Updated on 12 March 2025
3 minute read
The best age to retire depends on factors like your age, savings, super balance, and lifestyle. We'll help guide you to answer this big question.
According to the Australian Bureau of Statistics (ABS), most Aussies are planning to retire between their 65th and 66th birthdays. You can retire at any age, but it'll likely depend on a few personal factors:
Sometimes, retirement comes knocking earlier than we expect. Health issues, family needs, or changes in the job market might nudge us towards retirement sooner than planned. In fact, the ABS found that only about a third of Aussies retire because they've hit retirement age or can access their super. The rest are adapting to life's twists and turns.
When planning your retirement, think about how you'll fund it: through your super, the Age Pension, or a combination of both. Don't forget to factor in any other savings or investments you might have.
The Age Pension is income support from the government for older Australians. The current age to access the Age Pension is 67, and it's subject to eligibility.
Generally, you can tap into your super balance when you turn 60. If you're already over 60, you might be able to access it now.
Tip: We've put together a guide so you can find out how much super you need to retire.
Find out how long your superannuation balance might last in retirement with our retirement calculator.
Try the calculatorOnce you're eligible to take out your super, you can access it as an income stream, a lump sum withdrawal, or a combination of both. This will probably depend on whether you're winding down working, or if you're already retired.
At Australian Retirement Trust, we have several retirement income options:
Regular payments from your super while you're still working.
Regular payments from your super when you retire.
Tax-free payments for the rest of your life, and you can combine with an Income account.
One way to retire earlier is to have more in your super account sooner.
Making personal contributions to your super can make a huge difference to how much you have when you stop working.
More on contributionsIf you're eligible for the Age Pension and comfortable with the amount of money it gives you, you don't have to use your super when you retire. But if you'd like to top up your Age Pension payments with a little money from your super, you can do that too.
At ART, we have a few different retirement accounts to turn your super into income for your life after work.
Employers can ask about your future plans, but they can't discriminate based on age. Open communication can help with handing over any duties or plans for the future, but you're not obligated to disclose your retirement plans.
No, mandatory retirement at 65 is generally unlawful in Australia. You have the right to work as long as you can perform your job safely and effectively.
A Transition to Retirement (TTR) plan means you can cut back on work hours and supplement your income with super. It's a flexible way to ease into retirement while still earning.
Knowing what your super balance should be at your current age can help you plan for retirement. Check out how much super most people have (according to the ABS), and how much you'd need now to retire comfortably by age 67.
As you plan for your retirement, it's important to review your circumstances and goals regularly. You could do things like:
Review your financial situation, including your super, savings, and any debts.
Reevaluate your goals for retirement, including the lifestyle you want and how much it might cost.
Consider making extra contributions to grow your super balance.
Talk to a professional financial adviser about your retirement plans.
Stay flexible and adjust your plans as your circumstances change.
Planning for your ideal retirement doesn't have to be stressful. We've put together our best tips to start your retirement plan today.
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