If you’re 62 and have $465,000 in super, you might be wondering: Can I retire at 62 and maintain a comfortable lifestyle? The good news is that with careful planning, owning your home, and controlling annual spending, $465K can provide a stable foundation for your early retirement years.
Can I Retire at 62 with $465K Understanding Your Financial Position
Your retirement income depends on factors like your annual expenses, whether you own or rent your home, and when Age Pension support begins at 67. A modest lifestyle combined with strategic drawdowns can make $465K last for 25–30+ years, bridging the gap until government support begins.
How Long Will $465K Last if I Retire at 62?
With a conservative annual drawdown:
- $20,000 per year – lasts ~34–35 years (into your late 90s)
- $25,000 per year – lasts ~27–28 years
- $30,000 per year – lasts ~23–25 years
These projections assume modest investment growth (~3% per year after inflation) and careful budgeting.
Can I Retire at 62 Budgeting and Managing My Super
To make $465K work, prioritise essential costs such as housing, food, healthcare, and insurance. Keep discretionary spending low and consider part-time work or income supplements if needed. Holding a portion of your super in low-risk investments ensures both growth and stability, helping your funds last well into retirement while maintaining peace of mind.
Suggested Budget on $25K per Year
Here’s how a modest lifestyle might look:
| Category | % of Budget |
|---|---|
| Housing/Utilities | 25% |
| Food & Groceries | 20% |
| Healthcare | 15% |
| Transport | 10% |
| Travel & Leisure | 10% |
| Insurance | 10% |
| Miscellaneous | 10% |
How Long Will $465K Last in Retirement?
With $465,000 in super, how long your money lasts depends largely on your lifestyle and spending habits. For someone aiming for a modest lifestyle, drawing around $25,000 per year, your super could comfortably cover 27–28 years, taking you well into your late 80s. Even at $30,000 per year, careful budgeting and modest investment returns (~3% after inflation) can make your savings last 23–25 years, bridging the gap until the Age Pension begins at 67 and providing financial support well into later life.
Managing Your Retirement Funds Effectively
To make your $465K stretch, planning and disciplined spending are essential. Prioritise essential costs like housing, food, healthcare, and insurance, while limiting discretionary spending. Using a conservative drawdown strategy, keeping a portion of your super in low-risk, income-producing investments, and considering part-time work if needed can significantly extend your retirement savings. By carefully balancing withdrawals and growth, your funds can sustain your lifestyle for decades, giving you confidence and security as you enjoy your retirement.
Planning Tips for a Smart Retirement
- Delay big withdrawals until after Age Pension kicks in at 67
- Keep lifestyle inflation in check
- Invest conservatively to preserve capital
- Monitor and adjust spending every few years
- Work with a retirement expert to avoid costly mistakes
How Wealthlab Can Help
At Wealthlab, we don’t just manage money we help you plan a life. If you’re sitting on $465K and unsure if it’s enough, here’s what we can do:
✅ Model how long your super will last
✅ Align your spending with retirement goals
✅ Maximise Age Pension and other entitlements
✅ Build a low-risk, sustainable drawdown strategy
✅ Provide personalised guidance every step of the way
Book your free session today. Let’s help you turn $465K into a roadmap for a stable and fulfilling retirement.