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Home / Plan your retirement / When should I retire?

What is the retirement age in Australia?

January 4, 2021 by Barbara Drury 2 Comments

Reading time: 2 minutes

On this page

  • The average age of retirement
  • When can I access my super or the Age Pension?
  • The bottom line

“What is Australia’s retirement age?” or “What age can I retire?” are common questions. The simple answer is “it depends”.

There’s no such thing as a ‘retirement age’ in Australia, nor any laws that dictate when someone can retire. In theory, you can choose to retire whenever you want.

A better question to ask would be “When should I retire?”. That’s a very personal decision that depends principally on when you can financially support the lifestyle you want to lead in retirement, unless ill health or other factors make the decision for you.

So, at what age do most Australians retire?

The average age of retirement

According to the government’s Retirement Income Review released in November 2020, the average age of retirement in Australia is currently between the ages of 62 and 65, with women tending to retire one to three years before men. But things are changing.

For a variety of reasons, today’s retirees are likely to stay in the workforce for longer than previous generations. In fact, the workforce participation rate for those aged 60 to 64 increased 22 percentage points over the 20 years to 2020. Improved health outcomes, greater workforce flexibility allowing a gradual transition into retirement, and higher average levels of education requiring less physical work are contributing factors to a trend that is likely to continue.


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But for some people there are also financial imperatives to work a little longer. These may include:

  • We are living longer and need to save more for our retirement or run the risk that our savings will run out
  • Our lifestyle expectations are higher than they were for previous generations
  • More of us are carrying a mortgage and other debt later in life
  • Our children are leaving home later, leaving us with less time to boost our retirement savings
  • The age of eligibility for the Age Pension is rising.

This last point puts a floor under retirement decisions for many Australians. Given that today’s retirees have not had the full impact of compulsory super throughout their working life, the Age Pension still supplements the income of around 65% of retirees.

When can I access my super or the Age Pension?

In practice, there are two age rules that impact when most Australians can retire because they allow you to access funds to support your retirement. These are:

  • Preservation age: This is the age when you can access your super provided you have also met a condition of release (such as retiring or turning 65).
  • Age Pension age: This is the age when you can access Australia’s Age Pension, provided you’re an Australian resident and you pass both the income test and the assets test.

You can find out your preservation age and Age Pension eligibility age by entering your date of birth into our retirement age reckoner. Alternatively, the table below provides the preservation age and Age Pension age for a range of birth years.

Birth yearPreservation ageAge Pension age
1949, 1950 or 19515565
19525565
(if you were born between 1 January 1952 and 30 June 1952)

or 65 years and 6 months
(if you were born between 1 July 1952 and 31 December 1952)
19535565 years and 6 months
19545566
19555566
(if you were born between 1 January 1955 and 30 June 1955)

or 66 years and 6 months
(if you were born between 1 July 1955 and 31 December 1955)
19565566 years and 6 months
1957, 1958 or 19595567
196055
(if you were born between 1 January 1960 and 30 June 1960)

or 56
(if you were born between 1 July 1960 and 31 December 1960)
67
196156
(if you were born between 1 January 1961 and 30 June 1961)

or 57
(if you were born between 1 July 1961 and 31 December 1961)
67
196257
(if you were born between 1 January 1962 and 30 June 1962)

or 58
(if you were born between 1 July 1962 and 31 December 1962)
67
196358
(if you were born between 1 January 1963 and 30 June 1963)

or 59
(if you were born between 1 July 1963 and 31 December 1963)
67
196459
(if you were born between 1 January 1964 and 30 June 1964)

or 60
(if you were born between 1 July 1964 and 31 December 1964)
67
1965 or later6067

The bottom line

Deciding when you should retire is an important financial decision. You can use the preservation and Age Pension eligibility ages as a guide, but it’s worth seeking independent professional advice based on your financial circumstances and goals. Doing this will help you make a decision that will enable you to lead a lifestyle you can afford in retirement.

The information contained in this article is general in nature.

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Learn more about how to plan your retirement in the following SuperGuide articles:

How to use the MoneySmart Retirement Planner

January 21, 2021

Countdown to retirement: Tips to help kickstart your retirement plans

June 1, 2020

How to plan for your retirement

January 4, 2020

How to plan your spending through the 3 stages of retirement

August 10, 2019

How to navigate the different phases of retirement

August 9, 2019

How to select a retirement income calculator

August 1, 2019

Starting a pension from your super

July 1, 2019

How do I apply for the Age Pension?

July 1, 2019

Super advice: How to find a suitable financial adviser

March 15, 2019

Learn more about when to retire in the following SuperGuide articles:

Retiree reflections: If I had my time over, when would I retire?

January 21, 2021

What age should I retire?

December 1, 2020

Retiring at 55? Your super simple guide to 12 common questions

June 3, 2020

Retiring at 60? Your super simple guide to 12 common questions

June 3, 2020

Retiring at 65? Your super simple guide to 12 common questions

June 3, 2020

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Plan your retirement When should I retire?

IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more

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Reader Interactions

Comments

  1. Damon Lastname says

    January 11, 2021 at 5:16 pm

    Hello
    I first starting working in 1987 (born 1971) and at that time I chose to retire at 55yrs.
    As I’m from a trade background, it will be impossible to retire (I’m currently working in garden maintenance) at the required age due to increasing physical difficulties and pain. I have definitely no plans to live past 60 yrs and will be actively preparing for euthanasia following my 50th next year. I’m currently very active in Bushwalking and Canyoning and if I cannot do this; I no longer want to be here. THERE should/must be options for those that are working more physically than others to enable them to access their super earlier. However the basic, sad, grim reality is that the GOV of the day wants you die before you have the chance to access your super, therfore more money for THEM; sorry to say its simply risk anaylsis, and THEIR ALWAYS going to bet for their side; not yours.
    I invite a reply, if any.
    regards
    Damon

    Reply
  2. les and brenda smith says

    May 7, 2020 at 8:34 am

    I have found this information very interesting and valuable to research my intentions to retire, information here is clear and precise, thank you

    Reply

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All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs.

You should consider whether any information on SuperGuide is appropriate to you before acting on it.

If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.

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