With $880,000 saved in super, you’re in a strong financial position — far ahead of the national average. But can you confidently retire at 60?Yes, you can — especially if you own your home, spend mindfully, and have a strategy that balances super withdrawals with future Age Pension support.
Is $880K Enough to Retire Comfortably?
In most cases, $880K is more than enough to retire at 60 and maintain a moderate lifestyle. But a few factors affect how long your money will last:
Your annual spending habits Whether you’re mortgage-free When you access the Age Pension (typically age 67) Investment returns and inflation Healthcare and aged care needs
How Long Will $880K Last in Retirement?
Here’s an estimate assuming a real return of ~2.44% (returns after inflation):
| Annual Spending | How Long $880K Might Last |
|---|---|
| $25,000 | 30+ years |
| $30,000 | ~30 years |
| $35,000 | ~28–29 years |
| $40,000 | ~25–27 years |
With these figures, your savings could comfortably last into your 90s — especially when Age Pension payments kick in at age 67.
Example Budget: Retiring on $30K–$35K per Year
Here’s a realistic breakdown of how you might spend $30K–$35K each year:
| Category | % of Budget |
|---|---|
| Groceries & Essentials | 20% |
| Utilities & Housing Costs | 13% |
| Health & Medical | 15% |
| Transport | 12% |
| Leisure & Recreation | 10% |
| Insurance & Internet | 10% |
| Clothing & Essentials | 8% |
| Emergency/Buffer | 12% |
This covers the essentials and leaves room for occasional holidays, lifestyle upgrades, and health planning.
Age Pension Boosts Your Retirement Power
If you’re eligible, the Age Pension at 67 gives your retirement an additional layer of income:
| Status | Approx. Annual Pension |
|---|---|
| Single | ~$28,500 |
| Couple (combined) | ~$43,700 |
Once this income starts, you can draw less from your super, preserving your balance longer or giving you more flexibility in spending.
Avoid These Common Pitfalls
Even with $880K, a few mistakes can put your retirement at risk:
Overspending in the first 5 years Keeping too much in cash (low returns) Ignoring inflation’s long-term impact Not accounting for medical or aged care needs Missing pension eligibility due to poor structuring
How Wealthlab Helps You Retire With Confidence
At Wealthlab, we specialise in helping Australians retire smart — not just early.
Here’s what we do for you:
Tailored retirement income strategies Pension maximisation and tax planning Inflation-hedged investment advice Risk analysis and buffer planning Lifestyle budget modelling and projections
We don’t just focus on your savings — we help you stretch your money to support a full and free retirement.
Ready to Make Your $880K Work Harder?
You’ve saved well. Now let’s make it last — and grow.
Wealthlab works with everyday Australians to help turn good savings into great retirements.
Book a free strategy call today and start your journey toward a more abundant retirement.
