Can I retire at 62 with $440,000 in super? The answer is yes but it requires careful planning, modest expectations, and smart financial decisions. While $440K may not fund a luxury lifestyle, it can provide a comfortable retirement if combined with homeownership, government support, and strategic drawdowns from your super.
Can I Retire at 62? Understanding the Numbers
Retiring at 62 with $440K in super means you’ll need to manage your expenses carefully. Here’s a general breakdown based on annual spending and a modest 2.5% inflation-adjusted investment return:
| Annual Spending | Estimated Longevity |
|---|---|
| $20,000/year | ~33–34 years |
| $25,000/year | ~26–28 years |
| $30,000/year | ~22–23 years |
With careful budgeting, your $440K can last well into your 80s especially when Age Pension support starts at 67.
Can I Retire at 62? Budget Breakdown for $25K/Year
A practical $25K annual budget might look like this:
| Category | % of Budget |
|---|---|
| Housing & Utilities | 25% |
| Food & Groceries | 20% |
| Healthcare | 15% |
| Transport | 10% |
| Insurance | 10% |
| Leisure/Travel | 10% |
| Miscellaneous | 10% |
Can I Retire at 62? Home Ownership Advantage
Owning your home can make a significant difference. Without rent or mortgage payments, your super stretches much further. Mortgage-free retirees can combine super with part-time work or Age Pension support to maintain a stable and fulfilling lifestyle.
If you rent, consider downsizing or relocating to reduce expenses, which can help your super last longer.
Can I Retire at 62? Strategies to Make it Work
- Delay major expenses until after Age Pension eligibility at 67.
- Keep early spending to $20K–$25K/year to preserve super.
- Diversify investments for stable, inflation-adjusted returns (~2.5%).
- Consider part-time work or phased retirement to supplement income.
- Reassess your drawdown strategy periodically.
Can I Retire at 62? How Wealthlab Can Help
Retirement success isn’t just about the super balance it’s about having a clear plan. At Wealthlab, we help Australians:
✅ Stretch their retirement savings effectively
✅ Build a roadmap from now to Age Pension
✅ Identify ways to supplement income and reduce risk
✅ Tailor strategies to match lifestyle goals
Book a free consultation today and discover how to make $440K in super work smarter helping you retire at 62 with confidence and peace of mind.