Is $1,000,000 enough to retire at 60 in Australia?

AUD 1 million is enough to retire at 60 in most of Australia, but tight in Sydney or Melbourne. At a 4 percent safe withdrawal rate, AUD 1 million produces about AUD 40,000 a year, or AUD 3,300 a month. That covers a moderate lifestyle in Brisbane ($3,200), Perth ($3,225), Adelaide, regional Australia, or country-level Australia ($3,125), with thin slack. In Melbourne ($3,425) it sits slightly below the moderate threshold for one person. In Sydney ($3,925), AUD 1 million alone is below moderate living: pairing with the Age Pension (from age 67) or part-time income closes the gap. The Age Pension currently pays around AUD 30,000 a year for a single retiree, which transforms the same AUD 1 million into a comfortable retirement nearly anywhere in the country. For the full cost picture, see our Australia cost of living page.