Oct 28 2019

What is the retirement age in Australia?

The retirement age in Australia for 2019 is between 55 and 65, depending on when you were born and if you want to access your superannuation straight away.

However, if you are planning on accessing the Age Pension you may have to wait a few extra years before handing in your resignation letter.

There is, in fact, no official retirement age in Australia, so if you want to keep working you can.

When can I access my super?

In Australia, you can access your superannuation once you reach preservation age. Your preservation age is the minimum age you can access your superannuation without applying for special consideration.

In 2019 the preservation age is between 55 and 60 depending on when you are born.

Date of birth	Preservation age
Before 1 July 1960	55 years
1 July 1960 – 30 June 1961	56 years
1 July 1960 – 30 June 1961	57 years
1 July 1962 – 30 June 1963	58 years
1 July 1963 – 30 June 1964	59 years
From 1 July 1964 onwards	60 years

If you’re retired, this means if you were born on or before June 30, 1961, you can already access your super.

If you were born between 1 July 1961 and 30 June 1962 you’ll need to wait until you’re 57 and have retired before you access your super.

If you were born between 1 July 1962 and 30 June 1963 you need to be 58 and have retired before you access your super.

If you were born between 1 July 1963 and 30 June 1964 you need to be 59 and have retired before you access your super.

“A certified financial planner can help you have confidence in the numbers and let you know if you can retire now, or if you need a little bit more in your savings account.”

If you were born after 1 July 1964 you need to be 60 and retired before you access your super.

If you haven’t or don’t want to retire yet, you can access your superannuation once you reach 65 years old, even if you are still working full time.

If you’re under 65 you can also use a transition to retirement (RTT) plan to access part of your superannuation while still working.

When can I access the Age Pension?

Your birthdate	Your Age Pension age	Date of Age Pension age change
1 January 1954 to 30 June 1955	66 years	1 July 2019
1 July 1955 to 31 December 1956	66 years and 6 months	1 July 2021
On or after 1 January 1957	67 years	1 July 2023

What else do I need to do before I retire?

When asked ‘when will you retire’, age is the most common factor that springs to mind, however, it’s not the only thing you need to take into account.

Here are some other important considerations that could affect when you retire.

Do I have enough money for the retirement I want?

With your working life over, you’ll have 38 extra hours a week to fill, which can get expensive if you’re not careful.

Take into consideration your desire to travel or discover new skills and you may find you need a bit more than the “average” retirement fund.

How many years of retirement will I need to fund?

People are living longer than ever before but that means your superannuation might need to stretch a few extra years.

Will my health affect my ability to continue or return to work?

People aren’t just living longer than before, but we’re also working longer too.

If you're concerned that you won’t be able to work for as long as you’d like to, it might be time to take a look at your superannuation investment strategies or boosting your superannuation.

If you haven’t or don’t want to retire yet, you can access your superannuation once you reach 65 years old, even if you are still working full time. Source: Getty