If you’re 62 and have around $445,000 in superannuation, you’re probably asking your self Is this enough to retire comfortably or should I keep working a few more years?”
The good news is that yes, you can retire at 62 with $445K, but it requires careful planning, realistic expectations, and smart financial choices. While this amount might not cover a luxury retirement, it can absolutely provide a secure, comfortable, and enjoyable lifestyle especially if you own your home and make smart use of the Age Pension when it becomes available at 67.
This guide explains how to make your super last, what lifestyle you can expect, and the key strategies to make retiring at 62 both practical and fulfilling.
Understanding Retirement at 62 in Australia
Retirement looks different for everyone. Some people want to travel and explore new hobbies, while others simply want to enjoy life without financial pressure. At 62, you’ve already reached your preservation age, which means you can access your super even if you’re not yet eligible for the Age Pension.
That makes ages 60–67 a crucial transition period:
- You’ll rely primarily on your super drawdowns during this phase.
- Once you reach 67, the Age Pension can supplement your income and help extend your super further.
Planning how to bridge this seven-year gap is one of the smartest steps you can take for a stress-free retirement.
How Much Super Do I Need as a Single Person?
How Long Will $445K Last in Retirement?
How long your super lasts depends on how much you spend, how it’s invested, and whether you receive additional income support later.
Using conservative, inflation-adjusted returns of about 2.5% per year, here’s how long $445,000 could last:
| Annual Spending | Estimated Longevity of $445K |
|---|---|
| $20,000 per year | ~33–34 years |
| $25,000 per year | ~26–28 years |
| $30,000 per year | ~22–23 years |
If you keep spending moderate, your $445K could comfortably last well into your 80s, especially once Age Pension support begins.ay need to adjust their budget or consider downsizing to make the super last longer.
The Advantage of Homeownership
Owning your home gives you a major advantage in retirement. Without rent or mortgage repayments, your fixed expenses drop significantly meaning more of your super can go toward essentials like food, healthcare, and leisure.
If you don’t own your home, you still have options. You can:
- Downsize and contribute up to $300,000 to your super through the Downsizer Contribution scheme.
- Relocate to a more affordable area.
- Or work part-time for a few years to reduce financial pressure.
Homeownership is one of the biggest factors in maintaining a comfortable and worry-free retirement.
See how you can retire at 62 with $445K comfortably, wisely, and confidently.
Example: Retiring on a $25K Annual Budget
If you plan to live modestly and budget around $25,000 per year, here’s how your spending might look:
| Category | Estimated % |
|---|---|
| Housing & Utilities | 25% |
| Food & Groceries | 20% |
| Healthcare | 15% |
| Transport | 10% |
| Insurance | 10% |
| Travel & Leisure | 10% |
| Miscellaneous / Buffer | 10% |
This type of lifestyle focuses on essentials while leaving some room for leisure, occasional travel, and small luxuries perfectly achievable for many Australians with $445K in super.
Making Your Super Last Longer
Even with a modest balance, smart financial moves can make your money last decades.Here’s how to stretch your super and secure your retirement income:
1. Use an Account-Based Pension
Once you retire, convert your super into an account-based pension to receive tax-free income while your funds continue to grow through investments. This strategy creates both stability and flexibility.
2. Invest for Sustainable Growth
Even in retirement, keeping some of your super invested in balanced or growth assets helps protect against inflation.
Too much cash can feel “safe” but may lose value over time.
3. Delay Large Withdrawals
Try to avoid major withdrawals before the Age Pension starts at 67. Smaller, consistent drawdowns extend your super’s lifespan significantly.
4. Work Part-Time or Casually
If you enjoy staying active, even one or two days of part-time work can supplement your income, reduce stress on your super, and boost social engagement.
5. Check Your Age Pension Eligibility
Even with super savings, you may still qualify for a partial Age Pension or Commonwealth Seniors Health Card both of which can reduce your living costs.
The Role of the Age Pension
At 67, you’ll be eligible to apply for the Age Pension, which can cover a large portion of your basic living expenses.
As of 2025:
- Singles may receive up to $28,500 per year
- Couples may receive up to $43,700 per year
Combining this with your remaining super creates a stable and sustainable income stream throughout your retirement years.
Retirement Investment Options at 60+
If you’re 60 or older, your investment approach should balance security and growth.
Here are the best investments for retirees in Australia:
- Account-Based Pensions: steady income and potential capital growth.
- Balanced or Growth Super Funds: help protect against inflation while generating returns.
- Dividend-Paying ETFs or Shares: reliable income with long-term upside.
- Term Deposits and Bonds: low risk, ideal for short-term expenses.
A diversified strategy helps your retirement savings grow while giving you peace of mind.
Can I Retire at 60 with $580K in Australia?
Retiring at 62: Smart Planning Tips
If you’re thinking of retiring at 62, here are some golden rules to follow:
- Review your spending and lifestyle expectations before you stop working.
- Keep 1–2 years of living expenses in cash for emergencies.
- Consider transitioning into retirement gradually through part-time work.
- Review your super fund’s performance and fees every year.
- Seek advice from a qualified financial planner to make the most of your super and tax benefits.
Retirement doesn’t mean stopping it means shifting gears and taking control of your time and future.
How Wealthlab Can Help You Retire Confidently
At Wealthlab, we help Australians turn their super savings into lifelong income plans that provide peace of mind and financial independence.
We’ll help you:
✅ Understand how far your super will go
✅ Build a realistic spending and investment strategy
✅ Minimise tax and maximise Age Pension eligibility
✅ Adjust your plan as life and markets change
✅ Retire confidently with a clear roadmap
Book your free retirement strategy session today and take control of your future.