The superannuation retirement age in Australia refers to the age at which you can access your superannuation funds, which are the savings accumulated throughout your working life in a superannuation account.
The retirement age for superannuation depends on your preservation age. The preservation age is determined by your date of birth and ranges from 55 to 60 years. Here is the breakdown of the preservation age based on birthdates:
- 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.
Once you reach your preservation age, you have the option to retire and access your superannuation funds. It’s important to note that you don’t have to retire at this age; you can continue working while accessing your superannuation if you wish. However, there may be specific conditions or rules around accessing your superannuation based on your employment status and the type of superannuation account you hold.
It’s advisable to consult with a financial advisor or contact your superannuation fund for detailed information and guidance regarding your specific superannuation retirement age and options.