The decision to retire is a personal one based on individual circumstances. Some people may choose to retire at 55 and others may work another 30 years. Having enough to retire on will likely be a key consideration.
But how much is enough? The ASFA Retirement Standard calculator allows you to work out how much you will need to spend to enjoy a comfortable lifestyle in retirement.
To work out how your superannuation savings are tracking, try the ASFA Retirement Projector.
There are some key thresholds to keep in mind when planning your retirement.
The so-called retirement age, is the age at which the Government will consider paying the Age Pension – either in full or in part. Currently this is 65 for men and 64 and a half for women – although there are plans to lift these ages between 2017 and 2023. Super Guru has more information on the Age Pension.
There are several other benefits for which you may be eligible in retirement. For more information on these, contact Centrelink.
The preservation age is the age at which superannuation funds generally are able to let you access your superannuation savings.
Use the following table to work out your preservation age.
| Date of birth |
Preservation age |
| 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 |
Transition to retirement
If you have reached preservation age but have not retired, you may be able to convert some of your super savings into a pension to supplement your working income. This may be an option if you want to work reduced hours, for instance. Talk to your super fund if you would like to investigate this option further.
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