Retirement age

Retirement age

When will you be ready to retire? According to the Australian Bureau of Statistics, the average age at retirement for recent retirees (those who have retired in the last five years) was approximately 63 years. 

Importantly though, when it comes to retirement income, there are two other ages you need to consider; the age when you’re eligible to start drawing on your super and the age you’re eligible to receive the Age Pension.

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.

If you were born between  You can receive the Age Pension when you are:
1 July 1952 to 31 December 1953 65 years and 6 months
1 January 1954 to 30 June 1955 66 years
1 July 1955 to 31 December 1956 66 years and 6 months
On or after 1 January 1957 67 years

To be eligible to receive the Age Pension you must also meet the Income and Assets Tests.

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.

If you were born between  Your preservation age is 
 Before 1 July 1960  55
 1 July 1960 to 30 June 1961  56
 1 July 1961 to 30 June 1962  57
 1 July 1962 to 30 June 1963  58
 1 July 1963 to 30 June 1964  59
 After 30 June 1964  60

With statistics showing us that Australians are living longer than ever, chances are you could spend a very long time in retirement.

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

Find out how much income you may need: Find out more


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