Money in your 60s
Written by Glen James
Host of the Retire Right & money money money (formerly my millennial money) podcasts & author of The Quick-Start Guide to Investing.
Your 60s are when some big decisions hit the road. Here’s a quick summary of our top tips for this decade:
1. Supercharge your superannuation contributions (including catch-ups)
At 60, the ‘I can’t touch my super’ mentality is gone, we’re switching to those last years of pumping your super, and starting to tap into it to fund your lifestyle. Use up your concessional cap ($30,000) and, if eligible, catch up on unused caps from past years. Consider non-concessional contributions to shift savings into super’s low-tax environment and set yourself up for a bigger, more tax-efficient retirement pot. Mentally prepare yourself – you’re going to start spending your super and that’s ok! That’s exactly what it’s there for. Enjoy it!
2. Start a TTR or account-based pension
A Transition to Retirement (TTR) pension lets you draw up to 10% of your super tax-free while still working, freeing cash for debt repayments or re-contributions. You may have decided to wrap up work entirely and if that’s you, an account-based pension can put your balance up to the cap of $2m in a 0% tax environment. Consider both of these options with the support of a financial adviser if you have one because you may be able to stop working sooner than you think (so don’t just keep working out of habit). Look at the numbers and see if you can start enjoying more lifestyle time now!
3. Set a retirement date and budget
Pick a target age to finish work and plan backwards. Build a budget for essentials and lifestyle extras, then test-drive it before retiring so there are no surprises. You may need less than you think without a mortgage, tax, or super contributions. Setting this time and date helps bring retirement out of the clouds and into reality, nothing like a bit of deadline pressure to get decisions moving. Now if that date comes and you still like working, you don't have to retire!
4. Be debt-free, or have a strategy to get there
I don’t expect everyone to wake up in their 60s and be debt free (but if that is you, awesome). Most of us are hitting retirement with some amount of mortgage left to pay off. To the best of your ability aim to be mortgage-free by your 60s, or have a clear repayment plan to get you there. Using a TTR can help speed this up while you’re still earning. At 65, you can access super in full, but weigh up whether wiping debt entirely is the best move for your situation. If you have a financial adviser, chat with them about your debt repayment plan and choose the best road for you.
5. Prepare for government entitlements
You’re in the decade where accessing the age pension becomes a possibility! Know the age pension rules and income/assets tests early. I don't think one should be aiming to have assets so they can get these benefits but it's good to know the numbers. More is more when it comes to money. If you are going to commence retirement self-funded, that's great! Although remember that partial eligibility or access to the Seniors Health Card can save on living costs. Small structural changes in super might make a big difference to these entitlements, particularly if you have a younger spouse or partner.\
Your next steps from here
Your 60s are an exciting decade, and potentially a little nerve-wracking as you’re making big changes. Don’t be surprised if you feel like you’re in unknown territory, your work life is wrapping up, and you’re beginning to spend a large amount of money you’ve been growing for decades. Give yourself some grace as you make this transition.
📺 watch 329 money in your 60s on YouTube
🎧 listen to the episode on Spotify or Apple Podcasts
📺 check out the ‘money by age’ miniseries on YouTube
If you’re in your 60s, time to get onto these things!
Community question
Community member says: I’ve heard that downsizing could be a good option for those heading into retirement, but moving from a freestanding home to a complex with strata concerns me. Are all strata complexes bad news? How can I be sure the strata in a complex I’m interested in is doing what it should?
Glen says: Strata gets a bad wrap (because honestly, sometimes the reputation is deserved), but I want to help you understand there are ways to avoid strata worst case scenarios.
How strata works
When you buy into a strata scheme, you’ll pay a regular strata levy to cover maintenance of shared areas. These levies go into two funds: an admin fund (for day-to-day expenses like garden maintenance, bin collection, and insurance) and a capital works fund (for bigger future expenses like roof repairs or resurfacing driveways). The cost of these levies is based on your unit entitlement, essentially how big your property is compared to the others in the block. So if there are four units and yours is the largest, you'll pay a bit more than your neighbours. This structure keeps things fair.
Strata title red flags – a quick checklist:
Strata Report: Look for special levies, recurring complaints, legal disputes, or building defects. Ask questions to dig deeper.
Capital Works Fund: Low balance = higher risk of future levies.
Strata Levies: Know the cost, what they cover, and whether they’re rising fast.
Insurance: Check building coverage, ensure certificate of currency, and know what’s not covered (you’ll need your own for internal fixtures).
Yes, we’ve all heard horror stories, but not all strata schemes are a nightmare. In fact, for many buyers, particularly solo homeowners or frequent travellers, they can offer peace of mind. You won’t need to mow lawns, fix fences, or arrange bin days, the strata takes care of that. And in well-managed complexes, levies can be surprisingly affordable, especially compared to the ongoing costs of maintaining a free-standing house.
The key is good management, transparent records and using the above due diligence checklist. If the committee is active, the levies are reasonable, and maintenance is up to date, strata can actually be a stress-reducing option, not a burden.
I also recorded an episode on strata title properties on money money money, if you'd like to learn more about how to avoid the worst case scenarios. Watch it here on YouTube.