Were you born in 1967 and wondering when you can retire?
This article will cover off on both retirement ages, so that you are fully aware of when you are able to access your superannuation savings and when you may be entitled to social security Age Pension payments.
Let’s begin with the superannuation retirement age because this will occur sooner than reaching Age Pension age.
Born in 1967: When Can I Retire?
You are able to access your superannuation savings once you reach your Superannuation Preservation Age.
The level of access that you have to your superannuation savings upon attaining your Superannuation Preservation Age will depend on whether or not you have ceased an employment arrangement (i.e. retired from a work-related role).
But, before we get into the intricacies, let’s keep things simple.
What is My Superannuation Preservation Age?
If you were born in 1967, your Superannuation Preservation Age will be age 60, as shown in the table below:
|Date of Birth||Preservation Age|
|Before 1 July 1960||55|
|1 July 1960 – 30 June 1961||56|
|1 July 1961 – 30 June 1962||57|
|1 July 1962 – 30 June 1963||58|
|1 July 1963 – 30 June 1964||59|
|After 30 June 1964||60|
What Are My Options When I Reach My Preservation Age?
You can commence a TTR Pension using some or all of your accumulated superannuation savings.
A TTR Pension allows you to draw an income equal to between 4% and 10% of your account balance each financial year.
Because a TTR Pension is non-commutable, lump sum superannuation withdrawals are not permitted (i.e. cannot be commuted in full or part, unless being rolled back to an accumulation account).
A TTR Pension is your only option to access your superannuation if you will continue to work after reaching your Preservation Age (unless some of your superannuation balance includes an unrestricted non-preserved component, in which can this should be able to be accessible. Contact your superannuation provider to determine if your superannuation balance includes an unrestricted non-preserved component).
TTR Pensions do not count towards the Transfer Balance Cap.
Retired or Ceased an Employment Arrangement or turn 65?
Under the current rules, if you permanently retire or cease an employment arrangement after reaching age 60, then you will have full, unrestricted access to your superannuation retirement savings. The same goes once you have reached age 65 – even if you previously commenced a non-commutable transition to retirement pension, as per above.
Tax on Superannuation Withdrawals
Under current superannuation rules, all withdrawals made from superannuation are received tax free for individuals over age 60, apart from any ‘taxable (untaxed)’ component, which may incur tax. Again, you should contact your superannuation provider to see if your balance includes a taxable (untaxed) component. Click here to understand how the taxable (untaxed) component is taxed.
Born 1967: When Can I Retire – Age Pension
The Age Pension Age for individuals born in 1967 is age 67, as shown in the table below:
|Date of Birth||Age Pension Age|
|Before 1 July 1952||65 years|
|1 July 1952 – 31 December 1953||65 years and 6 months|
|1 January 1954 – 30 June 1955||66 years|
|1 July 1955 – 31 December 1956||66 years and 6 months|
|From 1 January 1957||67 years|
Not everyone is eligible to receive Age Pension entitlements. There is an ‘income test‘ and ‘assets test‘ that determines if you are eligible for the full Age Pension, a part-Age Pension, or no Age Pension at all.
However, just because you are not eligible for the Age Pension, you may still be entitled to other benefits, concessions or health care cards. Some of these benefits for seniors begin at a much earlier age than Age Pension Age. Click here to find out more.