Retiring at age 62 with $455,000 in superannuation can be a viable option especially if you own your home, have moderate lifestyle expectations, and qualify for Age Pension support from age 67. While this amount may not fund a luxury retirement, it can support a practical and fulfilling life if managed wisely.
Can You Retire at 62 with $455K?
Whether $455K is enough depends on:
- Your annual spending goals
- Home ownership status
- Other savings or assets
- Health and expected lifestyle
- Age Pension eligibility
With modest spending and no mortgage, $455K could provide financial stability for 25–30+ years with a careful drawdown plan.
How Long Will $455K Last if You Retire at 62?
| Spending per Year | Estimated Duration (62–Age) |
|---|---|
| $20,000 | ~33–34 years (up to age 95+) |
| $25,000 | ~26–28 years |
| $30,000 | ~22–24 years |
Retire at 62: Budget Breakdown on $25K/Year
| Category | % of Budget |
|---|---|
| Housing & Utilities | 25% |
| Groceries | 20% |
| Healthcare | 15% |
| Transport | 10% |
| Travel & Leisure | 10% |
| Insurance | 10% |
| Miscellaneous | 10% |
🏠 The Homeowner Advantage
Owning your home gives you a major edge. No rent or mortgage payments mean your money can go further covering essentials, healthcare, or occasional holidays. Renters will need a tighter plan and possibly extra income.
Retire at 62: Smart Retirement Planning Tips
- Delay major withdrawals until after Age Pension eligibility (67)
- Optimise your finances for Age Pension support
- Consider low-cost, conservative investments (~2.5–3% returns)
- Reassess your drawdown rate every few years
- Consult a retirement adviser early
Retire at 62 with Wealthlab
At Wealthlab, we help Australians retire with confidence, no matter their starting point. We help you:
✅ Understand how far your super can go
✅ Plan for a mix of super, Age Pension, and other income
✅ Adjust your lifestyle to match financial reality
✅ Create a step-by-step retirement roadmap
✅ Make your $455K work smarter with less stress