If you’re 62 and looking at a super balance of $465,000, you’re probably asking the same question thousands of Australians search every month:“Can I retire at 62 and will $465K be enough to live comfortably?”
The good news is that yes, you can retire at 62 with $465K, especially if you own your home, manage your expenses carefully, and plan well for the early years before the retirement age in Australia for the Age Pension (currently 67).
Retiring at 62 means your super needs to support you for at least five years before any government support kicks in and after that, the Age Pension can help stretch your money even further.
Let’s break down how retirement works at 62, how far $465K can go, and how to plan a retirement you feel confident about.
Understanding Retirement at 62 in Australia
The retirement age in Australia for the Age Pension is 67, but many Australians choose to retire earlier often at 60–62, when they can access their superannuation.
If you retire at 62, your income will come from:
- Your superannuation (via lump sums or an account-based pension)
- Personal savings or investments
- Potential part-time or casual work
- The Age Pension, but only once you reach 67
This means the years 62–67 are your “self-funded years,” and planning how to bridge that gap is critical.
How Much Super Do I Need for a Comfortable Retirement?
How Long Will $465K Last If I Retire at 62?
Here’s a realistic projection using modest investment returns (~3% after inflation) and controlled spending:
| Annual Spending | How Long $465K May Last |
|---|---|
| $20,000/year | ~34–35 years |
| $25,000/year | ~27–28 years |
| $30,000/year | ~23–25 years |
These numbers show that a person retiring at 62 with a modest lifestyle can comfortably make their super last well into their late 80s or early 90s especially once the Age Pension begins at 67.
This is why retirement age and spending plans matter just as much as the amount you start with.
Example Budget: Retiring at 62 on $25,000 Per Year
If you aim to spend around $25K per year, here’s what a realistic and sustainable retirement budget might look like:
| Category | % of Annual Budget |
|---|---|
| Housing & Utilities | 25% |
| Food & Groceries | 20% |
| Healthcare | 15% |
| Transport | 10% |
| Insurance | 10% |
| Travel & Leisure | 10% |
| Miscellaneous | 10% |
This structure focuses on essentials, yet still allows for occasional travel and leisure a realistic lifestyle for many Australians retiring at 62.
Why Homeownership Matters in Retirement
Owning your home is one of the biggest advantages when retiring early. Without rent or mortgage payments, your fixed expenses drop dramatically, allowing your $465K to last far longer.
If you don’t own your home, you may want to consider:
- Downsizing
- Relocating to a regional area
- Using the Downsizer Contribution (up to $300K into super)
- Supplementing income with light part-time work
These strategies help reduce pressure on your super, especially before the Age Pension starts at the retirement age of 67.
Managing Your Super Wisely Between 62–67
The years from retirement age 62 to Age Pension age 67 are the most important. Your super needs to support you during these years, so your strategy matters.
Here’s how to make your retirement money last:
1. Convert Your Super to an Account-Based Pension
This gives you:
- Flexible, regular income
- Tax-free withdrawals after age 60
- Continued investment growth
2. Invest for Safety and Growth
Even in retirement, keeping a portion invested in balanced or conservative growth options helps your money last longer.
3. Avoid Big Lump Sum Withdrawals
Major withdrawals early in retirement can shorten your super life dramatically. Keep your spending controlled until the Age Pension kicks in.
4. Consider Part-Time Work
Even one day per week can reduce pressure on your super and extend its lifespan.
5. Check Your Age Pension Eligibility at 67
Many retirees qualify for:
- Full or partial Age Pension
- Commonwealth Seniors Health Card
- Concessions for utilities, healthcare, and travel
This dramatically reduces your living costs in later years.
Planning Tips to Retire at 62 With Confidence
You can retire at 62 with $465K if you:
- Own your home
- Budget realistically
- Use a smart drawdown strategy
- Keep your super invested appropriately
- Plan the 62–67 self-funded gap carefully
- Reassess your spending every few years
Retirement age in Australia may be 67 for the pension, but you can absolutely retire earlier if you plan well.
How Wealthlab Helps You Retire Smarter
Retirement with $465K is absolutely achievable but the difference between surviving and thriving is having a clear strategy.
At Wealthlab, we help you:
- Understand how long your super will last
- Plan income from 62 to 67 and beyond
- Maximise Age Pension eligibility
- Structure your investments for stability and growth
- Feel confident that your retirement is secure
Book your free retirement planning session today and start your journey toward a confident and comfortable retirement.