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
- Under the transition to retirement rules (if you are eligible), while continuing to work.
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.
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.
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.
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 BUSSQ Financial Planner today and get your retirement sorted.