For many Australians, the goal of retiring comfortably can feel increasingly out of reach. The rising cost of living has understandably heightened anxiety for those approaching retirement — and with good reason. Housing, power, transport, and everyday essentials have all become significantly more expensive.
As a result, we’re seeing more people make the move away from the city and toward regional Victoria like Bendigo. What once seemed like a lifestyle dream has now become a financially smart decision.
So understanding the difference between retiring in Bendigo versus Melbourne can help you make a decision that suits both your goals and your wallet.
The Cost of Retirement: Bendigo vs Melbourne
The most obvious difference is cost. In Melbourne, property prices, council rates, and general living expenses have climbed significantly in recent years. For many retirees, maintaining a comfortable lifestyle in the city can put real pressure on super balances and retirement income streams. Even often overlooked luxuries like a golfing membership, have become expensive ‘wants’.
ASFA now considers an income of $53,289 for singles and $75,319 for couples a necessary income level to live a comfortable lifestyle! These figures reflect the sharp rise in living costs — particularly across Australia’s major metropolitan areas.
But In Bendigo, the story looks very different. Property prices are more manageable, services are closer to home, and day-to-day costs — from groceries to parking — tend to be far lower. For someone selling a Melbourne home worth $1.2 million and buying in Bendigo for $650,000, that’s $550,000 of freed-up capital that can be redirected into super, investments, or simply used to create financial breathing room in retirement.
From our firsthand experience working with regional retirees, we’ve found that many couples and singles are comfortably living on around 70% to 80% of the figures often quoted in national retirement cost estimates. And when your expenses drop, your retirement savings last longer — and that’s the kind of leverage every retiree wants.
Lifestyle Benefits Beyond the Numbers
While the financial savings are compelling, lifestyle is often the real motivator for retirees moving to Bendigo You get more space, less congestion, and a community where people still know each other’s names. Bendigo offers a great balance — access to quality healthcare, cafes, arts, and sporting facilities, all without the chaos of city life.
For many clients, retiring regionally isn’t about giving up opportunities — it’s about reclaiming time and connection. Whether it’s volunteering, travelling, or spending more time with family, the shift to regional living often enhances wellbeing as much as wealth.
Financial Opportunities from the Move
A regional move can also open up valuable financial planning opportunities:
- Downsizer Contributions: If you’re over 55, you can contribute up to $300,000 each into super from the sale of your home — even if you’re above the usual contribution caps.
- Catch-Up Concessional Contributions: For those who haven’t maximised their contributions in recent years, the catch-up rule allows unused amounts from previous years to be added in.
- Superannuation Refresh: Moving or retiring is a great time to rebalance your super investments — shifting from growth to income-oriented options to support regular drawdowns.
- Income Planning: Lower living costs in Bendigo mean you may be able to draw less from super each year, improving the sustainability of your retirement income.
With careful planning, a move from Melbourne to Bendigo can be both a lifestyle upgrade and a financial win.
Considerations Before You Make the Move
Of course, every financial decision has trade-offs. Before you pack the boxes, it’s worth considering:
- Healthcare access and travel distance if you move further from metro specialists.
- Proximity to family and whether the move supports your social and emotional wellbeing.
- Capital gains tax and timing if you’re selling an investment property or business.
- Estate planning and super nominations, ensuring your new setup aligns with your long-term goals.
These are all things we can help you model and manage so that your transition is seamless, not stressful.
Why Local Advice Matters
Planning retirement in Bendigo isn’t the same as planning in Melbourne — and that’s a good thing. Local advisers understand the regional cost of living, super strategies, and investment options that suit clients making this lifestyle shift. At Greybox Wealth, we work closely with clients across Bendigo, Echuca, Shepparton and Central Victoria to ensure their financial strategies match their lifestyle goals.
The Bottom Line
For many Australians, moving to Bendigo or regional Victoria for retirement offers the best of both worlds — lower costs, better quality of life, and new financial opportunities. The key is to plan early and make sure your super, investments, and income strategy align with your retirement goals.
If you’re considering a move or just want to understand what retiring in Bendigo could look like financially, Greybox Wealth can help you model the numbers and create a plan that supports the next stage of your life.
Contact us here to arrange your first appointment today.