The Superannuation Preservation Age in Australia gradually increases from age 55 to age 60, depending on when you were born.
We are currently in the midst of this gradual increase in superannuation preservation age.
Superannuation preservation age signifies the first time you are able to access your retirement benefits. There are a variety of ways to access your super once you meet your preservation age – even if you are still working.
What does the Superannuation Preservation Age signify?
Your Superannuation Preservation Age (Australia) is the earliest age that you are able to have full access your superannuation savings if you are permanently retired with no intention of returning to work.
You do not have full access to your savings simply because you have reached your Superannuation Preservation Age. You need to have permanently retired. Therefore, ‘in-between jobs’ does not constitute permanent retirement. Your overall personal and employment situation needs to indicate that you have no intention of returning to work.
If you are not permanently retired, your Superannuation Preservation Age is also the age that you can have limited access to your superannuation savings via a TTR Pension, if you are still working.
Superannuation Preservation Age in Australia
The Superannuation Preservation Age for Australians is as follows:
|Date of Birth||Preservation Age (in Years)|
|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|
Even if you have reached your Superannuation Preservation Age, you should speak to an adviser or your superannuation provider to ensure that you are able to access your retirement savings.
For some of you, your preservation age will be many, many years away. Therefore, you need to think if you are willing to contribute funds to super and wait this long before having access to them.
If you would like anything clarified or have any further questions about the Superannuation Preservation Age in Australia or any other topics, please do not hesitate to leave a comment in the section below.