If you’ve reached 60 with $700,000 in super, you’re in a strong position to consider retirement. But is it truly enough to stop working? The answer depends on your lifestyle, expected longevity, and how you structure your spending and investments.
Let’s break it down — with realistic numbers, strategy tips, and a plan for a more abundant retirement.
How Long Will $700K Last in Retirement?
Here’s a basic projection of how long $700,000 might last, depending on your annual spending:
| Spending Level | Estimated Duration |
|---|---|
| $30,000/year | ~27–29 years |
| $40,000/year | ~22–24 years |
| $50,000/year | ~18–20 years |
📉 Assumes sustainable withdrawals with a 2.44% real return, adjusted for inflation.
At moderate spending, your super can last well into your late 80s — and from age 67, Age Pension may help extend your financial runway.
Budgeting a Modest Lifestyle: What $30K/Year Covers
A $30K/year retirement isn’t lavish — but it’s realistic if you own your home. Here’s a rough breakdown:
| Category | % of Budget |
|---|---|
| Housing & Utilities | 22% |
| Food & Groceries | 18% |
| Healthcare & Insurance | 15% |
| Transport | 13% |
| Leisure & Travel | 10% |
| Personal Expenses | 8% |
| Communication & Bills | 7% |
| Miscellaneous/Buffer | 7% |
Age Pension: Your Backup After 67
Once you reach age 67, you may qualify for the Age Pension, easing the pressure on your super:
- Single: up to ~$28,500/year
- Couple: up to ~$43,700/year
This safety net helps maintain your lifestyle once your super begins to shrink — and gives you confidence to retire sooner.
✅ Is $700K Enough to Retire at 60?
You’re in a great position if:
- ✅ You own your home and live modestly
- ✅ You can manage spending around $30K–$40K/year
- ✅ You’re not relying heavily on overseas travel or luxuries
- ✅ You’ll qualify for Age Pension by 67
- ✅ You have a clear drawdown strategy that balances risk and returns
For many Australians, $700K is enough — with the right plan in place.
Mistakes to Avoid
- ❌ Withdrawing too much too soon
- ❌ Not accounting for inflation and rising medical costs
- ❌ Missing out on Age Pension through poor structuring
- ❌ Keeping money in underperforming accounts
Let Wealthlab Help You Maximise Your $700K
At Wealthlab, we specialise in helping everyday Australians retire with confidence — even without a million-dollar super.
We help you:
✅ Model how long your super will last
✅ Create a customised drawdown plan
✅ Maximise Age Pension benefits
✅ Plan for inflation and healthcare
✅ Stretch your money with the right asset mix
You’ve built the nest egg — now let’s make it work for you.
👉 [Book a free session] with Wealthlab today and start building a more abundant retirement, no matter your number.