Many Australians dream of retiring early, enjoying freedom, travel, and financial peace. If you’re asking yourself, “Can I retire at 60 with $720K in Australia?”, you’re not alone. This guide breaks down exactly what retirement looks like with $720,000 in superannuation, how to make it last, and strategies to maximise your lifestyle.
What Retirement Income Can You Expect with $720K?
With $720K in super, you’re in a strong position to retire comfortably. Your retirement income will depend on whether you’re single or part of a couple, and whether you own your home.
- Single retiree: ~$55,000–$60,000/year
- Couple: ~$65,000–$70,000/year
This income allows you to cover essential living costs, enjoy hobbies, travel, and handle healthcare expenses. If you own your home outright, your super can go even further.
Retire at 60 with $720K: Lifestyle Possibilities
Here’s what your retirement might look like with $720K in super:
- Paying essential household bills, insurance, and utilities without stress
- Covering healthcare costs and unexpected medical expenses
- Owning a car, using public transport, or travelling around Australia
- Spending on hobbies, local trips, or even international travel
- Supporting family occasionally without jeopardising your super
Tip: The key is planning. Early budgeting and smart financial decisions can make your retirement income stretch further and give you more flexibility to enjoy life. comfortably support retirement into your late 80s or early 90s especially with Age Pension support kicking in at 67.
Example Budget for $30K Annual Retirement Lifestyle
Planning to live on around $30K/year? Here’s a realistic allocation:
| Category | % of Budget |
|---|---|
| Food & Groceries | 22% |
| Utilities & Housing Costs | 13% |
| Health & Medical | 15% |
| Transport | 12% |
| Leisure & Recreation | 10% |
| Insurance & Internet | 10% |
| Clothing & Essentials | 8% |
| Emergency Fund/Savings | 10% |
This budget supports a modest but comfortable lifestyle, especially if you’re living in a lower-cost area or regional town.
The Age Pension: Your Retirement Safety Net
Even with $720K in super, the Age Pension can supplement your income once you turn 67:
- Single: ~$28,500/year
- Couple: ~$43,000/year
This ensures your retirement income is more secure and less reliant solely on your superannuation. By combining super with the Age Pension, you can afford a higher quality of life, manage unexpected expenses, and maintain financial independence longer.
Smart Strategies to Make $720K Work
Retirement isn’t just about having money it’s about making it last and giving you the lifestyle you want. Here’s how:
1. Invest Wisely
Even in retirement, your super can grow. A balanced portfolio combining growth assets (shares, ETFs) with defensive assets (bonds, cash) can help you generate income while protecting capital.
Example: Investing 60% in shares and 40% in bonds could provide growth while mitigating risks.
2. Budget Carefully
Track your spending to ensure your lifestyle matches your retirement income. Avoid early overspending to protect your super for later years.
Example: Use budgeting apps or spreadsheets to categorize essentials, discretionary spending, and emergency funds.
3. Supplement Your Income
Consider part-time work, freelance projects, or rental income. This reduces reliance on super alone and allows you to enjoy luxuries or unexpected expenses without stress.
Example: Renting out a spare room, consulting in your former industry, or starting a small business.
4.Relocating
Lowering housing costs by downsizing or moving to a more affordable area can free up super for travel, hobbies, and healthcare.
Example: Selling a family home in Sydney and moving to a smaller property in regional Victoria could release hundreds of thousands for lifestyle spending.
5. Phased Retirement
Gradually reducing work hours before full retirement can increase your super balance, ease the transition, and reduce the shock of losing your regular income.
Example: Work part-time from 58 to 60 while drawing on minimal savings, then retire fully at 60.
FAQs: Can I Retire at 60 with $720K in Australia?
Q1: Is $720K enough to retire at 60?
Yes. With careful planning, a balanced investment strategy, and potential Age Pension supplement, $720K can provide a comfortable retirement income.
Q2: How long will $720K last in retirement?
If managed wisely, $720K can last 25–30+ years, especially with budgeting, smart investing, and supplementing income where needed.
Q3: Should I change my investment approach at 60?
Yes. Shift slightly toward conservative investments to preserve capital while generating income. Avoid overly risky investments that could deplete your super.
Q4: Can I retire earlier than 60 with $720K?
Possibly, but you would need extra savings to cover the years before you can access super at 60.
Q5: How does owning a home affect retirement?
Owning your home debt-free significantly reduces your living costs, allowing your super to cover lifestyle, travel, and healthcare comfortably.
Can I Retire at 60 with $500K in Australia
If you want to explore different scenarios, check out Can I Retire at 60 with $500K in Australia? to see how retirement income and lifestyle options vary with different super balances.
Take Action Now
Retiring with $720K can offer financial security, comfort, and freedom but only with smart planning. Book a free consultation with our retirement experts to create a personalised strategy that maximises your super and secures your dream retirement.