If you’ve got $400,000 in your super and you’re turning 60, the question naturally arises: Can I retire now?
The answer is — possibly, but it depends on how you plan to live and how well you manage your resources.
In today’s economic climate, $400K won’t fund a luxurious lifestyle, but with a strategic approach and access to Age Pension support, a modest and stress-free retirement is still within reach.
Is $400K Enough to Retire at 60?
Let’s start with the numbers.
| Annual Spending | Estimated Duration |
|---|---|
| $30,000/year | ~15–17 years |
| $40,000/year | ~11–13 years |
| $50,000/year | ~9–11 years |
Based on 2.4% real return after inflation and steady withdrawals.
So at $30K per year — a modest lifestyle — your super could last until age 75–77. After that, you’ll likely rely on the Age Pension.
That means your $400K super needs to:
- Cover your expenses from 60 to 67, before Age Pension kicks in
- Supplement your government income beyond 67
Graphic:
This pie chart shows how a modest Australian retiree might allocate a $30,000 annual budget across essential living costs, based on typical spending patterns.
What Happens at 67?
At age 67, you may become eligible for the Age Pension, depending on your assets and income. As of 2024:
- A single retiree can receive up to $28,500/year
- A couple can receive up to $43,700/year
This bridges the gap once your super starts to run low — especially if your living expenses are modest.
Many people forget that the Age Pension is a lifelong support mechanism, not just a last resort.
What Kind of Retirement Lifestyle Can You Expect?
Let’s compare against the ASFA Retirement Standard:
| Lifestyle Type | Single Annual Cost | Couple Annual Cost |
|---|---|---|
| Modest | ~$32,000 | ~$46,000 |
| Comfortable | ~$51,000 | ~$72,000 |
With $400K, you’re likely in the modest category — especially if:
- You own your home
- You avoid high medical costs early
- You stick to a tight but manageable budget
Realistic Planning Tips for Retiring on $400K
Delay large withdrawals until Age Pension eligibility
Keep part of your super invested in growth assets (even post-retirement)
Use account-based pensions to draw tax-effective income
Minimise living expenses if you’re still paying rent or mortgage
Consider part-time or casual work for the first few years
Risks of Going It Alone
Without a plan, retirees with smaller balances face risks like:
- Outliving their super
- Poor investment decisions
- Missing out on government support
- Overspending in early years
- Failing to adjust for inflation
So, Can You Retire at 60 with $400K?
Yes — if you’re strategic and realistic.
$400K is enough for a modest retirement if:
- You own your home
- You aim for under $40K in yearly expenses
- You qualify for the Age Pension after 67
But it all comes down to smart planning and avoiding early mistakes.
Wealthlab Can Help You Get to a More Abundant Retirement
Retiring with $400K doesn’t have to mean financial stress or sacrifice.
At Wealthlab, we help you:
- Forecast exactly how long your money will last
- Build smart drawdown strategies
- Maximise your Centrelink and Age Pension benefits
- Avoid common mistakes that drain your super early
- Create a tailored retirement roadmap based on your real goals
Book your free consultation today
Let’s turn your $400K into a confident, stress-free retirement — not just a hopeful one.