Retiring soon? Here are 5 questions you need to answer first

So, retirement beckons. It’s a huge step and no doubt you have some last-minute details to sort through before you make the final leap.

In the run up to retirement, it’s important to prepare yourself financially and emotionally for what should be an exciting time of life. To help, here are five simple questions to answer that will pave the way.

1. Am I eligible to retire?

There’s no set retirement age in Australia but there are some practical hurdles to clear if you want to access your super or receive a pension.

You won’t be able to access your super until you reach what’s called your ‘preservation age’ (between 55 and 60 depending when you were born). You will also need to retire from the workforce or, if you plan to continue working part time, start a transition-to-retirement pension. Once you turn 65 you can access your super whether you’re still working or not.

If you plan to rely on a full or part Age Pension, as of 1 July 2023 you must be 67 years or older to be eligible. You can check your eligibility here.

2. How much money will I have?