If you are an Australian born in the 1960s, and wondering when you can retire, then you have come to the right place.
Everything here is groovy my little flower child.
Your afro is long-gone and you’ve replaced your bell-bottoms with cargos and crocs; but now it’s time to cash in on all of your hard work over the years.
Grab some munchies and settle in, so I can tell you all about when you can retire.
I’ve even included a retirement age calculator to make easy for you.
You can calculate exactly what age you can get some Age Pension and access your super. It will blow your mind.
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This will help you to figure out what is the best age to retire in Australia.
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Keep in mind that superannuation rules are always subject to change, but these are the superannuation rules as of the date of this article.
While there are different interpretations of the word retirement, I have used the following for the purposes of retirement:
| Retirement | Definition |
|---|---|
| TTR Pension | You have limited access to your super via a TTR Pension which allows you to draw an income of between 4% and 10% of your TTR Pension balance each financial year – even if you are still working. Tax may be payable on this pension income under age 60. |
| Super Lump Sum Withdrawal | You can make a lump sum withdrawal from your superannuation accumulation account. Tax may be payable on this withdrawal under age 60. |
| Account Based Pension | You can start an account based pension with your superannuation savings allowing you to draw as much or as little income as you need subject to a minimum pension % of your balance each year based on your age. Tax may be payable on pension income under age 60. |
| Centrelink/DVA | You are eligible to apply for the Centrelink Age Pension or DVA Service Pension. These pension payments are assessable for tax purposes. |
Born in 1960: When Can I Retire in Australia?
If born between 1 January 1960 and 1 July 1960:
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 55 | x | x | x | x |
| Age 55 | ✓ | x | x | x |
| Age 55 Retired & Not Returning to Work | - | ✓ | ✓ | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
If born between 1 July 1960 and 31 December 1960:
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 56 | x | x | x | x |
| Age 56 | ✓ | x | x | x |
| Age 56 Retired & Not Returning to Work | - | ✓ | ✓ | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
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Born in 1961: When Can I Retire in Australia?
If born between 1 January 1961 and 1 July 1961:
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 56 | x | x | x | x |
| Age 56 | ✓ | x | x | x |
| Age 56 Retired & Not Returning to Work | - | ✓ | ✓ | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
If born between 1 July 1961 and 31 December 1961:
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 57 | x | x | x | x |
| Age 57 | ✓ | x | x | x |
| Age 57 Retired & Not Returning to Work | - | ✓ | ✓ | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
Born in 1962: When Can I Retire in Australia?
If born between 1 January 1962 and 1 July 1962:
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 57 | x | x | x | x |
| Age 57 | ✓ | x | x | x |
| Age 57 Retired & Not Returning to Work | - | ✓ | ✓ | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
If born between 1 July 1962 and 31 December 1962:
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 58 | x | x | x | x |
| Age 58 | ✓ | x | x | x |
| Age 58 Retired & Not Returning to Work | - | ✓ | ✓ | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
Born in 1963: When Can I Retire in Australia?
If born between 1 January 1963 and 1 July 1963:
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 58 | x | x | x | x |
| Age 58 | ✓ | x | x | x |
| Age 58 Retired & Not Returning to Work | - | ✓ | ✓ | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
If born between 1 July 1963 and 31 December 1963:
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 59 | x | x | x | x |
| Age 59 | ✓ | x | x | x |
| Age 59 Retired & Not Returning to Work | - | ✓ | ✓ | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
Born in 1964: When Can I Retire in Australia?
If born between 1 January 1964 and 1 July 1964:
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 59 | x | x | x | x |
| Age 59 | ✓ | x | x | x |
| Age 59 Retired & Not Returning to Work | - | ✓ | ✓ | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
If born between 1 July 1964 and 31 December 1964:
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 60 | x | x | x | x |
| Age 60 | ✓ | x | x | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
Born in 1965: When Can I Retire in Australia?
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 60 | x | x | x | x |
| Age 60 | ✓ | x | x | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
Born in 1966: When Can I Retire in Australia?
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 60 | x | x | x | x |
| Age 60 | ✓ | x | x | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
Born in 1967: When Can I Retire in Australia?
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 60 | x | x | x | x |
| Age 60 | ✓ | x | x | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
Born in 1968: When Can I Retire in Australia?
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 60 | x | x | x | x |
| Age 60 | ✓ | x | x | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
Born in 1969: When Can I Retire in Australia?
| TTR Pension | Lump Sum Withdrawal | Account Based Pension | Centrelink Age Pension | |
|---|---|---|---|---|
| Under 60 | x | x | x | x |
| Age 60 | ✓ | x | x | x |
| Ceased Employment Arrangement After Age 60 | - | ✓ | ✓ | x |
| Age 65 | - | ✓ | ✓ | x |
| Age 67 | - | ✓ | ✓ | ✓ |
Have You Read My Other Posts Yet?
Retirement Age Calculator
Summary
TTR Pension – If you have reached your preservation age, you can commence a Transition to Retirement Pension (use this calculator to find out your preservation age). Tax may be payable on this pension income.
Lump Sum Super Withdrawal / Account Based Pension – If you have reached your preservation age and retired with no intention of returning to work, you can make a lump sum withdrawal from super or start an account based pension; or, If you have had an employment arrangement come to an end after age 60, you can make a lump sum withdrawal from super or start an account based pension; or, If you have reached age 65 you can make a lump sum withdrawal from super or start an account based pension, regardless of your employment status. Click here to read more about the superannuation retirement rules and definitions.
Centrelink Age Pension/ DVA Service Pension – if you were born in the 1960s, you will be eligible for the Age Pension (Centrelink) or Service Pension (DVA) when you reach age 67.
Thanks for dropping by. Use the retirement calculator below to calculate the best retirement age for you. Peace Out.
How to Manage Your Super Without Paying a Financial Adviser
Download our 6-step checklist & take control of your super