Age Pension age 65 years and 6 months, if you were born between 1 July 1952 and 31 December 1953. 66 years, if you were born between 1 January 1954 and 30 June 1955. 66 years and 6 months, if you were born between 1 July 1955 and 31 December 1956.
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Yes, provided you have reached the Age Pension age, you may be eligible for the Age Pension even if you have super savings.
If you qualify for the Government Age Pension, you'll receive a payment every two weeks. As at October 2022, that means a maximum of about $980 for a single person or around $1,480 for a couple.
Early Pension Australia
Sadly not. You cannot get the age pension until 67, and that age might go up further in the future. There are also income and asset tests associated with the age pension, so retiring earlier might see you to need to draw down your assets up until the age of 67.
You can get your super when you retire and reach your 'preservation age' — between 55 and 60, depending on when you were born. There are special circumstances where you can access your super early.
People can take their pension at 55 and still continue to work, but if they don't make the right financial decisions, it could hinder their future. Something very common among clients who take their pension and work is to pay more taxes, which may endanger their financial stability.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
Can I access super at 65 and keep working? Yes. You can access your super when you turn 65 regardless of whether you're still working. You can also make certain types of super contributions up until you turn 75, even if you're retired and drawing a super pension.
Assume, for example, you will need 65 per cent of your pre-retirement income, so if you earn $50,000 now, you might need $32,500 in retirement.
Find the latest information about the assets test on Services Australia's website. If you're a homeowner, your asset value limit is lower than someone who doesn't own their home. The current asset value limit for the full Age Pension for a single homeowner is $280,000 and for a single non-homeowner is $504,500.
People born before 1957 are already at retirement age (66), and people born between 1957 and 1960 will reach retirement age before the next increase (in 2028). People born in 1961 will turn 67 in 2028 and people born between 1962 and 1976 will reach the retirement age of 67 before the next planned increase (in 2044).
The first sign that it's time to retire is when your work starts to drain energy and vitality. Are you feeling exhausted and run down, like you can't keep going, like you're under constant, unrelenting stress? Are you not enjoying your work anymore and find yourself dreading going to the office each day?
Pros of retiring early include health benefits, opportunities to travel, or starting a new career or business venture. Cons of retiring early include the strain on savings, due to increased expenses and smaller Social Security benefits, and a depressing effect on mental health.
Age 60 or over and ceasing employment
You can access your super if you're aged 60 and over and you stop working, even if you subsequently get another job with another employer. As mentioned earlier, super payments are generally tax free once you turn 60.
Super is a great way to save money for your retirement. It is generally taxed at a lower rate than your regular income. You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you're 60 or older.
This obviously depends on what annual income you want to fund but if you want to be able to afford a comfortable retirement—which is an income of just over $48,000 a year for a single according to the ASFA Retirement Standard—then you need a balance of at least $500,000.
The government will provide $3.7 million in 2023–24 to extend the measure to provide age and veteran pensioners a once-off credit of $4,000 to their Work Bonus income bank and temporarily increase the maximum income bank until 31 December 2023.
The Cost of Living Payment is a $250 one-off payment to help with the cost of living. The Cost of Living Payment is not taxable, and you don't need to report it as income. You'll get it if you were residing in Australia on 29 March 2022, and: you were able to claim, or were getting an eligible payment.
The payment rates for Age Pension, Carer Payment and Disability Support Pension are increasing from 20 March 2023. Age Pension, Carer Payment and Disability Support Pension will increase by $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
You can access your super when you: reach your preservation age and retire. reach your preservation age and choose to begin a transition to retirement income stream while you are still working. are 65 years old (even if you have not retired).
If you retire more than 36 months early (up to a maximum of 60), your Social Security benefit will be reduced by an additional 5/12 of 1% per extra month. This means that the maximum number of retirement months is 60 for those retiring at age 62 when the full retirement age is 67.
According to the Association of Superannuation Funds of Australia's Retirement Standard, to have a 'comfortable' retirement, a couple who own their own home will need an income of about $67,000. A single person will need an annual income of more than $47,000.