Reaching 60 with $600,000 in superannuation is a strong financial position but whether you can retire comfortably depends on your lifestyle expectations, eligibility for government support, and how well your retirement strategy is planned.
In this blog, we’ll break down what retiring with $600K really looks like in Australia, how long it can last, and what kind of lifestyle it can suppor
How Long Will $600K Last in Retirement?
Here’s how long your super may last depending on your yearly spending:
| Annual Spending | Estimated Longevity of $600K |
|---|---|
| $30,000/year | ~23–25 years |
| $40,000/year | ~18–20 years |
| $50,000/year | ~15–17 years |
📉 Assumes a 2.4% inflation-adjusted return with steady withdrawals from age 60.
That means if you live modestly and plan wisely, your super could carry you through your 80s after which Age Pension support may kick in to carry you further.
What a $30K/Year Budget Looks Like
Here’s how a retiree might distribute a $30K annual budget:
| Category | % of Budget |
|---|---|
| Housing & Utilities | 22% |
| Food & Groceries | 18% |
| Healthcare & Insurance | 15% |
| Transport | 13% |
| Leisure & Travel | 10% |
| Personal Care & Clothing | 8% |
| Bills & Communication | 7% |
| Miscellaneous & Buffer | 7% |
The Age Pension: A Lifeline From Age 67
From age 67, eligible Australians may receive the Age Pension, which significantly reduces reliance on personal super:
- Singles: up to ~$28,500/year
- Couples: up to ~$43,700/year
Even if your super begins to taper off by your late 70s or 80s, the Age Pension can sustain your basic living needs.
✅ Who Can Retire Comfortably on $600K?
You’re in a good position to retire at 60 with $600K if:
- ✅ You own your home outright
- ✅ You’re comfortable living on $30K–$40K/year
- ✅ You avoid lump-sum withdrawals
- ✅ You intend to claim Age Pension at 67
- ✅ You follow a strategy that accounts for inflation and emergencies
However, if you’re aiming for a luxury lifestyle, frequent travel, or high-end hobbies you’ll need more savings or extra income sources.
Common Pitfalls to Avoid
- ❌ Spending too much in the early years
- ❌ Not accounting for healthcare costs and inflation
- ❌ Not maximising Age Pension eligibility
- ❌ Leaving funds in low-growth, high-fee investments
Is $600K Enough?
Yes for many Australians, $600K can fund a stable and enjoyable retirement, especially when supported by Age Pension and guided by a long-term financial plan.
You may not live like royalty, but you can live securely, independently, and without financial stress.
Let Wealthlab Help You Retire with Confidence
At Wealthlab, we help everyday Australians like you turn their super into a real plan one that lasts, grows, and adapts with you.
Here’s what we do:
✅ Help you project your super’s lifespan
✅ Craft a personalised spending and drawdown plan
✅ Ensure you qualify for maximum Age Pension
✅ Factor in inflation, emergencies, and health costs
✅ Support you in building a more abundant retirement
You don’t need millions. You need a clear path.
Book a free session with Wealthlab and start creating a retirement plan that works for you.