Anyone aged 65 or over can access super benefits without retiring or satisfying any other special condition of release. Turning 65 is a condition of release.
Unless you’re in a public sector fund, such super benefits will be tax-free when paid on or after the age of 60.
For a general summary of the super and retirement rules applicable on or after turning 65, continue reading this article for the following topics:
- When you can retire and what happens to your super
- Making super contributions on or after the age of 65
- Starting a super pension
- Applying for the Commonwealth Seniors Health Card (CSHC)
- Claiming the Age Pension
Note: You can also refer to SuperGuide articles What are the super and retirement rules for over-65s? and Superannuation rules: What applies at different ages?
Retiring at age 65, or other ages
You don’t have to retire when you turn 65, and you don’t have to access your super benefits at age 65, even if you have retired or you choose to continue working (although some corporate and public sector funds have set start dates for super pensions). For more information on retirement age and when you access your super benefits, see the following SuperGuide articles:
- What is the retirement age in Australia?
- Remember! Retirement unlocks your super cash
- Accessing super: What does ‘retirement’ mean so I can withdraw my super?
- Super for beginners, part 24: Do I have to withdraw my super when I turn 65?
- Age 65: Accessing your super is a right
- Super for beginners, part 8: What happens to my super benefits when I retire?
- I’m retired. Can I make super contributions?
- I’m 67. Can I access my super and continue working?
- Super for beginners, part 9: If I retire and take my super, can I return to work?
- Understanding your life expectancy
Super contributions beyond the age of 65
If you plan to continue making super contributions to a super fund after turning 65, you will need to satisfy a work test before making the super contributions. If you plan to make non-concessional (after-tax) contributions after turning 65, the bring-forward rule is not available. For more information on making super contributions beyond the age of 65, see the following SuperGuide articles:
- Over-65s work test: How does it operate?
- Do I have to be working to make super contributions?
- Super contributions before and after age 65
- Bring-forward rule: A definitive super guide
- For over-65s: Ten tips when making super contributions
- Super contributions: Turning 65 part-way through the year
- Making super contributions: Aged 65 years or older
- Employer super (SG) contributions paid for over-70s
- Non-concessional contributions: Tread carefully when aged 63 or 64 or 65 (3 Q & As)
- Turning 65: Maxing out the after-tax contributions cap
- Over 65? Sell your home and contribute more to super
- Contributing super by downsizing your home: 10-point guide
Starting a super pension
An individual can start a super pension when they turn 65, or when they retire after reaching preservation age. An individual can also start a special type of super pension (with special rules) after reaching preservation age. For more information on starting a super pension, see the following SuperGuide articles:
- Retirement: What types of superannuation pensions are available?
- SMSF pension: How do I start one?
- Retirement and tax: What are the minimum pension payment rules?
- Minimum pension payments for 2018/2019 year (and for 2017/2018 year)
- SMSF basics: Is there a minimum or maximum age for starting a DIY super fund? (2 questions)
- Guest contributor: Turning 65 – Do you still need a SMSF?
Applying for the Commonwealth Seniors Health Card, or other cards
A Commonwealth Seniors Health Card (CSHC) cardholder pays a concessional price for prescriptions under the Pharmaceutical Benefits Scheme. The card is available to Australians of Age Pension age who don’t receive the Age Pension and earn less than the income threshold for the card. For more information on the CSHC, and other cards available for seniors, see the following SuperGuide articles:
- Concession cards: Am I eligible and what entitlements can I expect?
- Are you eligible for a Commonwealth Seniors Health Card?
- Over 60: Want to save some cash? Get a state Seniors Card
Claiming the Age Pension
The age for applying for the Age Pension used to be age 65. Since July 2017, Age Pension age has increased to at least 65 years and 6 months (depending on your date of birth), and increases again to at least 66 years from July 2019 (depending on date of birth). For more information on your Age Pension age, and applying for the Age Pension, see the following SuperGuide articles: