Retirement Age Australia Calculator

Retirement Age Australia Calculator

A retirement age calculator will show you the age you are eligible to access your superannuation, as well as the age you can receive Centrelink Age Pension payments, based on the year and month you were born.

Retirement Age Calculator

Use this retirement age calculator to figure out when you can use your superannuation to commence an income stream and make lump sum super withdrawals. It will also show you the age you are eligible to receive Age Pension payments, which can be used to supplement superannuation withdrawals.

How To Use the Retirement Age Calculator

Follow these steps to use the retirement age calculator, above:

  1. Use the dropdown to select your date of birth.
  2. This will show you the age you are able to use your super to commence a transition to retirement (TTR) pension.
  3. This will show you the age you are eligible to make a lump sum super withdrawal from super, if you are retired with no intention of returning to work.
  4. This will show you the age you are eligible to start an account based pension with your super, if you are retired with no intention of returning to work.
  5. This will show you the age you need to cease an employment arrangement after, to be eligible to make a lump sum super withdrawal from super.
  6. This will show you the age you need to cease an employment arrangement after, to be eligible to start an account based pension with your super.
  7. This will show you the age you are eligible to make a lump sum withdrawal or start an account based pension from, regardless of your employment status.
  8. This will show you the age you can apply for Centrelink or DVA pension benefits from.

What Is Your Retirement Age?

Your retirement age in Australia is open to interpretation. Technically, your retirement age is the age that you are able to cease working because your investment assets and/or retirement savings produce sufficient income to meet your lifestyle expenses, increasing with inflation, for the remainder of your life – thereby allowing you to cease work and no longer generate an income through personal exertion.

However, you might consider your retirement age to be the first time you have access to your superannuation, or the age that you become eligible to receive social security benefits, such as the Age Pension or DVA payments.

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Either way, how you define your retirement age is up to you.

What Is a Retirement Age Calculator?

A retirement age calculator takes you through each significant milestone that can help you determine when your retirement age is, based on the first age you are eligible to partially access your super, the age you are eligible to access your super in full – without restriction, and the first age you can apply for Centrelink Age Pension payments.

The retirement age calculator uses your year and month of birth to achieve this.

When To Use a Retirement Age Calculator?

You should use the retirement age calculator when you are planning your retirement and putting in place a retirement plan. It can also be used to assist with your transition into retirement. For instance, you may decide to reduce to part-time or casual working hours before ultimately retiring in full.

Knowing what age you are eligible to access your super and apply for Age Pension payments can help you understand the sources of income you will have in retirement and when these income sources will become available to you. By having this information, you can calculate when you can afford to retire and the level of income you expect to have in retirement.

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