When can I retire?

The reasons people retire can vary greatly and are based on a range of things including your responsibilities, how you plan on spending your future days, and how you’ll finance your next chapter.  

Accessing my super savings

There are government regulations for accessing super. In order to start drawing down from your super you'll need to meet one of the below conditions:

  • You turn 65 (you don't have to stop working if you don't want to)
  • You reach your preservation age and permanently retire or start transitioning to retirement
  • You turn 60 and leave your employer - this means you have access to preserved benefits.

Learn more about accessing your super.

Other factors in picking your retirement date
Accessing the Age Pension

To qualify for the Age Pension, you must satisfy a few key requirements, including eligible age, residency and income and assets limits.


You must be at least 66 and 6 months. From 1 July 2023, the age requirement will increase to 67 years.


You don't have to be an Australian citizen to qualify for the Centrelink Age Pension. But you must have been a permanent resident for at least 10 years in total, with at least 5 consecutive years within this period.

Income and asset limits

Centrelink uses an income test and an assets test to work out if you'll qualify. These limits differ between couples and singles and consider things like your income (including your pension), property, investments and super.

Your eligibility can change over time depending on your financial circumstances, so it could be worth checking in with Centrelink regularly. For more detailed information on eligibility requirements go to Services Australia.

Life expectancy

Australians are living longer, so it’s more important than ever to make sure your savings will go the distance. If you’re planning on stopping work at age 65, there’s every possibility that you could live to 95. That's 30 years of income you might need to plan for. This highlights why it's so important to maximise your savings and make sure your super is working for you.

Reasons for retirement

We all like to think of retirement as a thrilling new chapter, but we understand retirement isn’t appealing for everyone and for some, isn’t always a choice. It can be influenced by a range of things beyond your control including your health, employment circumstances, family, and cultural influences. These reasons can fall into two categories – things that pull you into retirement and push you into retirement. 

Pull factors include

  • Pursuing interests and hobbies
  • Caring responsibilities
  • Pursuing travel
  • Spending time with family and friends. 

Push factors include

  • Being made redundant
  • Job dissatisfaction
  • Difficulty finding work
  • Poor health
  • Work fatigue
  • Encouragement from family to retire.

These circumstances can make retirement planning a challenge it’s important to get advice that’s tailored to you needs. If you’re unsure about your next steps, our Advice team are here to help.

Get retirement planning advice
Retirement planning can be tricky but we’re here to support you. As part of your CareSuper membership you can give us a call for simple super help, or for more comprehensive retirement planning advice you can book in to see one of our experienced financial planners for a competitive fee.
Retirement readiness checklist
Use our checklist to build a clear picture of your retirement readiness, and plan for a brighter life after work. Because when you plan, you make better decisions.