If you’re approaching 60 with around $660,000 in super, you’re already ahead of most Australians. The big question now is:“Is $660K enough to retire at 60 in Australia and what kind of lifestyle can it actually support?”
The short answer is yes retiring at 60 with $660K is achievable for many Australians, especially if you own your home and plan your spending deliberately. With the right strategy, this balance can support a comfortable and confident retirement, even before the Age Pension becomes available at 67.
This guide will walk you through how long $660K can last, what lifestyle it supports, and the smart strategies you can use to turn your super into a reliable retirement income.
Understanding Retirement at 60 in Australia
Age 60 is a huge milestone.You’ve reached your super preservation age, meaning you can now access your super tax-free if you retire.
But remember:
- The retirement age in Australia for the Age Pension is 67.
- That means you need to fund seven years of self-supported retirement before government support begins.
This gap is where planning becomes crucial and where $660K can be more than enough with the right structure.
When Is the Best Time to Retire in Australia?
How Long Will $660K Last in Retirement?
Using conservative, inflation-adjusted returns (~3% annually) and realistic spending levels, here’s how long your super might last:
| Annual Spending | How Long $660K Can Last |
|---|---|
| $35,000/year | ~28–30 years |
| $40,000/year | ~25–27 years |
| $45,000/year | ~22–24 years |
| $50,000/year | ~19–21 years |
This means your super could comfortably support you well into your mid-80s or even early 90s, especially once the Age Pension begins at 67.
What Lifestyle Can You Expect With $660K?
With $660K, you can expect a lifestyle that is:
✔ Comfortable, not extravagant
You’ll cover all essentials easily groceries, utilities, car maintenance, insurance, healthcare.
✔ Flexible and enjoyable
Domestic travel, occasional international trips, dining out, hobbies.
✔ Secure and stable
Especially if you own your home and manage investments wisely.
Here’s an annual spending example for a comfortable lifestyle at $40K per year:
| Category | Annual Spend | Notes |
|---|---|---|
| Housing & Utilities | $8,000 | Lower if you own your home |
| Groceries | $7,500 | Moderate lifestyle |
| Healthcare | $6,000 | Covers private cover |
| Transport | $4,500 | Fuel + insurance |
| Travel & Leisure | $8,000 | Domestic + occasional overseas |
| Insurance | $3,000 | Home/contents/car |
| Miscellaneous | $3,000 | Personal needs |
For many Australians, this represents a comfortable, balanced, low-stress retirement.
This line chart tracking the decline of $660K from age 60 to 90 under different annual spending levels ($20K, $25K, $30K, $35K) would help illustrate this.
The Big Advantage: Owning Your Home
Homeownership is one of the most powerful factors in retirement success.If you own your home, your super stretches dramatically.If you rent, you may need to adjust spending or consider:
- Relocating to a more affordable area
- Downsizing
- Using proceeds to boost super (Downsizer Contribution)
But with $660K, many renters can still retire comfortably with smart planning.
Should I Keep Investing After Retirement?
Will the Age Pension Help at 67?
Yes and it helps a lot.At the current retirement age in Australia (67), you may qualify for:
- Single: up to ~$28,500/year
- Couple: up to ~$43,700/year
By the time you reach 67, your super may have reduced enough that you qualify for partial or even full . Age Pension drastically lowering your out-of-pocket living costs.
A realistic scenario at 67:
- Remaining super: ~$300K–$400K
- Age Pension: ~$28K (single)
- Combined annual income potential: $45K–$55K comfortably
This is why $660K at 60 is a strong starting point.
How to Make $660K Last Longer
Here are smart ways to stretch your retirement savings:
1. Use an Account-Based Pension
Turn your super into a tax-free retirement income stream that keeps growing while you draw from it.
2. Stay Invested for Growth
Avoid going 100% cash.
A balanced/growth portfolio protects against inflation and extends your super’s life.
3. Control Early Spending
The first seven years (60–67) are your most important.
Avoid big lump sum withdrawals.
4. Consider Part-Time Work
Even earning $8K–$12K per year:
- Reduces super withdrawals
- Preserves your portfolio
- Helps you adjust to retirement gradually
5. Plan for Healthcare
Medicare + private cover keeps costs manageable long-term.
Example Scenario: Retiring at 60 With $660K (Single)
- Annual spending goal: $40K
- Super drawdown: ~$35K
- Savings/investments: ~$5K
- At 67: Add Age Pension ~$28.5K
- Super balance continues to support ~$12K–$15K/year
This creates a stable, predictable retirement income structure.
Common Mistakes to Avoid
❌ Spending too much in the first 5 years
❌ Not adjusting investments for inflation
❌ Forgetting healthcare and insurance costs
❌ Failing to model the 60–67 retirement gap
❌ Not applying for Centrelink entitlements
❌ Taking large lump sums early
Avoid these and your $660K becomes significantly more powerful.
FAQs: Retiring at 60 With $660K
1. Is $660K enough to retire at 60?
Yes for most people, this supports a comfortable lifestyle, especially with smart planning and Age Pension support later.
2. How long will $660K last?
Around 22–30 years, depending on investment returns and spending levels.
3. Do I need to own my home?
It makes retirement far easier but renters can still retire with adjustments.
4. What investment strategy works best at 60?
Balanced or conservative growth options that protect capital while generating steady returns.
5. Can I work part-time after retiring?
Yes. Many retirees do and it greatly extends how long your super lasts.
Final Thoughts: Can You Retire at 60 With $660K?
Absolutely $660K is a strong retirement balance, and with careful planning it can support a secure, comfortable retirement from age 60 through your later years.
You have options.
You have flexibility.
And you have a strong financial foundation to work from.
The key now is turning that number into a reliable, long-lasting retirement income plan.
How Wealthlab Helps You Retire With Confidence
At Wealthlab, we help Australians:
- Understand how long their super will last
- Build personalised retirement income plans
- Maximise Age Pension eligibility at 67
- Invest safely while still keeping up with inflation
- Avoid the early retirement mistakes that drain savings
Book your free retirement strategy session today and start planning a confident, stress-free retirement with your $660K.