If you’re turning 60 with $475,000 in super, you’re not alone — this is a common position for many Australians who’ve saved steadily but haven’t reached the million-dollar mark. The good news? Yes, you can retire, especially if you’re prepared to live modestly and plan smartly.
Let’s explore how far $475K can go, what kind of lifestyle it supports, and how to stretch it further with government support and expert advice.
How Long Will $475K Last in Retirement?
Your super’s longevity depends heavily on your annual spending. Here’s an estimate:
| Annual Spending | How Long $475K May Last |
|---|---|
| $30,000/year | ~18–20 years |
| $40,000/year | ~14–16 years |
| $50,000/year | ~11–13 years |
📉 Assumes a 2.4% real rate of return (after inflation), with steady drawdowns from age 60.
This means your savings could comfortably support you until late 70s or early 80s, especially with smart drawdown and support from the Age Pension after age 67.
Sample Retirement Budget: Living on $30K/Year
Here’s how a modest retirement budget might break down:
| Category | % of Budget |
|---|---|
| Housing & Utilities | 22% |
| Food & Groceries | 18% |
| Healthcare & Insurance | 15% |
| Transport (fuel, rego) | 13% |
| Leisure & Travel | 10% |
| Clothing & Personal Care | 8% |
| Bills & Communication | 7% |
| Other Essentials & Buffer | 7% |
Don’t Forget the Age Pension at 67
Once you reach Age Pension age (currently 67), you could be eligible for:
- Up to $28,500/year as a single
- Up to $43,700/year for couples
This support can cover a significant portion of your basic living expenses — and may extend the life of your super by years
🏠 Who Can Make $475K Work?
You’re in a strong position to retire at 60 with $475K if:
- You own your home or have minimal housing costs
- You’re happy with a modest lifestyle (not extravagant travel or large purchases)
- You plan to draw down steadily, not in large chunks
- You get financial advice to balance returns, risk, and longevity
Watch Out For…
- Underestimating inflation and healthcare in later years
- Drawing down too aggressively before Age Pension kicks in
- Not considering life expectancy into 90s
- Missing out on entitlements and super optimisation strategies
Is $475K Enough to Retire at 60?
Yes — with the right plan, $475K can absolutely support a modest, comfortable retirement in Australia.
It won’t afford you high-end luxury, but with the Age Pension and careful management, you can still enjoy financial security, freedom, and peace of mind.
Let Wealthlab Help You Retire Confidently
Wealthlab helps everyday Australians make smart decisions with whatever they’ve saved — even if it’s not a million dollars.
Here’s how we help:
✅ Calculate exactly how long your super can last
✅ Plan your yearly budget with inflation and needs in mind
✅ Help you qualify for and maximise Age Pension
✅ Build a strategy to protect and grow your money
✅ Turn uncertainty into a confident, abundant retirement plan
You don’t need a fortune. You need a plan.
Book your free consultation today] and let Wealthlab help you retire smarter.