When can I retire?
The short answer is whenever you like, but the more important consideration is when you can access your super.
Fund rules differ
Select your fund to view the details
- CSS
- DFRDB
- MilitarySuper
- PSS
Legally Australians can retire at any age. You may decide to first reduce your working hours or simply stop working altogether. However, what’s critical to know is when you can access your super in order to be able to support yourself and your family during retirement.
When can I access my super?
Generally speaking, you can access your super in full when you have reached your ‘preservation age’ and have permanently retired from the ADF.
However, your defined employer benefit can be paid as a pension on or after age 55, provided you have transitioned from the ADF—it is not subject to normal retiring conditions and it is not dependent on you reaching your preservation age.
Preservation age
Once you have reached preservation age you may be able to access some of your super, but not all of it. Only once you have met a condition of release can you access all of your super.
| Date of birth | Preservation age |
|---|---|
| Before 1 July 1960 | 55 |
| 1 July 1960 – 30 June 1961 | 56 |
| 1 July 1961 – 30 June 1962 | 57 |
| 1 July 1962 – 30 June 1963 | 58 |
| 1 July 1963 – 30 June 1964 | 59 |
| From 1 July 1964 | 60 |
Conditions of release
To access all of your super
You can start accessing some of your super while you’re still working, once you’ve reached your ‘preservation age’, in the form of an income stream. However, in order to withdraw your super as a cash lump sum, you need to also meet a condition of release.
Conditions of release that allow you to receive a lump sum (you can access your total super balance or a partial amount) from your super include:
- Reaching your preservation age and fully retiring
- Ceasing gainful employment with an employer after turning 60
- Turning 65 (even if you’re still working)
- There are also some special cases where you may be able to access part or all of your super early:
Financial planning
Step by step advice to help you get to your financial goals
Deciding to Retire
Why do people retire?
Deciding when to retire is a personal decision, but there are five common factors that generally influence the retirement decision for most people. It’s good to keep these on your radar, as they can often trigger a decision to retire earlier than expected.
Health
You may have a health scare or issue that means you can no longer do your job. You may also decide to retire to care for a loved one.
Work
The demands of work can become more tiring as you get older, or you may be unable to find work as a result of redundancy or the end of a work contract.
Friends and family
Retirement may be appealing if your friends or family are enjoying retirement.
Financial independence
You may reach pension age, receive a financial windfall, or find that you have more financial resources after children leave home.
The right time
It may simply feel like ‘the right time’.
