Reaching age 60 with $510,000 in super puts you in a stronger position than many Australians — but is it enough to retire comfortably?
The answer depends on how you plan, what you spend, and how well your super is structured. Let’s explore whether $510K can support your retirement, and how to make it work long-term.
Is $510K Enough to Retire in Australia?
Yes — but with a few important conditions:
- ✅ You own your home
- ✅ You maintain a modest or carefully planned lifestyle
- ✅ You draw your super wisely to avoid running out
Remember, while you can access your super at 60, you won’t be eligible for the Age Pension until 67 — so your $510K must cover at least seven years of income independently.
How Long Will $510K Last?
Here’s an estimate based on average returns (~5%) and inflation (~2.5%) — giving a real return of ~2.4%:
| Annual Spending | Estimated Longevity |
|---|---|
| $20,000/year | ~25–27 years |
| $25,000/year | ~21–23 years |
| $30,000/year | ~18–20 years |
This means your super could potentially last until your late 80s or early 90s — especially when paired with the Age Pension from 67 onwards.
Example Lifestyle on a $25K–$30K Budget
Many retirees live well on $25K–$30K per year, especially if they’re mortgage-free. A typical breakdown might include:
| Category | % of Budget |
|---|---|
| Food & Utilities | 35% |
| Home Costs | 20% |
| Healthcare | 20% |
| Transport | 10% |
| Leisure & Misc. | 10% |
| Emergency Buffer | 5% |
You can still enjoy travel, hobbies, and social life — especially with seniors’ discounts and community programs.
At 67, You’ll Get a Boost from the Age Pension
Once you reach 67, you may become eligible for the Age Pension — up to:
- ~$28,500/year (single)
- ~$43,000/year (couple)
This reduces the burden on your super significantly and allows you to preserve capital or use it for larger expenses.
Important Things to Consider
- Investment volatility
- Healthcare and aged care costs
- Longer lifespans
- Rising inflation
That’s why working with a planner is critical — not just to calculate, but to optimise and protect your plan.
Wealthlab Can Help You Stretch $510K Further
You don’t need a million dollars to retire — but you do need a solid, personalised strategy. At Wealthlab, we help Australians retire better by:
- ✅ Creating drawdown strategies that reduce risk
- ✅ Planning for longevity, inflation, and lifestyle
- ✅ Optimising your income with Centrelink in mind
- ✅ Giving you peace of mind in uncertain markets
Guessing. Start Planning.
$510K is more than enough to retire for many Australians — if used wisely. Don’t leave it to chance.
Wealthlab helps you move from confusion to clarity, and from concern to confidence in your retirement.
👉 Book your free strategy session today and let’s design a retirement that works for you.