Planning your retirement

It’s never too early or too late to think about your life after you finish working.

And whilst everyone’s idea of retirement is unique, living your ideal lifestyle in retirement involves careful planning—and doing so may be the difference in being mentally and financially prepared for retirement—whenever that may be.

One in two Australians retire earlier than expected, often due to illness. That’s why it’s a good idea to start planning now.

Whether you want to continue working for now, are considering a transition to retirement, or are ready to retire, you can take simple steps to start preparing for your life after work.

What is my retirement age?

Your retirement age is whenever you stop work because you choose to or due to your circumstances. You may also need to meet other criteria to access your super or be eligible for the Government Age Pension.

Your retirement age may not be the same as

  • your preservation age (when you can access your super) - see table below; or
  • your ‘pension age’ (when you could qualify or be eligible for the Government Age Pension, also known as the qualifying or eligibility age).

Your preservation age and your ‘pension age’ are set by the government and depends on your birthdate, and it’s common to confuse the two.


When can I access my super?

Under normal circumstances, you can access your super when you reach your preservation age. Your preservation age is set by the government and depends on when you were born (see table below).

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

Find out more about accessing your super

Start planning today

Not being able to choose when you retire is more common than you think, and this can have a big impact on your financial situation. Even if you’re not ready to retire now, how prepared are you if retirement comes earlier than expected?

What’s your super when you retire?

Use the super projection calculator to find out how much super you could have when you retire, how long it could last and how you could make a big difference now.

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