Age Pension
Phillips Wealth Partners can help with determining your age pension eligibility and explain the key income and or allowances you may be entitled to from the government depending on your situation.
We can also assist with the completion of the forms as part of the advice process. This includes
Age Pension age
This is the age you qualify to receive Government Age Pension benefits. The current Age Pension age is 65.5, but this could be higher or lower based on your date of birth as shown in the table below.
| Date of birth | Women | Men |
|---|---|---|
|
1 July 1947 - 31 December 1948 |
64.5 |
65 |
|
1 January 1949 - 30 June 1952 |
65 |
65 |
| 1 July 1952 - 31 December 1953 |
65.5 |
65.5 |
| 1 January 1954 - 30 June 1955 |
66 |
66 |
| 1 July 1955 - 31 December 1956 |
66.5 |
66.5 |
|
On or after 1 January 1957 |
67 |
67 |
Preservation age
This is the age where you can access your superannuation savings. Generally, you can access your superannuation when you have reached age 65.
If you are under 65, you can access your superannuation savings if you have retired from the workforce and reached 'preservation age'.
Your preservation age depends on the year you were born, see the table below.
| Date of birth | Preservation age |
|---|---|
|
Before 1 July 1960 |
55 years |
|
1 July 1960 to 30 June 1961 |
56 years |
|
1 July 1961 to 30 June 1962 |
57 years |
|
1 July 1962 to 30 June 1963 |
58 years |
|
1 July 1963 to 30 June 1964 |
59 years |
| After 30 June 1964 |
60 years |
With statistics showing that Australians are living longer than ever, chances are you will spend 25 years, or more, in retirement.
How you make your savings last as long as you do is a key question when considering your age pension and retirement.