’s a rough estimate of how long $410K could last, based on a 2.5% inflation-adjusted return:
| Annual Spending | Estimated Longevity |
|---|---|
| $20,000/year | ~30 years |
| $25,000/year | ~24–25 years |
| $30,000/year | ~19–21 years |
With conservative spending and careful planning, your super could provide a stable retirement well into your 80s.
Home Ownership Makes a Big Difference
Owning your home can significantly stretch your retirement savings. Without rent or mortgage payments, your retirement costs drop, making it easier to live comfortably with $410K in super. If you don’t own your home, you may need to factor in rent or explore downsizing options.
Example Budget for a $25K/Year Lifestyle
Here’s a simple breakdown of a $25,000 annual retirement budget:
| Category | % of Budget |
|---|---|
| Housing & Utilities | 25% |
| Food & Groceries | 20% |
| Healthcare | 15% |
| Transport | 10% |
| Insurance | 10% |
| Leisure & Travel | 10% |
| Miscellaneous | 10% |
This shows how careful budgeting can make your $410K go further while maintaining a comfortable lifestyle.
Strategies to Make $410K Last
- Delay full retirement and work part-time until Age Pension eligibility at 67
- Adjust annual spending to match needs
- Downsize or access home equity if possible
- Diversify investments to preserve capital
- Plan to supplement with Age Pension benefits
This line chart showing how $410K depletes from age 62 to 90 under the three spending scenarios. It’s an effective way to compare outcomes and make informed decisions.
How Wealthlab Can Help You Retire at 62
Your super alone doesn’t define your retirement your strategy does. At Wealthlab, we help you:
✅ Stretch your super to last longer
✅ Withdraw funds strategically over time
✅ Access Age Pension and other government support
✅ Create a personalised retirement plan tailored to your lifestyle
Book a free consultation today to see how you can make $410K work smarter and achieve a more abundant retirement.