Summary
Taking control of early retirement
Did you know the average age people intend to retire is closer to 66, but the average age at retirement (of all retirees) is 57 years?1
Early retirement can happen for a range of reasons, including illness, needing to care for someone else, retrenchment or not being able to find work. Whatever the reason you might find yourself retiring early, you’re not alone.
It’s important to know there are things you can do now to help you and your loved ones be prepared for early retirement. And even if things don't work out according to plan, there’s comfort in knowing you’re prepared for the future with these simple steps.
Helping you make your early retirement a comfortable one
Understand your financial situation
Understand the support at hand
Sort out your super
Seek financial advice
How to navigate unexpected early retirement
Having to retire unexpectedly can disrupt your retirement plans and may leave you feeling anxious. But you may be more prepared for an early retirement than you realise. Find out how to retire early with confidence – even if it's unexpected.
Unexpected circumstances such as redundancy, ill health, being unable to find work, or having to care for a loved one are all reasons retirement can come sooner than planned.
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Planning your perfect retirement
The ideal retirement will look different for everyone. For some, it includes a holiday every year or a campervan road trip. For others, it’s volunteering in the community or simply spending more time with the grandchildren. Either way, some planning and goal setting can really help you achieve your perfect retirement.
While having to retire early may take you by surprise, it doesn’t have to mean your retirement plans fly out the window. Here are some things you can do if your retirement comes sooner than expected.
5 actions to take for an unexpected early retirement
1. Review your current financial position
1. Review your current financial position
If you had to retire today, how's your superannuation balance looking? Knowing how much money you could have available if you stopped work unexpectedly is a good first step in your planning.
When reviewing your finances, consider your superannuation, any savings or other assets, debts, and any income sources, such as government assistance or from personal investments such as shares or property.
2. Calculate your living expenses
2. Calculate your living expenses
Once you understand your assets and income sources, it’s a good idea to calculate your living expenses. This helps you estimate how much you’ll need to spend each year in retirement. Retirement expenses can include rent, bills, food and entertainment, holidays, insurance, home or car repairs, and health expenses.
3. Know when you can access your super
3. Know when you can access your super
You can access your super when you reach 60 years of age and retire. The meaning of ‘retire’ depends on your age and how and when you finished work:
- If you’re 60-64:
- You stopped working permanently, or
- You ceased an employment arrangement on or after age 60
- If you’re 65 or older: you can access all your super, even if you’re still working.
In some cases, you may be able to access your super early before your preservation age. This could be due to financial hardship, compassionate grounds, or becoming permanently disabled.
4. Explore how to turn your super into a regular income with an account-based pension
4. Explore how to turn your super into a regular income with an account-based pension
If an early retirement comes unexpectedly and you’ve reached preservation age, you have a few options. These include taking your super as a lump sum or moving it to a specially designed retirement account, such as an account-based pension. With an account-based pension you can receive regular income payments, access extra money when you need it, and keep your balance invested where it has an opportunity for earnings over the long term.
5. Get professional financial advice
5. Get professional financial advice
Retiring earlier than planned means relying on your super for longer. This may seem daunting, but seeking financial advice could help you understand how to maximise your retirement outcomes and feel more confident in your finances.
For AustralianSuper members, there are several education and advice options available including free retirement seminars and webinars. These provide an insight into planning and managing your finances. We also offer members access to different types of advice to suit the level of help you’re looking for. This ranges from simple super advice4, to putting you in touch with a qualified financial adviser2.
- If you’re 60-64:
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Disclaimers
- Australian Bureau of Statistics (2024-25), Retirement and Retirement Intentions, Australia, ABS Website, released 31 October 2025.
- Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Some personal advice may attract a fee, which would be outlined before any work is completed and is subject to your agreement. With your approval, the fee for advice relating to your AustralianSuper account may be deducted from your AustralianSuper account subject to eligibility criteria.
- Transition to Retirement (TTR) can be complex and isn’t suited to everyone. It’s a good idea to get financial advice before deciding if a TTR Income account is right for you.
- There’s no charge for general advice about your super account. The financial advice you receive will be provided by MUFG Retire360 Pty Limited ABN 36 105 811 836, AFSL 258145 and will be their responsibility. Personal advice provided may attract a fee, which will be outlined before any work is completed and is subject to your agreement.