When can I retire?
The short answer is whenever you like, but the more important consideration is when you can access your super.
Legally, you can decide to retire whenever you like. The date might be as general as ‘sometime in the next ten years’. However, having a timeframe can help you with your retirement planning.
As well as when you’d like to retire, there are two important financial considerations:
How will you fund your retirement?
You may plan to use your super, other investment income and savings, the Government Age Pension or a combination.
How much is enough?
There’s no single answer — because retirement looks different for everyone.
Learn more about How much is enough?If you plan to use your super, here’s the rundown on when you can access it.
When can I access my super?
You can access your super once you:
- reach your preservation age - 60 for anyone born after 1964, and
- meet a condition of release.
The age you can access your super is different to the eligibility age for the Government Age Pension, currently 67 (other eligibility criteria also applies).
Conditions of release
You can access some of your super, even if you’re still working, when you:
- reach your preservation age and are under 65, using a transition to retirement income stream.
You can access all (or some) of your super when you:
- reach your preservation age and cease an employment arrangement on or after turning 601
- reach your preservation age (having ceased an employment arrangement before turning 60) and CSC is satisfied you never intend to become gainfully employed again2
- turn 65 - even if you’re still working.
There are also some special cases including terminal illness and permanent incapacity, severe financial hardship and compassionate grounds where you may be able to access part or all of your super early.
Find out more about withdrawing your super or visit the ATO website.
1If you leave a job after turning 60, you can access the super accumulated up to that point. If you are gainfully employed at two or more jobs, you only need to cease one employment arrangement to access the super accumulated to that point. If you start a new employment arrangement, and receive additional contributions after this, you will need to meet a new condition of release to access those funds.
2Gainfully employed means employed for at least 10 hours per week.
Transition to retirement income stream
To access some of your super
Once you reach your preservation age and are under 65, you can choose to access some of your super using a transition to retirement (TTR) strategy while you’re still working.
You can receive regular tax-free payments of between 4-10% from your account balance each financial year. This could help you save on tax while continuing to grow your super or reduce your work hours and maintain your income.
A CSCri Transition to retirement income stream (TRIS), gives you this flexibility as you move into retirement.
Retirement income stream
To access all of your super
If you meet a condition of release, you can access some or all of your super using a retirement income stream.
A CSCri Standard retirement income stream (RIS) allows you to receive regular tax-free payments, withdraw lump sums, or a combination of both.
Your retirement timing
Deciding when to retire is a personal decision, but there are four common factors that may influence your retirement decision.
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The right time
It may simply feel like ‘the right time’. For example, you may wish to join friends or family who are enjoying retirement.
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Financial independence
You may reach your super savings goal, reach Government Age Pension age, receive a financial windfall, or find that you have more financial resources after children leave home.
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Work
Work demands can become tiring as you get older or timing might seem right because of redundancy or the end of a work contract.
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Health
A health issue or caring for a loved one may prompt your retirement.
Helping you plan for your retirement
If you’re five or more years from retiring, the Preparing for Retirement guide can help you track your super, set meaningful goals and create a timeline that works for you.
Where to from here?
How's your super tracking?
Check how your super is tracking against your goals.
Try the Retirement Modeller to see how much you might have in retirement and how long it could last.
Learn more about How's your super tracking?Your money, your way
Whatever your retirement plan, enjoy flexibility and control of your money in retirement with a CSC retirement income stream (CSCri).
Learn more about Your money, your wayRetirement Ready Online Program
The Retirement Ready Online Program includes six modules that cover the important topics for retirement – an all-in-one resource that you can go back to again and again.
Learn more about Retirement Ready Online Program