The current ‘retirement ages’ in Australia are 65 for men and 64 and a half for women – a quirk of public policy history. At these ages, Australians can qualify for the Age Pension, and as such, are the most common retirement ages. These thresholds are set to change in the coming years – see below. The qualifying age for women to access the age pension will increase to 65 in 2015.
When you retire, you will also be able to start accessing your superannuation.
If you are planning to retire soon, it is worth thinking through the steps you should take in preparation, by visiting Super Guru’s What happens when I retire? page.
Working beyond 65?
If you want to keep contributing to your super past the age of 65, (between the ages of 65 and 74) you must pass the ‘work test’, which requires you to work at least 40 hours in paid employment during a consecutive 30 day period.
Once you reach the age of 75, you are generally unable to make superannuation contributions. The exception is under certain industrial awards where an employer may be required to make payments on your behalf.
If you plan to keep working past the age of 65, there are also other considerations. The Government wants people to stay in the workforce longer and has introduced a Work Bonus to encourage this. This means, for people of Age Pension age, the first $250 per fortnight of earnings are not counted towards your assessable income. Centrelink can provide more details about this scheme.
Increase in Age Pension qualification age
From 1 July 2017, the qualifying age for Age Pension for men and women will increase from 65 to 65 ½ years. The qualifying age for Age Pension will then increase by six months every two years, reaching 67 by 1 July 2023.
The ages that will apply in the future are set out in the following table:
| Date of birth |
Qualification age |
| 1 July 1952 to 31 December 1953 |
65 ½ years |
| 1 January 1954 to 30 June 1955 |
66 years |
| 1 July 1955 to 31 December 1956 |
66 ½ years |
| 1 January 1957 and later |
67 years |
For more information on payments you may be eligible for in retirement, contact Centrelink.
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