In Australia, there is no set or fixed retirement age — a person can retire whenever they choose. However, key age markers impacting retirement are:
- The preservation age , which is the earliest age you can access your superannuation (retirement savings). This is between 55 and 60 years depending on your birth year. Currently, the preservation age is 60 for those born from 1 July 1964 onwards.
- The Age Pension age , which is the minimum age at which you can qualify for the government Age Pension. This age is currently 67 years for both men and women and is not scheduled to increase further.
Typically:
- You can access your super from age 60 if you retire.
- You can access the Age Pension from age 67 if you meet residency, income, and asset requirements.
The average actual retirement age is about 56 years, but many people plan to retire closer to age 65. Women tend to retire earlier (average age 54) than men. So, in summary:
- You can legally retire anytime.
- You can usually access your super from age 60.
- You can apply for the Age Pension at age 67.
This means many Australians plan retirement around ages 60 to 67 based on their readiness and financial circumstances.
