Reaching age 62 with $470,000 in super can feel both exciting and daunting. The big question is: Can you retire at 62 comfortably in Australia? The answer depends on your lifestyle, spending habits, and how you manage your money. While $470K isn’t a ticket to luxury, it can fund a modest or even comfortable retirement especially if you own your home and plan for Age Pension support starting at 67.
How Long Will $470,000 Last If You Retire at 62?
Your super’s longevity depends on how much you spend annually. Here’s a rough estimate:
| Annual Spending | Estimated Duration |
|---|---|
| $20,000 | ~34–35 years |
| $25,000 | ~27–29 years |
| $30,000 | ~23–25 years |
📌 Even at $30,000 per year, your super could last well into your 80s, especially once Age Pension begins at 67 to ease financial pressure.
Budget Breakdown for a $25K/year Lifestyle If Retiring at 62
A modest budget at this level might look like:
| Category | % of Budget |
|---|---|
| Housing/Utilities | 25% |
| Food & Groceries | 20% |
| Healthcare | 15% |
| Transport | 10% |
| Travel & Leisure | 10% |
| Insurance | 10% |
| Miscellaneous | 10% |
This structure supports a stable lifestyle, particularly if you own your home and avoid rent or mortgage expenses.
Tips to Stretch Your Super if You Retire at 62
- Delay Large Withdrawals – Start drawing significant amounts after Age Pension eligibility at 67 to preserve capital.
- Control Lifestyle Inflation – Small daily savings can have a huge long-term impact.
- Downsize or Relocate – Consider moving to lower-cost areas or smaller homes to reduce expenses.
- Invest Conservatively – Preserve your capital with low-risk income-generating investments.
- Use Cash Flow Modelling – Forecast spending and withdrawals for a realistic financial plan.
Tips to Stretch Your Super Further
- Delay drawing large amounts until after Age Pension eligibility (67)
- Reduce lifestyle inflation small savings big impact
- Consider downsizing or relocating for better cost of living
- Invest conservatively to preserve capital
- Use cash flow modelling to forecast more accurately
Let Wealthlab Guide You to a More Abundant Retirement
At Wealthlab, we go beyond the numbers. We help Australians like you make confident retirement decisions by:
✔️ Mapping out how long your super can last
✔️ Designing a spending plan aligned to your goals
✔️ Helping you access all eligible government benefits
✔️ Creating low-risk strategies for income drawdown
✔️ Providing personalised, ongoing support
Retiring with $470K is possible but retiring with clarity and confidence is better. Let’s plan your path to a more abundant future.