Retirement income

Retirement age

When it comes to retirement income, there are two ages you need to consider:

Age Pension age

This is the age you qualify to receive Government Age Pension benefits. The current Age Pension age is 65.5, but this could be higher or lower based on your date of birth as shown in the table below.

Date of birth Women Men

1 July 1947 - 31 December 1948

64.5

65

1 January 1949 - 30 June 1952

65

65

1 July 1952  - 31 December 1953

65.5

65.5

1 January 1954 - 30 June 1955

66

66

1 July 1955 - 31 December 1956

66.5

66.5

On or after 1 January 1957

67

67

You also need to meet an income and assets test. Read more on our Age Pension page.

Preservation age

This is the age where you can access your superannuation savings. Generally, you can access your superannuation when you have reached age 65.

If you are under 65, you can access your superannuation savings if you have retired from the workforce and reached 'preservation age'.

Your preservation age depends on the year you were born, see the table below.

Date of birth Preservation age

Before 1 July 1960

55 years

1 July 1960 to 30 June 1961

56 years

1 July 1961 to 30 June 1962

57 years

1 July 1962 to 30 June 1963

58 years

1 July 1963 to 30 June 1964

59 years

After 30 June 1964

60 years

With statistics showing that Australians are living longer than ever, chances are you will spend 25 years, or more, in retirement.

How you make your savings last as long as you do is a key question when considering retirement.