Do you know when you can retire?
In Australia, many people are unclear about the age they can retire as things have changed a lot and the rules are not as simple as they once were.
The age at which you can access your superannuation has been changed according to the year you were born. This is known as a preservation age and is different from the pension age. Your preservation age is the age you must reach before you can access your super.
This table helps explain it.
|Date of birth||Preservation age|
|Born before 1 July 1960||55|
|1 July 1960 – 30 June 1961||56|
|1 July 1961 – 30 June 1962||57|
|1 July 1962 – 30 June 1963||58|
|1 July 1963 – 30 June 1964||59|
|From 1 July 1964||60|
The government age pension currently has limits and for most people, eligibility does not start until you reach at 65.