Retirement age and when you can retire - BUSSQ

Retirement age and when you can retire

Knowing at what age you can retire will help you to plan ahead. BUSSQ can help you make sure that your retirement plans are bang on track.

When can you retire?

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:

  • Preservation Age – when can you access your super?
  • Triggers of release – what needs to happen before you can access your super?
  • Centrelink Age Pension Age – when you can apply for a Centrelink Age Pension?

When can you access your super?

You can access your super:

  • When you reach preservation age and retire
  • When you turn 65, or
  • Under the transition to retirement rules (if you are eligible), while continuing to work.

Preservation Age

In order to access your super to set up a BUSSQ pension 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.

Preservation Age

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


Triggers of Release

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.

55 road sign

When you reach 55 (or your preservation age per the above table), you must be permanently retired to access your super.

60 road sign

If you have reached 60 and have left a job, you can access your super.

65 road sign

Working or not, turning 65 allows you to access your super.

When can you apply for a Centrelink Age Pension?

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


Proposed pension age changes

1 July 1958 and 31 December 1959


1 January 1960 and 30 June 1961


1 July 1961 and 31 December 1962


1 January 1963 and 30 June 1964


1 July 1964 and 31 December 1965


1 January 1966 and later


For more information on the Centrelink Age Pension visit

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 pension specialists is here to help. Book in to speak with a BUSSQ Financial Planner today and get your retirement sorted.