If you’re nearing 60 with $570,000 in super, you’re in a stronger financial position than many Australians. But the big question is: Can you retire comfortably at 60 with $570K, and how long will it last? Retirement isn’t just about the number in your super it’s about lifestyle, budgeting, and smart planning. In this guide, we’ll explore how far $570K can take you, what lifestyle it can support, and strategies to stretch your savings for the long term.
Is $570K Enough to Retire at 60 in Australia?
Retiring at 60 with $570K is possible, particularly if you:
- 🏡 Own your home outright Eliminating mortgage or rent frees up funds for everyday expenses and allows your super to last longer.
- 📉 Live a modest to comfortable lifestyle Keeping discretionary spending in check ensures your super doesn’t run out prematurely.
- 🧠 Plan super drawdowns carefully Structured withdrawals, combined with a tax-smart strategy, make your money work harder.
Remember, your super must cover at least 7 years until Age Pension eligibility at 67 and continue funding your lifestyle for 20+ years beyond.
How Long Will $570K Last?
Here’s how long $570K could last depending on your annual spending and a real return of ~2.4% (5% investment growth minus 2.5% inflation):
| Annual Spending | Estimated Longevity |
|---|---|
| $20,000/year | ~28–30 years |
| $25,000/year | ~24–26 years |
| $30,000/year | ~21–23 years |
With careful planning and moderate lifestyle choices, $570K could last well into your 80s or 90s particularly when combined with Age Pension income.
What Lifestyle Can $570K Support?
On a $25K–$30K/year budget, you can enjoy:
- Essential household expenses
- Healthcare, including private insurance if needed
- Transport costs (public transport or vehicle upkeep)
- Modest domestic travel or short holidays
- Dining out, hobbies, and leisure activities
This assumes no mortgage, use of senior discounts, and mindful spending on non-essentials.
Suggested Budget Breakdown ($30K/year)
- Food & Utilities: 30%
- Housing & Rates: 20%
- Healthcare: 20%
- Transport: 10%
- Leisure & Travel: 15%
- Buffer/Emergencies: 5%
Using a budget like this helps protect against overspending and gives flexibility for unexpected costs.exibility while ensuring your super lasts.nto your 80s or 90s, especially with Age Pension support kicking in at 67.
Graphic:
This Line Chart Tracks how $570K depletes from age 60 to 90 under annual spending levels of $20K, $25K, and $30K.
What Happens at Age 67?
Turning 67 is a key milestone in Australian retirement planning because that’s when you may become eligible for the Age Pension. This government support is designed to supplement your super, helping you maintain your lifestyle without over-relying on your savings.
- For singles, the Age Pension can provide around $28,500 per year.
- For couples, it can offer roughly $43,000 per year combined.
Receiving this income can significantly reduce the pressure on your super, meaning you won’t need to withdraw as much each year. For example, if your annual expenses are $30,000 and you receive $28,500 from the Age Pension, your super only needs to cover $1,500 dramatically extending the life of your $570K balance. This gives you more flexibility to manage lifestyle upgrades, unexpected costs, or small indulgences, such as travel, hobbies, or home improvements.
Additional Factors to Consider
Even with a super balance of $570K, your retirement outcome will depend on several key factors:
- Investment Performance and Market Volatility
Your super is likely invested in a mix of stocks, bonds, and other assets. Market fluctuations can affect growth, especially in the first few years of retirement. Planning withdrawals around market cycles can help preserve your balance. - Inflation and Rising Living Costs
Inflation slowly erodes purchasing power. Even modest increases in everyday expenses groceries, utilities, insurance can add up over time. Factoring in inflation when budgeting ensures your money lasts longer. - Unexpected Medical Expenses or Long-Term Care
Health-related costs can be unpredictable. Allocating a buffer or considering private health coverage can protect your super from being depleted by unforeseen medical bills. - Lifestyle Choices and Travel Plans
How you spend your retirement matters. Frequent travel, gifts for family, or major purchases will increase withdrawals from your super. Planning and prioritising your goals helps maintain financial security. - Support for Family or Dependents
Some retirees provide assistance to children or grandchildren. This is admirable but should be carefully factored into your budget to avoid jeopardising your own long-term security. - Supplementary Income Strategies
Options like phased retirement, part-time work, or side income can ease the pressure on your super. Even modest earnings can significantly extend how long your savings last, while allowing you to maintain an active lifestyle and social engagement.
How Wealthlab Can Help You Retire with Confidence
Retiring comfortably isn’t about having millions; it’s about having a clear plan. At Wealthlab, we help Australians turn their super into a sustainable, flexible income stream by:
✅ Stretching your super with tax-efficient drawdown strategies
✅ Blending Age Pension and super to maximise income and minimise risk
✅ Planning for inflation, market fluctuations, and healthcare costs
✅ Aligning retirement planning with your lifestyle goals to ensure your money supports the life you want
With professional guidance, your $570K can be more than just a number it can become the foundation of a secure, comfortable, and fulfilling retirement.
$570K Can Work If You Plan Smart
You’ve done the hard part by saving consistently. Now it’s time to make your money work for you. With a strategic approach to withdrawals, budgeting, and supplementary income, retiring at 60 with $570K can provide decades of security, comfort, and peace of mind.
📅 Book your free retirement strategy session today and let Wealthlab help you create a tailored plan to make the most of your super — so you can enjoy your retirement without financial stress.