What is the retirement age in Australia?
There is no longer a fixed retirement age in Australia – flexibility rules!
Many people choose to retire when they become eligible for the Age Pension. The Age Pension age is currently 65, rising to 65½ in July 2017 and then in stages to 67 in July 2023. If current Government proposals are accepted, the Age Pension age will be 70 by 2035. This applies to both men and women.
What type of income can I access in retirement?
For most retirees, income in retirement will come from one or more of:
- Super savings
- Government Age Pension
- Casual income
- A combination of above
Currently the basic Age Pension is set at a maximum of approximately:
- $794.80 per fortnight for singles
- $1,198.20 per fortnight combined for couples
Often a combination of the Age Pension with your super and other income is a good option. One good way to manage income in retirement is to keep your super within your super fund so that it keeps working for you. You can then draw down on it via a retirement income stream. The income stream can then be complemented by other investments or even the Age Pension.
For more details about Government Age Pension visit our specific Age Pension page.