If you’re wondering whether you can retire at 60 with $150K in super, the short answer is yes but it requires careful planning, smart budgeting, and a realistic approach to lifestyle expectations. While $150K is below the national average for retirement savings, combining it with the Age Pension, other savings, or part-time income can help you achieve a modest and secure retirement.
In this blog, we’ll explore what lifestyle $150K can afford, how the Age Pension can support you, and strategies to make your retirement savings go further.
Retire at 60 with $150K: What You Can Expect
Retiring at 60 with $150K means your super must be carefully managed. Here’s what you can realistically afford:
- Essential household bills: Utilities, insurance, and groceries will take priority.
- Healthcare: Covering medical costs, medications, and unexpected emergencies.
- Transport: Owning a small car, using public transport, or ridesharing.
- Lifestyle: Local travel, hobbies, and social activities on a modest budget.
Tip: If you own your home outright and have no debts, $150K can stretch further and provide more financial security.modestly, not extravagantly.
Retire at 60 with $150K: The Role of the Age Pension
The Age Pension plays a vital role in supplementing a small super balance. At age 67, you could receive:
- Single retiree: ~$28,500 per year
- Couple: ~$43,000 per year
This additional income reduces the pressure on your super, helping you maintain a basic lifestyle and cover unexpected costs. of modest living, but only if you have no major debts or rent to pay.
Can You Retire on $150,000 at 60? Yes But Here’s What You Need
Here’s what that might look like:
| Year | Balance Start | Withdrawal | Estimated Return (3%) | Balance End |
|---|---|---|---|---|
| 60 | $150,000 | $21,000 | $4,000 | $133,000 |
| 61 | $133,000 | $21,500 | $3,500 | $115,000 |
| 62 | $115,000 | $22,000 | $3,000 | $96,000 |
| 63 | $96,000 | $22,500 | $2,400 | $76,000 |
| 64 | $76,000 | $23,000 | $1,800 | $54,800 |
| 65 | $54,800 | $23,500 | $1,300 | $32,600 |
| 66 | $32,600 | $24,000 | $900 | $9,500 |
By age 67, you may have just a few thousand left — making Age Pension eligibility absolutely critical.
This Line Chart showing how $150K depletes from age 60 to 67 at $20K–$30K spending levels.
Retire at 60 with $150K: Smart Strategies to Make It Work
Retiring with $150K requires a mix of careful planning and proactive strategies:
Invest Wisely
A balanced investment approach, mixing growth assets (shares, ETFs) with defensive assets (bonds, cash), can generate income while preserving your capital. Avoid high-risk investments that could jeopardize your limited super.
Budget Carefully
Track your monthly spending to ensure you live within your means. Prioritise essential expenses and reduce discretionary spending to make your funds last longer.
Supplement Income
Part-time work, freelance gigs, or rental income can fill gaps and provide extra financial flexibility. Even small amounts can significantly improve your retirement lifestyle.
Relocating
Selling a large home or moving to a more affordable location can free up funds for living expenses, travel, and hobbies.
Phased Retirement
Gradually reducing work hours before full retirement at 60 helps you increase savings and transition smoothly, making your super work harder.
Frequently Asked Questions
Is $150K enough to retire at 60 in Australia?
Yes, it’s possible, but retirement will be modest. Supplementing your super with the Age Pension, savings, or part-time work is essential.
How long will $150K last in retirement?
With careful budgeting and investment, $150K can last until your Age Pension begins at 67 and beyond, especially if combined with other income sources.
Can I retire comfortably on $150K?
Comfortable retirement is unlikely with $150K alone. You’ll need to adjust expectations and focus on essentials, while using strategies like downsizing or part-time work to improve your lifestyle.
Make $150K Work for Your Retirement
Even with $150K, retirement at 60 is achievable with smart planning. By combining super, Age Pension, careful budgeting, and potential supplementary income, you can enjoy financial security and a modest, worry-free retirement.
📅 Book a free retirement strategy session with Wealthlab today and let our experts help you plan a retirement that maximises your $150K while keeping your lifestyle and peace of mind intact.