When can I retire?
Retirement is a big decision and there’s no magic age at which to retire
So, how do you know when the time is right? Well, it really boils down to you, your personal and financial situation, and what makes you feel good. Timing is everything when it comes to retiring confidently.
Here are some questions to consider when deciding the
right time to retire
Accessing my super savings
You can generally access your super when you:
- turn 65 (even if you’re still working)
- are aged between 60 and 65 and are permanently retired
- turn 60 and stop working for an employer (even if you’re still working for another employer)
Keep in mind that the age you can access your super isn't the same age you can access the Age Pension.
There are some situations where you can access your super earlier.
Accessing the Age Pension
To qualify for the Age Pension, you must satisfy a few key requirements, including eligible age, residency and income and assets limits.
Age
You must be 67.
Residency
You don't have to be an Australian citizen to qualify for the Centrelink Age Pension. But you must have been a permanent resident for at least 10 years in total, with at least 5 consecutive years within this period.
Income and asset limits
Centrelink uses an income test and an assets test to work out if you qualify. These limits differ between couples and singles and consider things like your income (including income from your Retirement Income account), property, investments and super.
Your eligibility can change over time depending on your financial circumstances, so it could be worth checking in with Centrelink regularly. For more detailed information on eligibility requirements go to Services Australia
Learn more about Age Pension
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