Can I Retire at 60 with $370K in Australia? If you’re approaching 60 with around $370,000 in super, you’re probably asking the question thousands of Australians are quietly wondering:
“Is this enough to retire and still live comfortably?”
The good news? Yes, you can retire at 60 with $370K, but how comfortably you live depends entirely on your lifestyle, financial strategy, and long-term planning.
This article will walk you through exactly what $370K in super can achieve in today’s economy, how to make it last, and the smart strategies that can turn modest savings into a confident retirement.
Understanding What $370K Really Means at Retirement
With inflation rising and the cost of living creeping up each year, it’s crucial to look beyond the number in your super account.
Here’s what $370,000 could look like in practice, based on your annual spending:
| Annual Spending | How Long $370K May Last |
|---|---|
| $30,000/year | ~15–17 years |
| $40,000/year | ~12–14 years |
| $50,000/year | ~9–11 years |
These estimates assume:
- You retire at 60
- Average investment returns around 2.4% after inflation
- No large lump-sum withdrawals
- Modest spending patterns
So, if you plan wisely, your $370K could comfortably fund your early retirement years, until the Age Pension begins at 67 — after which your income sources can diversify.
The Role of the Age Pension
The Age Pension is an essential part of retirement planning for many Australians.
Once you reach 67, you may qualify for part or full Age Pension payments depending on your total assets and income.
As of 2025, the maximum annual Age Pension is approximately:
- $28,500 for singles
- $43,700 for couples
This means even if your super balance starts to decline after age 60, the Age Pension acts as a financial safety net to support your later years.
How to Stretch $370K Further
If you want your super to go the distance, the key lies in strategy and structure not just saving more.
Here’s how to make $370K work smarter, not harder:
1. Start an Account-Based Pension
Convert your super into a regular income stream once you hit preservation age (60).
This option lets your investments continue to grow while providing consistent, tax-free income.
2. Invest for Balanced Growth
Keeping all your money in cash feels safe, but it can’t beat inflation.
Instead, consider a balanced or growth investment mix combining shares, property, and bonds to help your money grow faster without excessive risk.
Even small returns above inflation compound dramatically over time.
3. Reduce Non-Essential Debt
If you’re still carrying credit card, car, or mortgage debt, focus on clearing it before or soon after retiring.
Eliminating repayments can save thousands per year and ease financial pressure in retirement.
4. Leverage Government and Super Benefits
Look into options such as:
- Salary sacrifice or voluntary top-ups if you’re still working part-time
- Downsizer contributions if you sell your home (up to $300,000 per person into super)
- Super splitting with your partner to balance your combined retirement savings
These strategies can all extend how long your funds last and reduce tax along the way.
What Does a “Comfortable” Retirement Look Like?
According to the Association of Superannuation Funds of Australia (ASFA), a single person needs about $53,289 per year to enjoy a comfortable lifestyle one that includes travel, dining out, and private health cover.
To achieve that level purely from super, you’d need around $595,000 at retirement.
But here’s the key:
Most retirees don’t rely on super alone. Between super drawdowns, Age Pension payments, and investment income, you can absolutely build a lifestyle that feels both comfortable and secure even starting with $370K.
Sample Modest Retirement Budget (Single, Owns Home)
| Category | % of Budget | Example Annual Cost |
|---|---|---|
| Housing & Utilities | 22% | $6,600 |
| Food & Groceries | 18% | $5,400 |
| Healthcare & Insurance | 15% | $4,500 |
| Transport | 13% | $3,900 |
| Leisure & Travel | 10% | $3,000 |
| Clothing & Personal Care | 8% | $2,400 |
| Communication & Bills | 7% | $2,100 |
| Other Essentials & Buffer | 7% | $2,100 |
Total: $30,000 per year enough for a modest yet fulfilling retirement lifestyle.
This Line Chart Track how $370K depletes from age 60 to 90 at $20K, $25K, and $30K annual spending levels.
Common Mistakes to Avoid
Even with a solid balance like $370K, a few small missteps can drain your retirement savings faster than you expect:
- Withdrawing too much early on
- Leaving money idle in low-interest options
- Ignoring inflation and rising medical costs
- Missing Age Pension eligibility due to poor structuring
- Failing to review your investment strategy annually
A small amount of planning now can easily add 5–10 extra years to the life of your savings.
Can I Retire at 60 with $350K in Australia?
FAQs: Retiring at 60 with $370K in Australia
1. Can I retire at 60 with $370K and still live comfortably?
Yes especially if you own your home, spend modestly, and use a mix of super income and the Age Pension after 67.
2. Will I qualify for the Age Pension later?
Most likely, yes. Once you reach 67, your eligibility depends on your income and assets test.
3. Should I keep some money invested after retiring?
Absolutely. Keeping part of your super in growth assets helps your balance continue to grow while you draw income.
4. What happens if I retire before 60?
You generally can’t access your super until 60, unless you meet special conditions like severe financial hardship or permanent retirement before that age.
5. Should I get financial advice before retiring?
Yes retirement is complex. A qualified adviser can help you structure your super, manage tax, and plan income so you never outlive your savings.
Can I Retire at 60 with $350K in Australia?
So, can you retire at 60 with $370K in Australia?
Yes with realistic expectations and smart planning.$370K might not buy luxury, but it can absolutely buy freedom, time, and peace of mind especially when supported by the Age Pension, a solid income strategy, and careful budgeting.
At Wealthlab, we help Australians make every retirement dollar work harder from maximising super returns to creating lasting, stress-free income plans.
Book your free retirement review today and learn how to make your $370K go further.an add thousands to your income and reduce how much you need to draw from super.