If you’re approaching retirement with $770,000 in super, you’re in a strong position but the question remains: Can I retire at 60 with $770K and maintain a comfortable lifestyle for the next 25–30 years? The answer depends on your spending habits, housing situation, and access to the Age Pension.
Retiring early is possible, but careful planning is essential. You’ll need to balance your lifestyle expectations, super drawdowns, and investment growth to ensure your funds last well into your 80s and 90s.
How Long Will $770K Last in Retirement?
The sustainability of your super depends largely on your annual spending. Assuming a 2.44% real return after inflation, here’s how long your $770K could last under different lifestyle scenarios:
| Annual Spending | Estimated Longevity |
|---|---|
| $25,000 | ~32–34 years |
| $30,000 | ~28–30 years |
| $35,000 | ~25–27 years |
| $40,000 | ~22–24 years |
With careful planning, you can retire at 60 with $770K and maintain a comfortable, modest lifestyle until the Age Pension starts at 67.
Key Assumptions for Retiring at 60 with $770K
For these projections, the following assumptions are made:
- You own your home outright, eliminating rent or mortgage payments
- You maintain a moderate lifestyle, not luxury spending
- You’ll qualify for Age Pension at 67, which supplements your super withdrawals
This combination of home ownership, careful budgeting, and government support ensures that your super lasts longer, even if markets fluctuate.
What Happens After Age 67?
Once you reach Age Pension eligibility:
- Single retirees may receive around $28,500 per year
- Couples may receive about $43,000 combined
This reduces pressure on your super, allowing you to preserve your nest egg for unexpected medical expenses, travel, or lifestyle upgrades.
1. Own Your Home
Housing is often the single largest expense in retirement. By owning your home outright, you eliminate mortgage or rent payments, freeing up funds for everyday living costs and unexpected expenses. This step alone can make your $770K last significantly longer, allowing you to enjoy a stress-free retirement without worrying about housing costs. Homeownership also provides stability and peace of mind during the early years of retirement.
2. Draw Super Strategically
Instead of withdrawing large lump sums, set up an account-based pension. This allows you to receive regular, tax-free payments while keeping the majority of your super invested for growth. Strategic drawdowns help preserve your nest egg, reducing the risk of running out of funds too soon. Regular withdrawals also make budgeting easier and more predictable, giving you financial confidence.
3. Maintain a Balanced Investment Portfolio
A well-diversified portfolio balances risk and reward. Consider holding a mix of defensive, income-generating assets (like bonds) and growth-oriented investments (like shares). This approach helps your $770K super grow over time while providing protection against market downturns. A balanced portfolio is crucial for maintaining your purchasing power and avoiding losses that could affect your lifestyle.
4. Budget for a Below-Moderate Lifestyle
To make your $770K last until Age Pension eligibility, aim for slightly below-moderate spending, roughly $28,000–$30,000 per year. Take advantage of concessions, community resources, and discounts to reduce expenses without sacrificing comfort. Careful budgeting ensures your super can cover essentials, leisure activities, and unexpected costs, helping you maintain a sustainable and worry-free lifestyle.
5. Consider Part-Time Work or Side Income
Even a small side income during your early 60s can reduce the pressure on your super and extend your financial security. Part-time work or freelance opportunities can supplement your income, keep you socially active, and provide flexibility to enjoy retirement at your own pace. This strategy also allows your super to continue growing for later years.
6. Plan for Healthcare Costs
Medicare covers basic healthcare, but you’ll still need to budget for dental, optical, specialist visits, and medications. Consider a basic health insurance policy to cover unexpected medical expenses. Planning ahead ensures that your $770K super isn’t depleted by healthcare emergencies, keeping your retirement financially secure and stress-free.
Risks to Avoid
- Overspending early: Lifestyle inflation can drain your super too quickly.
- Overreliance on market returns: Keep a portion in safe investments.
- Ignoring inflation: Costs rise over time, so budget with a buffer.
- Not reviewing your plan: Life changes, so your retirement strategy should too.
This Line Chart Visualise the depletion of $770K across ages 60 to 90 with spending levels at $25K, $30K, $35K, and $40K per year.
Planning for Travel, Lifestyle Upgrades, and Legacy
If you want to travel, renovate your home, or leave a legacy, additional planning is required:
- Consider working part-time in your early 60s to reduce super reliance
- Delay retirement by a year or two to increase your super balance
- Adjust your budget to accommodate short-term lifestyle splurges
Estimated Super Depletion from Age 60
Visualising your super over time can help you plan effectively. We recommend using a line chart showing your $770K super drawn down from age 60 to 90 under different spending scenarios.
How Wealthlab Can Help You Stretch $770K Further
Your retirement journey doesn’t start when you stop working it begins with planning. At Wealthlab, we help Australians:
- Develop custom drawdown strategies
- Integrate Age Pension benefits into long-term income planning
- Maximise superannuation growth and withdrawals
- Plan for inflation, healthcare costs, and longevity risks
✅ $770K is a strong start. With the right strategy, it can support a comfortable, long-lasting retirement.
📅 Book a Wealthlab consultation today to learn how to make your super last and achieve a financially secure retirement.