When can you retire?

Many of us would retire tomorrow if we could afford it! Others can't imagine what we'd do with our time. Your decision depends on your situation, work, savings and goals. You also need to consider when you can access your super and whether you qualify for the Age Pension or other government benefits.

Retiring from work doesn't mean retiring from life

Question	Qualifications	Rules
Is there a legal age to retire?	There is no legal requirement about what age you can or must retire. However, access to your super savings and the government Age Pension are related to your date of birth.
When can I access my super?	The Government determines the age you must reach before you can access your funds, even if you retire earlier. The minimum age you can access your super after you retire, is called your preservation age. Except in exceptional circumstances this is usually 60. Find out more in our 'Super' section about Access rules for your super.	See table below for Preservation Age.
At what age am I eligible for the government Age Pension?	Whether you qualify for the Age Pension depends on your income, date of birth and other eligibility requirements including residency. For more details, check out the Government's Age Pension.	Men Qualifying age is 65 Women Qualifying age depends on date of birth. By 2014, it will be 65
Can I claim government benefits if I keep working?	The voluntary Pension Bonus Scheme rewards people who defer claiming the Age pension. You could receive a bonus of up to $30,000 if you work for 5 years after retirement age.	You must be eligible for the Age pension, register as a member and meet a flexible work test for at least 12 months.
What about my employer benefits?	Some employers may provide certain benefits or entitlements such as long service leave and superannuation benefits based on the time you have been employed or the age you retire. In these cases it may be worth delaying retirement until after June 30.	Seek advice from your employer and your financial planner.
Does it matter what month I retire?	Some superannuation thresholds are indexed up on June 30 each year. This may benefit you. However, your marginal tax rate may be lower after retirement so you may temporarily miss out on other benefits if you retire before June 30.	Seek advice from your financial planner.
What age do I qualify for a Seniors Card?	A Seniors Card is available to Australians aged 60 and over who are not working full time.	Check out information about the Seniors card on the 'About Seniors' website.

Hang up your work clothes

Traditionally the retirement age for men was considered 65, and for women 55. Many people however prefer a gradual transition from work so they can hang on to the benefits of working and the additional income for a while longer.

Can you keep working?

Retirement may choose you

Some researchers estimate that around one third of Australians retire early due to ill health or injury. Another 20% retire due to redundancy, retrenchment or forced retirement. It's important to take control of your retirement early through planning. You may wish to protect your most valuable asset, your earning capacity, by considering insurance for total and permanent disability and salary continuance.

Preservation Age Table (Permanent Retirement)

Date of birth	Preservation age
Before 01 July 60	55
01 July 60 - 30 June 61	56
01 July 61 - 30 June 62	57
01 July 62 - 30 June 63	58
01 July 63 - 30 June 64	59
After 30 June 64	60

Find out more about retirement

Find a financial adviser using BT's Adviser Referral Program.
Learn about BT's pension plans.