Can I Retire at 60?
Age 60 is an important retirement planning milestone. You have reached preservation age, but access to super still depends on meeting a condition of release or using an eligible transition to retirement arrangement.
Understand When Your Super Is Available
If you are aged 60 to 64, super may generally become accessible when you retire or after you stop an employment arrangement after turning 60. If you continue working and have not met a full condition of release, a transition to retirement income stream may be available, subject to the rules and your circumstances.
Build an Income Strategy, Not Just a Withdrawal Plan
Age Pension age is 67. Retiring at 60 may therefore involve several years in which your lifestyle is funded mainly from super, savings, investments or other income. The plan should not assume that an Age Pension will automatically start at 67 because eligibility also depends on other requirements, including income and assets tests.
Plan the Gap Before Age Pension Age
A retirement income strategy should consider how much income is needed, where it will come from and how investments will support both current spending and future needs. Keeping an emergency reserve can reduce the need to sell investments at an inconvenient time.
- Regular income for everyday spending
- A cash reserve for unexpected expenses
- Planned funding for travel, renovations or a replacement car
- An investment mix suited to your time frame and tolerance for risk
- Tax and social security consequences of different choices
Retirement Is More Than Super
Consider how you will spend your time, maintain social connections and support your health. Some people enjoy a clean break from work, while others prefer a staged reduction in hours. A financial plan is stronger when it supports a clear lifestyle plan.
Questions to Ask Before Retiring at 60
- Have I met a condition of release for my super?
- How will I fund the period to age 67?
- What income will I need each year, including irregular costs?
- How much cash should I keep available?
- Does my investment strategy remain suitable after retirement?
- What would I change if markets or living costs were worse than expected?
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General Advice Warning
The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Before making any financial decisions, you should consider whether the information is appropriate for your circumstances and seek professional financial advice tailored to your individual situation.
Ready to Talk About Your Retirement?
Retirement looks different for everyone. A personalised retirement plan can help you understand your options, identify potential gaps and make informed decisions about your future.