Are you planning to retire? Here’s what you should know…

Are you planning to retire? Here’s what you should know…

Are you planning to retire? In a sense, we all are. Whether it be further down the track or quickly approaching. Ensuring that you are organised for when the time comes is half the battle.

Know when you can retire

According to the current Australian Government guidelines, you can access your super when:

  • you turn 65 (even if you haven’t retired)
  • you reach preservation age and retire, or
  • under the transition to retirement rules, while continuing to work.

It’s important to note – Your preservation age is not the same as your pension age.

Your preservation age is the age at which you can access your super if you are retired (or have started a transition to a retirement income stream). It also depends on when you were born.

Refer to the following table to determine your preservation age.

Date of birthPreservation age
Before 1 July 196055
1 July 1960 – 30 June 196156
1 July 1961 – 30 June 196257
1 July 1962 – 30 June 196358
1 July 1963 – 30 June 196459
From 1 July 196460

Will you have enough money to retire?

This is the magic number that will depend on a variety of personal factors such as:

  • Lifestyle
  • Goals
  • Holidays
  • Investments and so on.

Check out our blog on “how much do you need to retire” here. This will act as a rough guideline when budgeting your retirement.