What is your retirement age?

Are you wondering what your retirement age is?
Technically retirement is whenever you decide it’s time to cease working in paid employment. Accessing your super and the Government Age Pension however are set at specific pre determined dates.
For anyone born after the 1st July 1964 your preservation age is 60. This is the age when you can access your super under normal retirement rules once you reach a trigger of release.
For anyone born after 1st January 1957 your Age Pension age is 67.
You may also need to meet other criteria to access your super or be eligible for the Government Age Pension.
Your retirement age may not be the same as your preservation age or your pension age.
Your preservation age is when you can access your super and your pension age is when you could qualify or be eligible for the Government Age Pension, also known as the qualifying or eligibility age.
Your preservation age and your ‘pension age’ are set by the government. It depends on your birthdate, and it is very common to confuse the two.
To book a complimentary ten minute phone consultation with Cameron Teague, our Certified Financial Planner, click on the link below.