Prime Minister, Scott Morrison has today confirmed that the Coalition Government will not proceed with its stated policy of moving the retirement age in Australian up to 70 years of age.
The policy of moving the retirement age to 70 was first outlined in the 2014 Federal Budget by then Treasurer Joe Hockey.
The retirement age was to be moved up from the current 67 to 70 from 1 January 2025 with 6 monthly increases in the retirement age from this time.
However, after consulting with his Party colleagues, Mr Morrison has today announced that the retirement age will remain at age 67.
What does this mean in Practical Terms
The Australian retirement age governs when you are able to apply for the Age Pension.
The retirement age is currently being transitioned from age 65 to 67.
Your date of birth determines at what age you can apply for the Age Pension. This is known as your retirement age.
Date of birth from To Qualification age
30 June 1952 Already qualified
1 July 1952 31 December 1953 65.5
1 January 1954 30 June 1955 66
1 January 1955 31 December 1956 66.5
1 January 1957 or later 67
I cant make it to 67
There are many people who are unable to work to age 67. If you are unable to continue to work until age 67 due to illness or injury, then you can apply for the Disability Pension until you reach your retirement age.
Can I retire before Age Pension Age?
If you are a self funded retiree, you able to retire at any stage and access your super provided that you have reached your preservation age.
if you have other investments outside of super you able to access these at anytime prior to your retirement age (Age Pension age).
If you have any concerns in relation to your retirement, we will be able to assist you in this area. Please either email us by clicking here or phone us on (07) 3018 0587.
This advice is general in nature and doesn't take into account your personal circumstances.