| Step by step guide to retirement Step 1: Time to retire? Step 2: Money to live on Step 3: Retirement products Step 4: Claiming the Age Pension Step 5: Future issues Step 1: Time to retire? What you'll learn in this step: Get advice on those initial decisions that need to be made about retirement, including when you should. Leaving the workforce and moving onto the next stage of your life can be daunting. Not only do you have to face the prospect of no longer participating in the workforce, which is a huge psychological hurdle, you have to deal with a myriad of other decisions such as where to live, what to do with your time and whether you can afford to do everything you want. When should I retire? That's up to you, but there is no reason why you can't work on a part-time basis or start a new venture well past 65. In fact, if you can continue working and you want to, you will put less pressure on the funds you have accumulated for your retirement and you will be able to enjoy a better standard of living when you do eventually retire. Many people choose to stop work at 55, the age when you can access your superannuation. Learn more: It's never too late to save for your retirement - which is good news for the many of us who haven't. Will I get the Age Pension? Qualifying for the government-funded Age Pension is dependent on a number of factors such as your age and whether you meet various residence requirements. Date of Birth Qualification Age Before 1 July 1935 - 60 1 July 1935 to 31 December 1936 - 60.5 1 January 1937 to 30 June 1938 - 61 1 July 1938 to 31 December 1939 - 61.5 |
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