People who retire at 60 without a fully owned property, usually have some form of cash in Super (unless they blew it in stock market bio gambling madness), plus maybe a little bit of saving. Maybe they'll have $300k all up. Minimum living expenses today cost $50k/y, but you have to live like a cheapskate. $300k will only last them until 66 yrs old. But living expenses is going to cost more in the next 20 years.... you'll probably need 100k/y to have a cheapskate life. So your $300k will last you until 63.
Imagine if you have to live until 80s or 90s..... hard time in old age is extremely not pleasant.
