There is no single official retirement age in Australia. Instead, two ages set by government rules shape when most people can afford to stop working: your superannuation preservation age, which is 60, and the Age Pension age, which is 67. The third age, the one at which you actually retire, is entirely your choice, and for many Australians it lands somewhere between the two.

Understanding the difference between these ages matters because they control different things. Preservation age determines when you can access your own super. Age Pension age determines when government income support may become available, subject to income and assets tests.

The two ages at a glance.

Age Pension age: 67

The Age Pension age is 67 for anyone claiming now. Services Australia confirms that Age Pension age is 67 years or older and states there are no plans to change this.

Reaching 67 does not automatically qualify you for the pension. You must also meet residence rules and pass both an income test and an assets test, which assess your and your partner’s financial position.

If you reach Age Pension age but your assets or income are too high to qualify, you may still be eligible for the Commonwealth Seniors Health Card, which gives access to cheaper medicines and other concessions. Our guide to concession cards for seniors explains the options.

Preservation age: 60

Your preservation age is the age at which you can access your super if you have retired or have started a transition to retirement income stream. It depends on your date of birth, but the phase-in period is now effectively complete: anyone born from 1 July 1964 has a preservation age of 60.

Everyone in the earlier birth ranges has already passed their preservation age, so for practical purposes the preservation age in Australia today is 60.

The ATO is explicit that your preservation age is not the same as your pension age. They are set under different rules and sit seven years apart.

Conditions of release: when you can actually access super

You need to reach preservation age to access your super, but it’s not the only condition. Your super fund can only release your money when you meet a condition of release. The main ones are:

• You turn 65. Access is unrestricted, even if you are still working.
• You reach preservation age and retire. Retirement means you have ceased paid employment and your fund is satisfied you do not intend to work again.
• You cease an employment arrangement on or after turning 60. If you leave one job at 60 or later, you can access the benefits accumulated to that point, even if you keep working elsewhere.
• You start a transition to retirement income stream. From preservation age you can draw a limited income from super while still working.

Outside these, super can only be released early in limited circumstances such as severe financial hardship, compassionate grounds, permanent incapacity or terminal medical condition.

A further point worth knowing: from age 60, super payments from a taxed fund are generally tax free.

The gap years: funding retirement between 60 and 67

The seven-year gap between preservation age and Age Pension age is where most retirement planning decisions concentrate. If you stop working at 60, your super and other savings need to carry you until the Age Pension becomes available at 67, and possibly well beyond if means testing reduces your entitlement.

A useful starting point is working out how much super you need to retire.

Common approaches to the gap years include:

• Drawing a super income stream. Once you meet a condition of release you can shift your super into pension mode and draw a regular income from an account-based pension.
• A transition to retirement (TTR) strategy. If you want to cut back hours rather than stop, a TTR income stream lets you supplement reduced wages from super. Until you meet a full condition of release, total payments cannot exceed 10% of the account balance each year.
• Working longer, or part time. Every additional year of work is a year your super is not being drawn down, and a year of additional contributions.
• Using non-super savings first. Some retirees draw on savings or investments outside super before touching their super, though the right order depends on tax and means-testing outcomes.

The sequencing of these decisions can affect how the assets test applies when you eventually claim the pension, which in some cases changes pension entitlements. A licensed financial adviser can model the options against your objectives, financial situation and needs.

How super access interacts with the Age Pension

Accessing super early does not disqualify you from the Age Pension later, but the two systems interact. When you claim the pension at 67, Services Australia assesses your financial position at that time, including super held in accumulation or drawn as an income stream, under the income and assets tests.

Decisions made in the gap years, such as how much super you draw and what you hold outside super, flow through to that assessment. This is why the choice of when to retire is rarely just a lifestyle decision.

If you keep working past 67 while receiving the pension, the Work Bonus reduces how much of your employment income counts under the income test. It offsets the first $300 of employment income each fortnight, and unused amounts build up in a Work Bonus balance capped at $11,800.

When do Australians actually retire?

The age people actually stop working sits between the two official ages. The average age at retirement for people aged 45 and over who retired in 2024-25 was 63.8 years.

Looking across all retirees, including those who retired decades ago, the average retirement age was 57.3 years. The trend is clearly upwards: Australians are retiring later than previous generations did.

Frequently asked questions

Can I retire at 60 in Australia?

Yes, if you can afford to. At 60 you have reached preservation age, so you can access your super once you retire or leave a job. The Age Pension is not available until 67, so your savings need to fund the years in between.

Can I access my super at 60 and keep working?

You can in two ways. You can start a transition to retirement income stream and draw up to 10% of the balance each year, or if you cease one employment arrangement after turning 60 you can access the super accumulated to that point even while working in another job.

Can I get the Age Pension and still have super?

Yes. Many retirees receive a part pension alongside a super income stream. Once you reach Age Pension age, your super is assessed under the income and assets tests, and the result determines whether you receive a full pension, a part pension or none.

Is the Age Pension age going up beyond 67?

Services Australia states there are no plans to change the Age Pension age from 67.

What if I need to retire before 60?

Before preservation age, super is only accessible in limited circumstances such as permanent incapacity, terminal medical condition, severe financial hardship or compassionate grounds. Otherwise, retirement before 60 needs to be funded from savings and investments outside super.

Getting the timing right

The retirement age question is really two questions: when your money becomes available, and when you want to stop working. Lining those up, and deciding what to draw first, is where you benefit from receiving good financial advice.

Alteris Financial Group’s advisers provide wealth management services to clients approaching retirement, modelling these decisions across super, investments and Age Pension entitlements. If you are weighing up when to reduce work and/or retire, contact us to arrange a conversation.

Alteris Financial Group Pty Ltd (ABN 59 133 479 115) holder of AFSL No.402370. The information contained in this article is general in nature and does not take into account your personal circumstances. We recommend you consult a financial adviser whose advice will take into account your particular objectives, financial situation and individual needs.

Rates and thresholds cited are current at the date of publication and are subject to change. Check the responsible authority for current figures.

Last updated: August 2026