When can I retire?

If you’ve spent the last 30 to 40 years in the workforce you’ve probably started daydreaming about retirement. Which means you probably have some questions. Like when exactly can I retire?
The good news is you can retire whenever you're ready. If you happen to win the lottery you can retire tomorrow. The real issue is superannuation, the Age Pension, and how you’re going to support yourself if you choose to retire early.
Most Australians can’t access their super until after they turn 60 years old, at the earliest*. And if you’re eligible for the pension you may have to wait until you’re 67 years old before you can claim it.^
A financial planner can help you navigate the rules around retirement. But in the meantime, we can help provide an overview.
A roadmap for early retirement
If you’re considering an early retirement, you’re going to need a source of income. But that’s only one aspect of the bigger picture.
If you’re serious about an early retirement you need to have a plan in place. We’ve outlined the basic steps below.
Can I really retire tomorrow?
When people talk about retirement what they’re generally referring to is access to their super and/or Age Pension.
This varies according to your age and the year you were born. The tables below show when you qualify.
When can I access my super?
You can access your super once you reach your preservation age and either;
- Change jobs, or
- Retire from the workforce
The table below shows the super preservation age.*
Date of birth |
Preservation age |
---|---|
Before 1 July 1960 |
55 |
1 July 1960 – 30 June 1961 |
56 |
1 July 1961 – 30 June 1962 |
57 |
1 July 1962 – 30 June 1963 |
58 |
1 July 1963 – 30 June 1964 |
59 |
From 1 July 1964 |
60 |
Source: Australian Taxation Office.
Note: Preservation age is not the same as pension age.
When can I access the Age Pension?
To qualify for the Age Pension, you need to meet the age conditions and Centrelink assets test. The age conditions are outlined below. Centrelink conditions can be found on the Australian Government website.
The table below shows the minimum age for age pension benefits.^
Your birthdate |
Minimum Age Pension age |
---|---|
1 January 1954 to 30 June 1955 |
66 years |
1 July 1955 to 31 December 1956 |
66 years and 6 months |
On or after 1 January 1957 |
67 Years |
Source: Department of Social Services
Whether you’re ready to retire or just thinking about it, a financial planner can help you better understand your options. That may mean a gradual transition to retirement, or a long-term strategy to help you retire better. Either way, the first appointment is obligation free and available at no additional charge.
Retirement might be closer than you think
Speak to a financial planner about your options.
Any figures quoted are correct at the time of writing but may be subject to change.
Authorised by Togethr Trustees Pty Ltd (ABN 64 006 964 049; AFSL 246383) ('Trustee') the trustee of the Equipsuper Superannuation Fund (ABN 33 813 823 017). Catholic Super is a division of the Equipsuper Superannuation Fund (ABN 33 813 823 017). Financial advice services may be provided to members by the trustee's related entity.
Togethr Financial Planning Pty Ltd (ABN 84 124 491 078; AFSL 455010). The information contained herein is general information only. It has been prepared without taking into account your personal investment objectives, financial situation, or needs. It is not intended to be, and should not be, construed in any way as investment, legal or financial advice. Please consider your personal position, objectives, and requirements before taking any action. Past performance is not a reliable indicator of future performance.
© 2020 Togethr Trustees Pty Ltd. For further information please our contact our Service Centre on 1300 655 002 or visit our website: csf.com.au.