Thank you for your question. If you use all your savings to buy a property you would have to rely on the property to supply your income when you stop work. It will be very unlikely that the property alone will provide enough income to replace your part time wage of $32,000.
Even if you don’t buy the property there would be an issue about whether you would have enough assets to support yourself if you plan to stop work at age 60. Until you are 65 it is unlikely you will qualify for any government assistance. You don’t want to be in a situation that puts on in undue financial stress or worry.
There are various options, which you can consider to give you a better outcome, one is to invest some of your money in cash into higher return investments, delay your retirement a bit longer, or reduce your work hours gradually over time, which would reduce the amount you draw down on your investments/Super.
For advice on what option suits your circumstances you can obtain advice from an Financial Planner. To contact a Financial Planner in your area, you can search through the FPA website http://fpa.com.au/find-a-planner/
All the best,
By David van den Berg AFP®