Can I retire at 60 with $510k ?A super balance of $510,000 at retirement is fairly common for Australians approaching their 60s. Maybe you don’t have exactly $510,000 in super, but your other assetslike savings, investments, or propertybring your net worth to a similar level. The big question is: Can you retire comfortably at 60 with $510K?
In this blog, we’ll explore whether $510,000 is enough to retire in Australia, how long it might last, what lifestyle it can support, and strategies to maximise your retirement income.
Is $510K Enough to Retire at 60 in Australia?
Retiring at 60 with $510K is possible, particularly if you:
- Own your home outright
- Plan your spending carefully
- Have a structured retirement drawdown strategy
However, you’ll need to make your super last at least until age 67, when you may become eligible for the Age Pension, and then continue managing your income for 20+ years beyond.
How Long Will $510K Last?
The longevity of $510K in retirement depends on how much you plan to spend each year and the investment returns you achieve. Assuming a real return of ~2.5% per year (investment growth minus inflation), here’s a rough guide:
| Annual Spending | Estimated Longevity |
|---|---|
| $20,000/year | ~28–30 years |
| $25,000/year | ~24–26 years |
| $30,000/year | ~21–23 years |
These projections suggest that with $510K, your super could support you well into your 80s or even early 90s depending on your spending habits and investment strategy.
What Lifestyle Can $510K Support?
With careful budgeting, retiring at 60 with $510K can still allow for:
- Essential household costs (utilities, food, and insurance)
- Basic healthcare expenses
- Transport or vehicle upkeep
- Modest domestic travel
- Dining out, hobbies, and leisure activities
Suggested Budget Breakdown (for $30K/year)
| Category | % of Budget |
|---|---|
| Food & Utilities | 30% |
| Housing Costs | 20% |
| Healthcare | 20% |
| Transport | 10% |
| Leisure & Travel | 15% |
| Contingency/Emergencies | 5% |
Retiring at 55, 60, and 65 With $510K
Let’s explore how retiring at different ages impacts your retirement income:
Can I Retire at 55 With $510K?
Technically, yes but super can’t be accessed until age 60. You’d need five years of income outside super to bridge the gap. Income-wise, $510K could provide around $35,000/year (single) or $42,000/year (couple) until age 95, depending on investment performance and inflation adjustments.
Can I Retire at 60 With $510K?
This is ideal because you can access your super tax-free through a superannuation income stream. Additionally, once you turn 67, you may receive the Age Pension, reducing your reliance on your own savings. Retiring at 60 with $510K could provide $40,000/year (single) or $48,000/year (couple) until age 95.
Can I Retire at 65 With $510K?
Waiting until 65 means fewer years of super drawdowns and near-instant eligibility for the Age Pension. Retirement income could increase to around $48,000/year (single) or $60,000/year (couple), providing more comfort and flexibility.
For reference, the ASFA 2025 retirement standard suggests:
| Lifestyle | Single | Couple |
|---|---|---|
| Modest Lifestyle | $32,915 | $47,387 |
| Comfortable Lifestyle | $51,630 | $72,663 |
For context, see our guide on How to Retire with $570K in Australia for more comparisons.
How to Retire on $510K
To make $510K work for you in retirement, follow these steps:
- Calculate Your Retirement Income Needs – Determine how much you need per year to maintain your lifestyle (e.g., $40,000).
- Determine Investment Returns Required – Work backward to identify the return required to meet your annual income goals, accounting for inflation and Age Pension entitlements.
- Choose Suitable Investment Options – Select investments that align with your risk tolerance and income needs, such as a mix of growth and defensive assets in super.
- Monitor and Adjust – Review your strategy regularly to adapt to market changes, lifestyle needs, or health considerations.
What Happens at Age 67?
Once eligible for the Age Pension, you may receive:
- ~$28,500/year for singles
- ~$43,000/year for couples
This reduces the pressure on your super, extends its longevity, and gives you flexibility to handle lifestyle changes or unexpected expenses.
Additional Factors to Consider
Even with $510K, retirement success depends on:
- Investment performance and market volatility
- Inflation and rising living costs
- Health, medical expenses, or long-term care
- Lifestyle choices, travel plans, and family support
Other strategies to protect your super include phased retirement, part-time work, or small side incomes to reduce reliance on savings.
FAQs
Is $510K enough to retire on in Australia?
Yes, if you manage your spending carefully, plan for the Age Pension, and invest wisely, $510K can support a comfortable retirement.
How long will $510K last in retirement?
Depending on annual spending, $510K could last anywhere from 20 to 30+ years.
Can I retire at 60 with $510K and still maintain a comfortable lifestyle?
Yes, particularly if you own your home, budget wisely, and use a combination of super income and Age Pension benefits.
How much income can $510K generate?
Investments could generate anywhere between $15,000–$40,000 per year depending on returns and risk profile.
✅ Related Blog: See how to retire with $570K in Australia for further planning tips.
How Wealthlab Can Help You Retire with Confidence
At Wealthlab, we specialise in helping Australians:
✅ Stretch their super with tax-efficient drawdown strategies
✅ Combine Age Pension and super for maximum efficiency
✅ Plan for inflation, market fluctuations, and healthcare costs
✅ Align retirement planning with personal lifestyle goals
With the right plan, $510K can provide decades of security and comfort, even if you retire at 60.
📅 Book your free retirement strategy session today, and let Wealthlab help you turn your $510K into a retirement you can truly enjoy.oday and let’s design a retirement that works for you.