When can I retire?

Part of your retirement planning will be based around when you can access your super savings or the Age pension.

Is there a legal age to retire?

Generally, there is no legal age at which you must retire. Some industries or employment contracts may specify a retirement age but these do not affect the bulk of the population.

When can I access my super?

The Government determines the conditions and age you must reach before you can access your super benefits. The minimum age you can generally access your super is called your preservation age, this is currently age 55.  People born after 1 July 1960 should note that the preservation age will gradually rise from 55 to age 60.  (Note that there are certain conditions such as financial hardship and permanent and total disability which allow you to access your super earlier).

Learn more about accessing your super. 

At what age am I eligible for the Age pension?

For men the qualifying age is currently age 65.  For women the qualifying age varies depending on your date of birth but is gradually being increased to age 65. From 1 July 2017, however, the eligibility age for both men and women will gradually rise from 65 to 67 (reaching 67 by 1 July 2023).

Note that the Age pension is also means-tested based on the level of assets you own and the income you receive. You should speak to your local Centrelink office to understand how much age pension you may be entitled to.

Can I claim the Age pension if I keep working?

The Age pension is means-tested based on the level of assets you own and the income you receive.

Under the new Work Bonus incentive, income earned from employment is treated more favourable than investment income (up to $250 per fortnight may be discounted depending on your circumstances). This incentive is designed to encourage older Australians to transition from work to retirement more gradually.

You should speak to your local Centrelink office to determine the full range of benefits that may be available to you.