Retirement Age in Australia: Things to Consider Before You Stop Working

Retirement Age in Australia: Things to Consider Before You Stop Working | Aged Care Weekly

Retirement age is when people generally stop working, typically when they are eligible for their superannuation funds.

Retirement is the golden period when you can finally enjoy the hard-earned rest you have toiled for all those years. Being able to, at last, enjoy the fruit of your labour.

But how do you make sure you are prepared for your retirement? Do you know where your retirement income is going to come from?

These questions are especially important in Australia because life expectancy has steadily gone up in the last decade. Australians are generally living longer, according to the Australian Institute of Health and Welfare. This can be attributed to the improved aged care facilities in Australia. Aged Care Weekly has a database of such facilities. This means that as more people become eligible, not many are leaving the eligibility status anywhere as fast.

Here are a few questions you should take into account as you enter retirement.

What Age Can I Retire in Australia?

According to the Australian Bureau of Statistics (ABS), the average retirement age in Australia is around 55. There is a cut in the stone age for retirement in Australia. However, it is advisable to have a steady backup income source before entering retirement. This is because even though you stop working, you cannot stop spending. This is why people generally retire when they are eligible for their super funds, usually after hitting the preservation age.

In Australia, this is about 65 years.

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 

 What Age is the Pension Age in Australia?

The pension age is around 66 years in Australia. This is a general age range for all super funds and age pension.

However, there are special circumstances that will make you eligible to receive early pension, such as permanent disability or bankruptcy.

Australians that do not have a pension or super may benefit from the age pension scheme.

The age pension is a benefit fund designed by Australia’s Department of Human Services to help older Australians who require assistance after retirement. To be eligible for the age pension, you must meet a combination of age and residence criteria as well as an income test. Eligibility also leans on date of birth almost as much as just age at retirement.

This is because the eligibility age for age pension in Australia has been gradually increasing by six months every two years. It will continue on this trajectory until it is 67.

According to Services Australia, the current pension age is 66 years and 6 months, but by 2023, the age eligibility for age pension will be 67 years.

For example, if you were born between 1 January 1954 and 30 June 1955, you are eligible to receive your age pension at 66, whereas if you were born 1 July 1955 and 31 December 1956, you can receive your super at 66 years and 6 months. 1 year earlier and you’re short. This means the people who will retire five years from today will meet a different qualifying age date.

When Can You Access Your Super Funds?

The superannuation fund or simply ‘super’ is Australia’s social security fund. You can typically access your super funds as soon as you can prove eligibility.

For you to be eligible to access your super funds for retirement, you have to satisfy one or more of the following conditions.

  • You’ve reached preservation age and permanently retired.
  • You ceased employment arrangement after age 60.
  • You reached preservation age and implemented a transition to retirement strategy.
  • You turned age 65, where you may or may not still be in full-time employment.

Make proper retirement planning or get access to financial advice to utilise your super funds efficiently.


Retirement age is generally dependent on the individual—the right age to retire is when you have enough funds to sustain yourself without the usual income. Before you access your super, it’s good to have a retirement plan first. It is a practical necessity for every retiring Australian. Retirement is a lot longer than most people imagine. It’s even longer when you don’t plan.

Leave us a reply if this was helpful or if there are other topics you’d like us to include.


1. What are the requirements to retire in Australia?

To retire in Australia, you have to be over the age of 55 and without any dependents.

2. How much money do you need to retire comfortably in Australia?

According to the Association of Super Funds Australia(ASFA), you need about $44000 per annum if you are single and $62000 per annum if you’re a couple for a comfortable retirement.


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