The retirement age in Australia varies depending on the year of birth. The current Age Pension age is 67 and has been gradually increasing as shown in the table below:
- If you were born between 1 January 1954 to 30 June 1955, you can receive the Age Pension when you are 66 years old.
- If you were born between 1 July 1955 to 31 December 1956, you can receive the Age Pension when you are 66 years and 6 months old.
- If you were born on or after 1 January 1957, you can receive the Age Pension when you are 67 years old.
Its important to note that there is no one set retirement age in Australia. The age you finish working may not be the same as your Age Pension Qualifying Age, or the age you can access your super (Preservation Age). You can choose to retire from work whenever you like, however, many people retire earlier than planned. According to the Australian Bureau of Statistics (ABS), the average age people plan to retire is 65. But the actual average retirement age in Australia is closer to 55. Women retire 7 years sooner than men on average, according to ABS figures. And Australians can expect to live to 85 for women and 81 for men on average.
