Importantly though, when it comes to retirement income, there are two other ages you need to consider; the Australian retirement 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 66.5, but this could be higher 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 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.
This is the age where you can access your superannuation savings. You can access your superannuation when you have reached age 65.
If you are under 65, you can generally 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.
Next page > How much do you need to retire?