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It is your choice when to retire but there are a few things you should consider before deciding. If you can fund your own retirement you may decide to retire early. Factors which may impact your decision include:
You can access your super:
In order to access your super to set up a BUSSQ Income account you must have reached the minimum age required by law, which depends on when you were born. This is referred to as your ‘preservation’ age which can be anywhere between ages 55 and 60. This table shows the minimum age that will apply to you.
If you were born
You can access
your super at age
Before 1 July 1960
1 July 1960 – 30 June 1961
1 July 1961 – 30 June 1962
1 July 1962 – 30 June 1963
1 July 1963 – 30 June 1964
From 1 July 1964
Further to the above table, you should be aware of triggers of release – this is the working status that you need to meet in order to access your super.
You must be permanently retired to access your super.
If you have reached 60 and have left a job, you can access your super.
Working or not, turning 65 allows you to access your super.
Currently you must be aged 65 or over to be eligible to apply for the age pension. From 1 July 2017, the minimum pension for both men and women will progressively increase. By 1 July 2023, the minimum age will have increased to 67. Proposals are in place to further increase the pension age to 70 – see the table below for current ages and the proposed ages.
If you were born between:
You are eligible for Age Pension at age:
1 July 1952 and 31 December 1953
1 January 1954 and 30 June 1955
1 July 1955 and 31 December 1956
1 January 1957 and later
For more information on the Centrelink Age Pension visit www.humanservices.gov.au.
Once you have looked at both Preservation Age and Retirement Age you should also consider how much money you will need to fund your retirement. For more information go to how much do you need in retirement?
From transition to retirement and retirement planning, to superannuation investment options and retirement income stream choices, BUSSQ’s team of Income acount specialists is here to help. Book in to speak with a Skylight Financial Planner today and get your retirement sorted.
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