Although there is no ‘retirement age’ in Australia, there are two ages that are important to know for planning your retirement:
- Preservation age: This is the age when you can access your super funds provided you have also met a condition of release (such as retiring or turning 65). Your preservation age is between the ages of 55 and 60, depending on your date of birth.
- Age Pension age: This is the age when you can access Australia’s Age Pension, provided that you’re an Australian resident and you pass both the income test and the assets test. If your income and assets are below certain thresholds, you will be eligible for either a full or part Age Pension. The current age pension eligibility age is 65 years and 6 months. However, this age will progressively rise to 67 for all Australians by 1 July 2023.
Like many things in superannuation, working these out for yourself are not as straightforward as they could be. To help out we’ve built a Retirement age calculator.
How to use the Retirement age calculator
Note: When the calculator first appears, by default it shows the result for 1st January 1950.
In the calculator below
- Click on “1950” below “Year”
- Type the year you were born in.
- Repeat for the Month and Day of your date of birth
Your date of birth:
|wdt_ID||Year||Month||Day||Birthdate||Gender||Preservation age||Date reaches Preservation age||Age Pension age||Date reaches Age Pension age|
|1||1927||January||1||1 January 1927||Female||55||01/01/1982||60.0||01/01/1987|
|2||1927||January||2||2 January 1927||Female||55||02/01/1982||60.0||02/01/1987|
|3||1927||January||3||3 January 1927||Female||55||03/01/1982||60.0||03/01/1987|
|4||1927||January||4||4 January 1927||Female||55||04/01/1982||60.0||04/01/1987|
|5||1927||January||5||5 January 1927||Female||55||05/01/1982||60.0||05/01/1987|
|6||1927||January||6||6 January 1927||Female||55||06/01/1982||60.0||06/01/1987|
|7||1927||January||7||7 January 1927||Female||55||07/01/1982||60.0||07/01/1987|
|8||1927||January||8||8 January 1927||Female||55||08/01/1982||60.0||08/01/1987|
|9||1927||January||9||9 January 1927||Female||55||09/01/1982||60.0||09/01/1987|
|10||1927||January||10||10 January 1927||Female||55||10/01/1982||60.0||10/01/1987|
Learn more about Preservation age and Age Pension age in the following SuperGuide articles: