| Age | What it means |
|---|---|
| 60 | Preservation age. You can access Super once you retire, and withdrawals are generally tax-free. |
| 60 to 64 | Access Super after leaving any job held after turning 60. Start a transition to retirement pension while still working. |
| 65 | Access your Super whether or not you have retired. |
| 67 | Age Pension age. Super starts to count towards the income and assets tests. |
Retiring at 60 means funding at least seven years from your own savings, with no Age Pension to fall back on. ASFA puts a comfortable retirement at about $56,000 a year for a single homeowner and $79,000 for a couple.
Working longer usually helps on three fronts: more contributions, fewer years to fund and more time for investments to grow.
Where people get caught out
- Picking a date before checking the numbers.
- Leaving too much in cash. Retirement can last 25 to 30 years.
- Ignoring the gap years between leaving work and Age Pension age.
Find out when you can afford to retire →
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