While there isn’t an official retirement age in Australia, there are some important age-related milestones:
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| Preservation age | Unrestricted super access | Age Pension eligiblity | |
|---|---|---|---|
| Your age | 60 | 65 | 67 |
The preservation age is 60 years old. It’s the earliest age you’re allowed to access your superannuation. While you usually can't access it before you retire, you can get early access to your super in specific circumstances.
Once you hit 65 there are no rules around accessing your super. You’ll have full access to your super savings even if you’re still working.
This is how old you need to be to access the Age Pension. Currently, the Age Pension age is 67. However, turning 67 isn’t all that’s required: there are other eligibility criteria you need to meet.
Did you know?
You can submit your Age Pension application before you turn 67. Applying early (at least 13 weeks in advance) can help you avoid missing out on payments.
It’s worth noting that even though you may have access to your super at age 60 (if you have met a condition of release), access to the Age Pension starts at age 67 (if you are eligible).
The right time to retire will be different for everyone.
For some people, retiring even before 60 may be an option. Others may want to reach the Age Pension age before they retire. On average Australians plan to retire at 65.^
^Source: ABS
Watch this video to learn more about preparing to reduce or stop work.
There are rules around accessing your super known as conditions of release. The rules relate to your age and work status.
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| Under 60 | 60-64 | 65+ |
|---|---|---|
| You cannot access your super until you reach 60 except under early access rules. | You can access your super if you meet a condition of release. | You can access your super, whether you are working or not. |
This is different for everyone and it depends on your individual needs and circumstances. Here are some things for you to think about:
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| Money and finances | Work and purpose | Social and health |
|---|---|---|
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Did you know?
Tax can be made simpler if you retire at the end of the financial year (30 June). The time of year you retire may also depend on the plans you have.
Understanding how much you need to retire is an important first step in deciding when you will stop work or start to work less.
Watch this video about how much super is enough in retirement.
Your preservation age is 60 years old.
You can receive the Age Pension when you’re 67 if you meet the eligibility requirements.
There is no set retirement age. But you can’t access your super before you turn 60 unless you meet certain conditions. Once you turn 65, you can access your super.
There is no official retirement age in Australia for women or men. On average Australians plan to retire at 65.
Source: ABS
Your super is ‘preserved’ or locked away until you reach 60 or meet certain conditions which allow you to access your super early.
There’s no magic number, and it’s different for everyone. Because on average we’re living longer, you could need enough money to live on for 30 years. When you retire, the money you have to live on will come from super, personal savings and the Government Age Pension, if you’re eligible. To maintain your current lifestyle, most people need 70% of their current take-home pay. You can find out more here.
That depends on a variety of factors: inflation, lifestyle choices, any debt that needs servicing, and whether your money stays invested (and earns investment returns) in something like a Retirement Income account.
It’s important to know that retirement income and investment earnings are not guaranteed. Your payments will cease once your account balance is depleted.
You’ve come to the right place. Head here to start planning for retirement.
If you want or need to go back to work, you can. You will need to have a super account for your employer to make contributions. Learn more about returning to work after retirement.
It depends. You can access your super if:
Another option, if you’re between 60 and 64, is to start a Retirement Transition account.
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