$58kpa is a huge amount. I think most people over estimate the amount they will need for 'retirement' and this causes their retirement to happen years or decades later than it could have.
I love Mr Money Mo's approach too.
I heard of an old fella (~85yrs) who just had an operation to insert a shunt (?) somewhere inside him, and the actual device itself cost $38,000. If he didn't have private health insurance, I'm not sure how much Medicare would have covered. So is $58kpa really a huge amount when taking into account unexpected medical expenses, and the potential for needing at home care and support?