While there is no fixed retirement age in Australia, there are a few things you should consider before leaving the workforce such as when you can access your super and the Age Pension.

When you can access your super

When deciding on what age to retire, it's important to understand some of the rules around when you can legally access your super. Generally:

  • If you're age 65 or over, you can access your super, even if you're still working1
  • If you're age 60 to 64, you can access your super as long as you're retired.

If you are under age 60 and born before 1 July 1964, you may be able to access your super earlier.

When you can get the Age Pension

If you do not have enough savings (such as super) to fund your retirement, you could be eligible to receive a fortnightly payment from the Australian Government called the Age Pension. When you can start receiving Age Pension payments depends on when you were born.

Date of birth2 Age
1 January 1954 - 30 June 1955 66
1 July 1955 - 31 December 1956 66 years and 6 months
From 1 January 1957 67

There are other requirements you need to meet to start receiving the Age Pension.

retired couple hugging

Average retirement age in Australia

According to the Australian Bureau of Statistics (ABS), the average age at retirement for persons aged 45 years and over in 2016–17 was 55.3 years.3

Keep in mind Australians are living longer than ever with an average life expectancy of 86 years for women and 83 years for men.4 Depending on what age you decide to retire, you could need to live off your retirement savings for between 15 to 30 years.

How to decide your retirement age

Here are some questions to ask yourself before you decide when you might like to retire.

How much do you need to retire?

How much you need to retire will depend on a number of different factors – do you plan on travelling the world or heading to the nearest bowls club? Before you decide on a retirement age, think about the kind of lifestyle you want when you finish work.
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Is your super on track?

There are a couple of ways you can check if your super is on target, such as comparing your super balance with the average of other people of the same age, or by looking at the estimated balance you should have at each age to achieve a comfortable retirement.
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Do you have a financial plan?

When it comes to making the most out of your retirement, getting some professional guidance can help. Having a clear plan now can help make sure that you have the best financial future possible. As a QSuper member, you have access to financial advice from QInvest.5
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Ease into retirement on your terms

If you want to access your super in the lead up to retirement, you may be interested in a transition to retirement (TTR) strategy. A TTR strategy allows you to access part of your super while you're still working – giving you the flexibility to enjoy life without reducing your income.

Some of the benefits of accessing your super while working include reducing your working hours, redirecting more of your salary to your super, or spending more quality time doing what you love. Learn more about how a TTR strategy could benefit you.


Retire with a fund you can trust

Transition to Retirement (TTR) Income account

Ease into retirement and enjoy regular payments from your super while you're still working. With flexible payment options, a track record of strong long-term performance,6 and simple, transparent fees, see why thousands of members feel confident about transitioning to retirement with us.

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Retirement Income account

Enjoy life after work and turn your super into a regular income with our award-winning Retirement Income account. As your money stays invested, your savings could continue to grow. Find out why thousands of Australians have partnered with QSuper in retirement.

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1. If you hold a Defined Benefit account, there are some important considerations before you access your super when you are still working.
2. Source: Department of Human Services. Accessed 14 January 2020.
3. Source: Australian Bureau of Statistics. Accessed 23 January 2020.
4. Life expectancy based on the information derived from the medium mortality rate assumptions used by the Australian Bureau of Statistics in "3222.0 Population Projections, 2017 (base) to 2066" released 22/11/2018.
5. QInvest Limited (ABN 35 063 511 580, AFSL 238274) is a separate legal entity responsible for the financial services it provides. Advice fees may apply. Refer to the Financial Services Guide for more information.
6. Past performance is not a reliable indicator of future performance.