When you can retire
Choosing when to retire is a personal decision. You might feel it's the right time, that you've achieved everything you wanted to in your career, or perhaps it's health related. For many, the key determining factor may be whether you can afford to retire.
This is generally impacted by two main sources of income in retirement:
Your super savings
The government Age Pension
When you have access to your super and the Age Pension may therefore impact your retirement date. You may have other sources of income which can be taken into account when planning your retirement.
Access to your super savings
To access your super, you generally need to have reached your Commonwealth preservation age.
This is set by the government and is the legal age you can access your super for retirement. Until this age, you can't access your super except in very specific circumstances.
Use our calculator to find out when you’ll reach preservation age.
Preservation age calculator
Calculate when you can access your super for retirement.
Results
The following table outlines the preservation age by date of birth.
| When you were born | When you can access |
|---|---|
Before 30 June 1964 | 59 |
After 1 July 1964 | 60 |
It’s important to note that, as well as meeting preservation age, there are other conditions that apply before you can access your super. Learn more about accessing your super.
Access to the government Age Pension
To be eligible for the Age Pension, you need to reach a qualifying age. Like your preservation age, it is determined by your date of birth.
The qualifying age increased to 67 years from 1 July 2023.
The table below outlines age requirements by date of birth.
| When you were born | You qualify for Age Pension at age |
|---|---|
Before 30 June 1955 | You have already reached Age Pension age |
1 July 1955 to 31 December 1956 | 66 years and six months |
From 1 January 1957 | 67 years |
Other criteria will apply, including your residency status and your other sources of income and savings.
If you retire before you reach your Age Pension age, you would need to live off the income you get from your super.
Get help with your retirement planning
The more you understand how super works, the better prepared you'll be for retirement.
Our retirement planning seminar can help you plan the retirement you deserve - at no cost to you.
When you're ready to take your super money out
Find out what your options are when you're ready to take your super money, including how your benefit will be taxed.
More information
- Register for one of our seminars or webinars
- Read the Accessing your super brochure
- Download the Tax and super brochure
Need help
- Call us on 13 43 72
- Use Live chat
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 27 April 2024.