Summary
Retirement is a significant milestone, and understanding when you can retire is crucial for planning your future.
While there is no such thing as a 'retirement age' in Australia and you can retire at any time, there are some rules around when you can access your super and Government Age Pension.
Accessing 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 permanently retired, or
- You stopped working for any employer after you turned 60
- If you’re 65 or older: you can access all your super, even if you’re still working.
Government Age Pension eligibility
To be eligible for the Government Age Pension, you must be at least 67 years of age. Also, you’ll need to meet eligibility requirements set out by the government before you receive your first payment.
Retirement options
The options for funding retirement can include:
- a transition to retirement (TTR) income stream, if aged 60-64 and still working
- an account-based pension, like AustralianSuper’s Choice Income account - to draw a regular income, while your super stays invested, and
- taking your super as a lump sum.
Tips to manage your career as you approach retirement
The age you finish working is one thing, but retirement is also about what your life will look like when you stop or wind down work. Between making your retirement plans and the day you step away from work, here are some ways in which you could manage your career as you prepare for the future.
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1. Volunteer
Consider taking part in any workplace volunteer days your organisation might run. This can help you discover future hobbies or volunteer opportunities you may want to continue during retirement.
2. Take advantage of training opportunities
You could approach your employer and see if there’s any training you could do to develop new skills and learn new programs and ways of working. Not only will this help your employer, it could also help build your confidence in new areas.
3. Communicate with your manager
Consider having a conversation with your manager or HR team (if there is one). Ask them about accommodating any medical or physical needs you have. This can help them support you to be safe in your workplace.
4. Share your experience
You may want to investigate opportunities to mentor your colleagues. This can help your experience get the recognition it deserves. It can also make sure your skills get passed on to newer members of the team or industry.
Source: Australian Institute of Health and Welfare, June 2023 Report Older Australians. Published July 2024.
5. Review what you need from work
Many people find their needs change as they think about transitioning to retirement. You may want to consider decreasing your hours or days of work over time to ease into retirement. You may be able to start using your super to top-up your income and work less. Find out more about Transition to Retirement account1.
Recommended reading
- Feeling confident in early retirement:
- Preparing for your retirement journey
- Podcast: The moments that count
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Important Information
- 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.