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What is the retirement age in Australia?

Barbara DruryBarbara Drury

“What is Australia’s retirement age?” or “What age can I retire?” are common questions. The simple answer is “it depends”.

There’s no such thing as a ‘retirement age’ in Australia, nor any laws that dictate when someone can retire. In theory, you can choose to retire whenever you want, although there are some age-based rules that impact when many Australians choose to retire. More on those later.

Background: This wasn’t always the case. It was only in 1993 that an Industrial Relations Reform Act prohibited terminating someone’s employment because of their age. The public service didn’t catch up until 1999.

Rather than thinking about what age you can retire, better questions are “What age should I retire?” and “When can I afford to retire?”. These are very personal matters that depend principally on when you can financially support the lifestyle you want to lead in retirement unless ill health or other factors make the decision for you.

So, at what age do most Australians retire?

The average age of retirement

The average age of retirement in Australia has been rising steadily for decades, from age 53.5 in 2000 to 64.8 in 2022, with women tending to retire one or two years before men on average. These are the most recent figures from the Australian Bureau of Statistics (ABS), and the trend towards retiring later is likely to continue.

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About the author

Barbara Drury
Barbara Drury
Barbara is a financial journalist and author with over 30 years’ experience in Australia and the UK. She is a contributor to The Sydney Morning Herald and The Age Money section, and has worked for the Australian Financial Review and The Australian. Barbara is the author of Alan Kohler’s Eureka Report Guide to Personal Investing, Sorting Out Your Finances for Dummies and Personal Finance for Dummies and co-author of Investing for Dummies with James Kirby.
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Responses

  1. Peter Ferris Avatar
    Peter Ferris

    Please be aware the information as stated is a guide and really does depend on the fiscal management of each and every past and future government. The way it is going there will be no pensions available in future years at all so retirees will need to be self funded. Look to other countries if you don’t think this will happen. Plenty of poorer countries have no unemployment schemes let alone pensions. Paul Keating bought in superannuation so he could spend the extra projected pensions at the time during his reign of terror and every politician since has focused on getting people self funded so they did not have to pay future pensions. I would estimate that those born after about 1965 on current trajectory of economic poor management will be on a reduced pension if any and an older retirement date. It’s already bumped to 67 don’t be surprised it goes to 70. My tip also is don’t rely at all on superfunds. Politicians can access them at anytime as well as cash in banks to pay the countries debt. Looking at the current amount and on future projections they are going to have plenty. Have your own diversified investments in realestate, shares and gold etc. You’re going to need it.

    1. jenny mann Avatar
      jenny mann

      Reign of terror indeed. It was the liberal govt who wanted to put the new retirement age at 70 and labour opposed it and kept it to 67. get your facts.

  2. Damon Lastname Avatar
    Damon Lastname

    Hello
    I first starting working in 1987 (born 1971) and at that time I chose to retire at 55yrs.
    As I’m from a trade background, it will be impossible to retire (I’m currently working in garden maintenance) at the required age due to increasing physical difficulties and pain. I have definitely no plans to live past 60 yrs and will be actively preparing for euthanasia following my 50th next year. I’m currently very active in Bushwalking and Canyoning and if I cannot do this; I no longer want to be here. THERE should/must be options for those that are working more physically than others to enable them to access their super earlier. However the basic, sad, grim reality is that the GOV of the day wants you die before you have the chance to access your super, therfore more money for THEM; sorry to say its simply risk anaylsis, and THEIR ALWAYS going to bet for their side; not yours.
    I invite a reply, if any.
    regards
    Damon

    1. ERICA Avatar
      ERICA

      Hi Damon, This is not to comment on your opinion but just to say that the govt doesn’t get your super unless you have no living relatives

  3. les and brenda smith Avatar
    les and brenda smith

    I have found this information very interesting and valuable to research my intentions to retire, information here is clear and precise, thank you

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