If you’re 60 and have around $350,000 in super, you might be wondering: Is it enough to retire?
The answer is… maybe — but it depends on how you live, spend, and plan.
While $350K isn’t a huge balance by today’s retirement standards, with the right strategy and access to the Age Pension, you may still enjoy a modest retirement — especially if you own your home and keep living costs in check.
What Does Retirement with $350K Look Like?
A $350,000 super balance at age 60 can fund the early years of retirement, but it won’t last forever — especially without support from the Age Pension.
Here’s a simplified projection:
| Annual Spending | How Long It Might Last |
|---|---|
| $30,000/year | 13–15 years |
| $40,000/year | 10–12 years |
| $50,000/year | 7–9 years |
Assumes modest returns after inflation (~2.4%) and drawdown beginning at age 60.
At $30,000/year — a modest lifestyle — your super could cover you until ~age 73–75. After that, you’d likely rely on the Age Pension to continue supporting your retirement.
The Age Pension Advantage
At age 67, many Australians become eligible for the Age Pension, which helps extend the life of smaller super balances.
If your assets and income fall within limits, you could receive:
- Full Pension: ~$28,500/year (single) or $43,700/year (couple)
- Part Pension if your balance is slightly above the threshold
That means your super only needs to cover the years from age 60 to 67 — and supplement the Age Pension after that.
Graphic:
This Line graph showing how $350K depletes under 3 spending scenarios from age 60–85
Lifestyle Expectations with $350K
Let’s be clear: $350K won’t fund an extravagant retirement — but it can work for a frugal or modest lifestyle, particularly if:
- You own your home (no rent or mortgage)
- You’re comfortable cutting discretionary expenses
- You plan to access the Age Pension at 67
Estimated Annual Retirement Budgets (ASFA Standard)
| Lifestyle Level | Single | Couple |
|---|---|---|
| Modest | $32,000 | $46,000 |
| Comfortable | $51,000 | $72,000 |
So, with $350K and a bit of Age Pension support, a modest lifestyle is achievable — especially if you’re savvy with budgeting.
How to Stretch Your $350K Further
- Delay big-ticket spending until later years
- Keep investments working for you (even post-retirement)
- Minimise tax through account-based pensions
- Use transitional retirement strategies
- Work part-time or casually for a few years
The Risk of “Going It Alone”
The danger with a smaller super balance is running out too early. Many Australians:
- Underestimate medical costs
- Forget to account for inflation
- Overdraw in the early years
- Don’t optimise Age Pension eligibility
So, Can You Retire at 60 with $350K?
Yes, but with limits.
It won’t support a lavish lifestyle — but if you:
- Own your home
- Keep expenses modest
- Become eligible for Age Pension
…you can make $350K work for you.
But remember: There’s no room for guesswork. You’ll need a clear strategy that factors in timing, spending, and income support.
Wealthlab Can Help You Get to a More Abundant Retirement
Having $350K is a start — but if you want that money to go further, you’ll need smart planning.
At Wealthlab, we help Australians:
- Understand how long their super will last
- Build custom strategies that combine super + Age Pension
- Maximise income and reduce retirement stress
- Avoid financial mistakes and plan for long-term peace of mind
Book your consultation today — and let us help you turn $350K into a confident, worry-free retirement plan.
