With $650,000 in super at age 60, you’re in a solid position to retire — but success depends on how you spend, how long you live, and whether you plan for the unexpected.
In this blog, we’ll break down how far $650K can go in retirement, what kind of lifestyle it supports, and how to stretch your savings with the help of government support and smart strategy.
How Long Will $650K Last in Retirement?
The life of your super depends heavily on your annual spending:
| Annual Spending | How Long $650K Might Last |
|---|---|
| $30,000/year | ~25–27 years |
| $40,000/year | ~20–22 years |
| $50,000/year | ~16–18 years |
📉 Assumes a 2.4% inflation-adjusted return with consistent withdrawals from age 60.
That means even at a moderate spending rate, your super could support you until your early 80s — just when Age Pension benefits begin to provide additional income.
Graphic:
This Line Chart Show how $650K depletes under three annual spending scenarios — $30K, $40K, and $50K per year — over a 30-year period.
Sample Budget: Life on $30K/Year
Here’s a realistic breakdown of a frugal retirement budget:
| Spending Category | % of Budget |
|---|---|
| Housing & Utilities | 22% |
| Groceries & Food | 18% |
| Health & Insurance | 15% |
| Transport | 13% |
| Leisure & Travel | 10% |
| Personal Items & Clothing | 8% |
| Communication & Bills | 7% |
| Buffer/Miscellaneous | 7% |
Boosting Longevity with the Age Pension
Once you reach age 67, you may become eligible for the Age Pension — a game-changer for extending your retirement runway:
- Single: up to ~$28,500/year
- Couple: up to ~$43,700/year
Combined with your super, this support can help bridge the gap as your savings wind down, offering long-term peace of mind.
✅ Is $650K Enough to Retire at 60?
For many Australians, yes — particularly if:
- ✅ You own your home
- ✅ You can live on $30K–$40K per year
- ✅ You avoid large one-off expenses early on
- ✅ You qualify for Age Pension after 67
- ✅ You have a strategy to make your money work for you
It’s not about retiring rich — it’s about retiring right.
Retirement Pitfalls to Watch Out For
- ❌ Overspending in early retirement
- ❌ Not adjusting for inflation or rising healthcare costs
- ❌ Missing Age Pension eligibility due to poor structuring
- ❌ Keeping super in high-fee, low-growth accounts
Let Wealthlab Help You Stretch Your $650K Further
Retirement isn’t just about the number — it’s about the plan behind it.
At Wealthlab, we take your $650K and build a custom roadmap that aligns with your lifestyle, goals, and long-term security.
Here’s how we help:
✅ Map out how long your money will last
✅ Create a drawdown plan tailored to your lifestyle
✅ Ensure you don’t miss out on Age Pension eligibility
✅ Help you balance spending with sustainability
✅ Plan for inflation, healthcare, and the unknown
You don’t need to feel unsure about retirement.
👉 [Book your consultation with Wealthlab] and let’s build your path to a more abundant retirement.