There's no minimum age when you must retire in Australia. You decide when you’re ready to start working less or stop working for good. But you can use the age you can access your super, the Age Pension age and average retirement age as a rough guide.
You can usually access your super when you:
Reach 59–60 and retire or open a Transition to Retirement account
Leave an employer after age 60
Turn 65 (whether you're still working or not).
You need to be a certain age to get access to most, or all, of your super. It's called your preservation age, and it's based on when you were born.
Age is just one part of Age Pension eligibility. To get these payments from Centrelink, you'll also have to:
Meet the assets test
Meet the income test
Be an Australian resident and living in Australia for at least 10 years.
This is the current age limit set by the government. If you're old enough but don't meet all the rules, you may be able to get other government benefits.
Although many people might not plan to retire so early. Figures from the Australian Bureau of Statistics (ABS) show those aged 45+ intend to retire much later – at 65.5 years, on average.
Women retire 7 years sooner than men on average, according to ABS figures.
And Australians can expect to live to 85 for women and 81 for men on average (ABS, 2021). So this means your retirement savings may need to last up to 30 years, depending on what age you retire.
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The best age to retire depends on your situation and future plans. It's not always an easy decision. And sometimes life decides for you. Are you prepared if you need to retire earlier than expected?
That's where personal financial advice comes in. Our advisers can help you decide what to do with your super, how the Age Pension might fit into your plans, and more.
You don't need to wait until you retire – you can ask for advice anytime.
Your health
Your employment situation
The demands of your job
Your family's or partner’s situation
Your super and other savings
Your property or things you own (assets)
Any debts you have (e.g. credit cards or a mortgage)
Any large expenses like home renovations, overseas travel, or medical costs
For better or worse, your finances will play a huge role in figuring out what age you can retire. Here are some things to think about for your retirement plan.
It depends on the lifestyle you want when you finish work. Do you plan on travelling the world or enjoying time at home with family and friends?
How much you need
Check how your super compares to others your age, and how much super you should have now for a comfortable retirement.
Compare my balance
Get a quick snapshot of how long your super will last in retirement. And see what you can do to reach your goals.
Retirement calculator
Making a clear plan now can help make sure that you have the best financial future possible. Your membership includes advice about your super.
How do you make your savings last when you finish working? It depends on your situation. That's where we can help.
We have a range of retirement solutions to turn your super into tax-effective income. So you can get on with enjoying the rest of your life. Options include:
Regular payments from your super while still working
Tax-free payments from your super as long as you have a balance
Retire with tax-free fortnightly payments for the rest of your life.
There's no official retirement age for anyone in Australia. So women can choose when they want to retire, the same as men and non-binary people.
Women often end up with less super than men (called the super gender gap). And because they retire earlier, and live longer, than men on average, their retirement savings has to last longer.
But there are things you can do to help grow your super, such as:
Retired earlier than expected and need financial support? There's some cases when you can get your super early, such as total and permanent disability. Please contact us for help.
Yes, legally Australians can retire at any age. There's no compulsory retirement age in Australia.
But what does retirement age mean for you? If you need your super or the Age Pension to be able to afford to stop working for good, there are age limits and rules for both.
While there's no set retirement age in Australia, the Age Pension age is currently 67.
The idea of raising the Age Pension age to 70 was proposed in the 2014 Federal Budget. Even though the government didn't go ahead with it, there's no guarantee that they won't change the age for the pension in the future.
Everyone's situation is different, and it really depends on why you want to keep working. You may find it helpful for keeping up with the bills, or going on holidays – a regular income is hard to turn down, especially if you don't have much saved in super.
And while you're still working, you may not need to use your super as much. Plus you'll be able to add more to your savings.
If you'd like to ease into retirement, a transition to retirement pension lets you keep working while accessing some of your super.
So you could reduce your work hours and use your super to top up your income. Or boost your super and save on tax while continuing full-time work.
Start planning today for your retirement age. We can help you get ready, grow your super, and manage your savings once you finish work.
