In Australia, the age at which you can retire and access your superannuation (retirement savings) depends on your date of birth. The eligibility age for the Age Pension, a government-provided pension, also varies. Here are the general retirement age thresholds:
- Age Pension Eligibility Age: The eligibility age for the Age Pension is gradually increasing. 65 years and 6 months, if you were born between 1 July 1952 and 31 December 1953, 66 years, if you were born between 1 January 1954 and 30 June 1955; then 66 years and 6 months, if you were born between 1 July 1955 and 31 December 1956.
From 1 July 2023, Age Pension age will be 67 years, if you were born on or after 1 January 1957. - Preservation Age for Superannuation: The preservation age refers to the age at which you can access your superannuation funds. It is not the same as the age of retirement, as you can choose to continue working even if you reach the preservation age. The preservation age varies based on your date of birth. Here are the current preservation age thresholds:
- If you were born before 1 July 1960, the preservation age is 55 years.
- If you were born between 1 July 1960 and 30 June 1961, the preservation age is 56 years.
- If you were born between 1 July 1961 and 30 June 1962, the preservation age is 57 years.
- If you were born between 1 July 1962 and 30 June 1963, the preservation age is 58 years.
- If you were born between 1 July 1963 and 30 June 1964, the preservation age is 59 years.
- If you were born on or after 1 July 1964, the preservation age is 60 years.
It’s important to note that while these are the general retirement age thresholds, you can choose to retire earlier if you meet specific conditions, such as meeting a “condition of release” or accessing your superannuation through a transition-to-retirement strategy. It is advisable to consult with a financial advisor or contact the Australian Taxation Office (ATO) for detailed and up-to-date information regarding your specific retirement circumstances.