Many Australians in their late 50s ask the same question:
“Can I really retire at 60 with around $575,000 in super and still live comfortably?”The answer is yes, you can but your comfort, confidence, and freedom in retirement depend on how you plan, invest, and manage your money from here.
If you’ve built a super balance of around $575K, you’re in a strong position. This article breaks down how far that money can take you, what lifestyle it can support, and how to build a strategy that lets you enjoy the next chapter not worry about it.
Understanding What $575K Really Means for Retirement
$575,000 is a significant achievement. You’ve done the hard part saving and growing your super.Now, the goal is to turn that balance into a sustainable income that supports your lifestyle for the next 25+ years.
Let’s look at what this might mean in practical terms.
| Annual Spending Goal | Estimated How Long $575K Could Last |
|---|---|
| $40,000 per year | ~22–25 years |
| $50,000 per year | ~18–20 years |
| $60,000 per year | ~14–16 years |
(Based on 2.5% inflation-adjusted returns, no major lump-sum withdrawals, and moderate investment performance.)
These figures show that $575K can easily cover your first decade of retirement before the Age Pension kicks in and can continue to fund a comfortable life if managed correctly.
Can I Retire at 60 with $550K in Australia?
The Age Pension Factor
One of the most overlooked elements of retirement planning is the Age Pension, which becomes available at 67.
Even if you retire at 60, you’ll likely receive support later in life.
As of 2025, the maximum Age Pension is approximately:
- $28,500 per year for singles
- $43,700 per year for couples
So, if you retire at 60 with $575K, your super can fund your lifestyle for the first seven years.
Once you turn 67, the Age Pension can take over part of your income needs stretching your savings even further.
This combination of super drawdown + Age Pension + smart investment strategy can comfortably sustain a lifestyle many Australians aspire to.
What Lifestyle Can You Expect with $575K?
According to the Association of Superannuation Funds of Australia (ASFA), a “comfortable” lifestyle for a single person in 2025 requires about $53,289 per year or $70,806 per year for couples.
A comfortable retirement means:
- Occasional travel (domestic or overseas)
- Dining out and enjoying hobbies
- Maintaining your home
- Private health insurance and quality healthcare
- Leisure and entertainment without financial stress
If you own your home, $575K can realistically fund this standard of living especially with an additional pension income from age 67 onwards.
How to Make $575K Work Harder
Even a strong balance like $575K can fall short without the right strategy.
Here’s how to make sure your money lasts and grows.
1. Convert Your Super into an Account-Based Pension
Once you reach 60, you can turn your super into an account-based pension giving you a tax-free income stream while keeping your investments working in the background.
This approach provides flexibility, regular income, and continued growth.
2. Balance Growth and Protection
A common mistake is becoming too conservative too early.
Keeping all your money in cash or low-return options can’t outpace inflation.
A balanced investment mix combining growth assets (shares/property) and defensive ones (bonds/cash) helps your portfolio stay healthy over 20+ years.
3. Set a Sustainable Withdrawal Plan
The “4% rule” is a good starting point:
With $575K, withdrawing about $23,000 per year (4%) plus the Age Pension later can provide reliable, long-term income.
As your balance grows or markets perform better, you can adjust.
4. Downsize or Reinvest Smartly
If you own property, downsizing after 60 can free up cash to contribute more to your super via the Downsizer Contribution (up to $300,000 per person, $600,000 per couple).
This can boost your retirement fund and create a more manageable lifestyle.
5. Plan for Healthcare and Inflation
Healthcare and cost-of-living increases are two of the biggest retirement challenges.
Include private health cover and realistic inflation adjustments in your budget.
The goal isn’t just to survive retirement but to thrive in it.
This Line Chart shows how $575K depletes over time under three spending levels: $30K, $40K, and $50K per year.
What a Realistic Retirement Budget Looks Like
| Category | Approx. Annual Cost | % of Budget |
|---|---|---|
| Housing & Utilities | $7,000 | 14% |
| Food & Groceries | $6,000 | 12% |
| Healthcare & Insurance | $5,000 | 10% |
| Transport | $4,000 | 8% |
| Leisure & Travel | $7,500 | 15% |
| Communication & Subscriptions | $2,500 | 5% |
| Home Maintenance | $3,000 | 6% |
| Clothing & Personal Care | $2,000 | 4% |
| Contingency & Emergencies | $3,000 | 6% |
Total: ~$40,000–$45,000 annually allowing flexibility and financial breathing room.
Common Mistakes to Avoid
Even well-prepared retirees can make costly missteps. Avoid:
- Drawing too much, too soon (it shortens the lifespan of your savings)
- Leaving all funds in one asset type (risk or stagnation)
- Ignoring inflation (erodes buying power over time)
- Not reviewing your plan annually (markets and costs change)
- Missing Age Pension eligibility because of poor asset structuring
A yearly financial review can help you stay ahead of these challenges.
FAQs: Retiring at 60 with $575K in Australia
1. Can I retire at 60 with $575K and still live comfortably?
Yes especially if you own your home and plan your drawdowns carefully. With the Age Pension starting at 67, your retirement income will be more stable than many expect.
2. How long will $575K last me in retirement?
With moderate spending and balanced investments, it can last 20–25 years even longer once the Age Pension starts.
3. Should I keep working part-time?
Many retirees choose to work part-time for social connection and extra income. Even 1–2 days a week can significantly stretch your super.
4. Is it better to invest or hold cash?
A mix of both is ideal. Growth assets keep your money moving forward, while cash buffers protect you from market volatility.
5. Should I see a financial adviser?
Yes especially when you’re near retirement. A professional can help you design a sustainable income strategy and maximise Age Pension benefits.
So, can you retire at 60 with $575K in Australia?
Absolutely with a balanced strategy, a realistic budget, and a proactive mindset.$575K is more than a number it’s the foundation for a freedom-filled, financially secure future.
What matters most now is how you structure, invest, and protect that wealth.
At Wealthlab, we help Australians like you turn super balances into retirement confidence creating tailored strategies that maximise returns, reduce risk, and support the lifestyle you want.
Book your free consultation today and start building the retirement you’ve worked so hard for.