Defining retirement age may seem like a no brainer, but it’s actually a tricky definition. Put simply, there is no such thing as retirement age.
Technically you can retire at any age you like, should your circumstances permit. But if you wish to apply for an Age Pension or to access your superannuation, then the age limits vary.
Age Pension age
Most people assume that age 65 is the retirement turning point, because this was the Age Pension entitlement age for many years.
But starting in 2009, this entitlement age started to increase.
- As of 1 July 2021, the entitlement age is 66 years and 6 months, for those born between 1 July 1955 and 31 December 1956.
- If you were born on or after 1 January 1957, then your Age Pension entitlement age is 67.
The legislation increasing the Age Pension age will cease, with all applicants required to be 67 or older from 1 July 2023.
Access to superannuation age
This is also referred to as preservation age – the age at which you can access your superannuation, moving from a stage of accumulation, to one of decumulation, when you retire or transition to retirement.
These ages vary according to your year of birth.
| Date of Birth | Preservation Age |
| Before 1 July 1960 | 55 |
| 1 July 1960 – June 30 1961 | 56 |
| 1 July 1961 – June 30 1962 | 57 |
| 1 July 1962 – June 30 1963 | 58 |
| 1 July 1963 – June 30 1964 | 59 |
| 1 July 1964 onwards | 60 |
These dates are barring special circumstances, which might include, but are not limited to, compassionate grounds, transition to retirement status and financial hardship.
Seniors’ cards
As we covered in an article a few weeks ago, state and territory governments offer senior concession cards for residents who have reached a certain age. This is normally 60,although it is now 64 in WA, but can also be lower in some states or territories. There can also be limitations according to the number of hours you work each week. Often the age 60 qualification means people use this as shorthand for an official government ‘retirement age’.
Age discrimination
It is also worth noting that because you have turned a certain age does not mean that you should be required to retire or step back from full duties. The Australian Human Rights Commission (AHRC) is very clear on your right to full employment for as long as you are capable of filling the required duties, regardless of your age. In a few small instances (federal and state judges, Australian Defence Force personnel) legacy legislation means that employees may be required to leave – but even these exceptions are now being tested. Remember, in most cases, it is against the law to treat older people differently because of their age. Further detail is supplied in the Australian Human Rights Commission’s guide, Know your rights: Age Discrimination. To order the guide, phone the Commission on 1300 369 711.
If you want to check what you are entitled to receive right now, or could be entitled to receive in the future, you can do so on our free calculator.
i’m a new zealand citasin and i’m just about to turn 66 i live with a woman in australia which
I have done for the last 18years and want to know how to get the pension
many thanks
Ron
Hi Ron, thanks for reaching out! It appears you have completed an eligibility calculator with us previously and based on your date of birth you are not eligible to apply until later this year. Please refer to the email and attached report sent to you on 17/02/22. Once you are eligible to apply you can call or email us and we will go through the options and next steps to get your claim started.
Hi
Just thought I would clarify that rules in WA are different.
As I was born at the back end of the year I missed out when I turned 60 and now have to wait until I am 64 to apply 🙁 .
It was incremental but seems they have changed it again.
– below is a snip from the WA Govt website
To be eligible for the WA Seniors Card program, you need to be:
aged 64 years or older
an Australian Citizen or hold an Australian Permanent Resident Visa
reside in Western Australia
work less than 25 hours per week.
Thank you for that clarification Sharon. I have amended the article to reflect your update.
Cheers
My name is CELESTIN and no longer working due to medical reasons.
I was born on 20 Aug 1957. I don’t understand the meaning of Preservation Age, and impact on my age pension.
Thanks
Hi Celestin, thank you for reaching out for help understanding your preservation age and the potential impacts on your Age Pension. For you and anyone else who would like to have a discussion with someone they can trust about this we do offer financial advice consultations.
Our financial advice consultations are designed to help you better understand your needs and goals in retirement and some of the actions you can consider to help you achieve those goals. The consultation is online, goes for up to 45 minutes and costs $150.
CLICK HERE to book now.
Hi, Facing retirement from 1st July 2022 (Me age 70, partner aged 71). Depending on how I/We calibrate the self funded portion (pension from Super – decumulation), I / we may be eligible for a part pension. I am thinking of seeking advice, but would like to know how one can make an application for the aged pension in advance of the retirement date because some of the questions re income are “in the now”, not what the situation will be on 1st July.
Hi Peter, thank you for reaching out for help planning your retirement. For you and anyone else who would like to have a discussion with someone they can trust about retirement we do offer financial advice consultations.
Our financial advice consultations are designed to help you better understand your needs and goals in retirement and some of the actions you can consider to help you achieve those goals. The consultation is online, goes for up to 45 minutes and costs $150.
CLICK HERE to book now.
Hi,
The age for Seniors Card in Queensland is 65 with < 35 hours work/week.
https://www.qld.gov.au/seniors/legal-finance-concessions/seniors-card/applying-seniors-card
Hello,
I was born in NZ and am an Australian citizen since 1991, I have not lived in NZ since 1978 and am of the opinion that I do not qualify for a NZ pension…
Is this correct?
I currently work as nurse 60 plus hours a fortnight .
Being 67 yrs old I need to keep fit to cope with the rigorous nature of the work.
50 yrs as a nurse is toooo long.
I have switched to an allocated pension from my small SMSF because I would love to own my home outright and in so doing am salary sacrificing 20% of my PAYE income which is why I end up doing extra shifts .
I do not appear to be eligible for a seniors card in WA or any other benefits that I have searched for .
I would appreciate any ideas please.
Hi Sally, thank you for sharing your situation with us!
Firstly, thank you for your years of dedicated work as a nurse, I know you said it is too long but it is invaluable to those you have helped and I hope you feel proud of what you have done.
Secondly, based on the residency criteria for the NZ Age Pension (HERE) I believe you may be entitled to something from them so I recommend you contact NZ Super to confirm your eligibility and factor in the additional income to your planning.
Lastly but certainly not least, regarding your options for your mortgage, SMSF and entitlements, it would be best to book a consultation with one of our specialists who can talk you through them so that you can make the best decision for yourself. To make a booking, CLICK HERE.