Reaching $710,000 in super by age 60 is a solid achievement but is it enough to retire comfortably in Australia? The answer depends on your lifestyle, housing situation, spending habits, and ability to plan for the Age Pension. This guide breaks down what $710K can realistically support, how long it might last, and strategies to make the most of your super.
Is $710K Enough to Retire Comfortably?
Yes, $710K can be enough to retire with confidence, especially if you:
- Own your home outright
- Live a moderate lifestyle
- Have a clear strategy for drawing down your super
- Plan to access the Age Pension at age 67
However, retirement isn’t one-size-fits-all. Your comfort and security will depend on careful planning, realistic budgeting, and managing your super effectively.
How Long Will $710K Last?
Assuming conservative investment returns of about 2.44% after inflation, here’s an estimate of how long your super might last at different annual spending levels:
| Annual Spending | Estimated Longevity |
|---|---|
| $25,000 | 31–33 years |
| $30,000 | 27–29 years |
| $35,000 | 24–26 years |
| $40,000 | 21–23 years |
These estimates assume you own your home and do not rely on super for mortgage or rent payments. Planning carefully ensures your $710K can support decades of retirement, even before Age Pension benefits start.Pension benefits start. 90s, particularly if you keep your spending moderate and integrate the Age Pension at 67.
Visualise how $710K declines from age 60 to 90 under different annual spending scenarios ($25K, $30K, $35K, $40K).
🏠 Lifestyle Assumptions
To make $710K last, the following assumptions are applied:
- Homeownership with no mortgage or rent
- Annual spending of $30K–$40K
- Eligibility for the Age Pension at 67, reducing the need for super withdrawals
A sample breakdown of a $35K/year budget:
- Food & Utilities: 30%
- Healthcare: 20%
- Housing Costs & Rates: 15%
- Transport: 10%
- Leisure & Travel: 20%
- Emergency Buffer: 5%
💡 Tip: Using discounts, concession cards, and community services can help reduce spending without sacrificing lifestyle.
How to Stretch Your $710K Further
- Draw Super Strategically
Instead of taking lump sums, set up an account-based pension. This provides regular tax-free income and keeps most of your super invested for growth. - Maintain a Balanced Investment Portfolio
A mix of defensive and growth assets protects your super from market volatility while allowing it to grow. Revisit your portfolio annually to stay aligned with your risk tolerance. - Budget for Below-Moderate Living
Target annual spending of $28,000–$30,000 before Age Pension eligibility. Track expenses, avoid lifestyle creep, and plan for unexpected costs. - Consider Part-Time Work or Side Income
Even a small side income in your early 60s can reduce pressure on your super and provide financial flexibility for travel, hobbies, or healthcare. - Plan for Healthcare Costs
Factor in dental, optical, and specialist care beyond Medicare coverage. A basic health insurance policy can safeguard against unexpected expenses and preserve your super for other priorities.
What Happens When You Reach 67?
At age 67, most Australians become eligible for the Age Pension:
- Singles: ~$28,500/year
- Couples: ~$43,000/year combined
Once the pension kicks in, your super withdrawals can be reduced significantly, extending the life of your remaining balance and helping cover lifestyle and healthcare needs in later years.
Planning for Longevity
Many Australians now live into their 90s. To ensure your $710K lasts:
- Moderate spending gives a high chance of funding 30+ years of retirement
- Higher spending ($40K+) may deplete your balance faster unless offset by investment returns or part-time income
- Regularly review your financial plan and make adjustments as needed
How Wealthlab Can Help You Make the Most of $710K
Even with a healthy super balance, retirement success depends on how you manage it. Wealthlab helps Australians:
- Develop tailored drawdown strategies
- Integrate Age Pension planning
- Navigate market fluctuations and inflation
- Ensure peace of mind for every stage of retirement
You’ve Saved $710K Now Make It Work
$710K is a strong foundation for a secure retirement. With the right strategy, it can fund decades of financial freedom, comfort, and peace of mind.
📅 Book a strategy session with Wealthlab today and start planning a retirement that lasts.