Retirement Age for Women

The retirement age for women, based upon the general concept or definition of retirement, is no different between men and women.

Therefore, the retirement age for women in Australia is the same as the retirement age for men.

I define retirement as the ability to cover living expenses with passive income.

Passive income is income that does not result from personal exertion. This may include income such as bank interest, share dividends, rental income, pension income, etc.

Most of this income can be received regardless of age.

Therefore, depending on the income generated from investments and level of living expenses, a person has the ability to retire at any age.
 

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Retirement Age for Women – Superannuation

 
Superannuation is a tax structure that allows men and women to save for your retirement in a tax-effective manner.

However, by taking advantage of these tax concessions, you are unable to access your savings until you meet a certain age.

The retirement rules for women in relation to superannuation are subject to the circumstances of the individual.

It can range between 55 – 60 (depending on your date of birth). This is known as your superannuation preservation age, which can be calculated here.

Your preservation age is the earliest age that you can access your super in some form or another.

The form in which you can access your super and any limits imposed are determined by your employment status.

Once you reach age 60, access to superannuation can be a little easier, but is again determined by your employment status.

Draw downs from super after age 60 are usually tax free. This is why age 60 is widely considered the best time to retire for tax purposes.

Once you reach age 65, you will have unrestricted access to your super, regardless of your work status.

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 Click here to read some examples of how superannuation works.

Retirement Age for Women – Centrelink Age Pension

 
The Centrelink Age Pension – sometimes rudely referred to as the Old Age Pension! (I think ‘Older Age Pension’ or ‘Mature Age Pension’ is more appropriate. Matter of fact, if it was up to me, I would call it the ‘I’ve worked my butt of for the past 45 years’ Pension)….. Anyway, the Centrelink Age Pension is a social security benefit paid to Australians who meet certain age and residency requirements.

The age that women are eligible for the Age Pension ranges between 65 and a half and 67, depending on when you were born.

 

Retirement Age Calculator

 
The retirement age calculator below allows you to calculate the retirement age for women and men.

It details what age you can get the pension and what age you can access your superannuation.

There is no compulsory retirement age in Australia.

Use the retirement age calculator below to see what age you can receive your super pension and/or Centrelink Age Pension, based on the year you were born.

If you would like anything clarified or have any further questions about Retirement Age for Women or any other topics, please do not hesitate to leave a comment.

Chris Strano

Chris Strano created SuperGuy to help the average punter navigate through the complex and ever-changing super rules. It has since become one of Australia's leading digital super resources. If you’re looking for more personalised advice, have a chat with one of our experts at www.superguy.com.au/need-advice

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2 Comments

  1. Bev

    I am aged 62 this September, just resigned from work due to caring for elderly parents and my stress levels getting to me, finding I just can’t face going to work even though cut back to 2 days in last couple of months. I haven’t worked full time for a few years as kept cutting back to accommodate parents needs. I have some funds in bank just under $40,000 and I have 2 super funds one with QSuper around 90,000 and one with Australian Super about the same amount. I am ashamed to say I have been ignorant /lazy of super and not combined as I should have done years ago. I am thinking about taking lump sum from one of the accounts as unsure if will be going back to work in future. Any advice would be helpful. I have thought about merging super accounts and leaving for awhile longer but unsure on best move here.

    Reply
    • Chris Strano

      Hi Bev. It seems like you need to sit down with a financial planner and identify your short and long term goals and then put in place a plan to achieving them, as you have many options available to you. I think QSuper and Australian Super offer a financial planning service. Maybe you should see if they are able to help. Alternatively you could seek out a financial planner in your area.

      Reply

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