In Australia, there is no set official retirement age; individuals can choose when to retire. However, two key age benchmarks are important:

• Preservation Age: This is the earliest age you can access your superannuation (retirement savings), which is currently 60 for all Australians as of July 1, 2024.
• Age Pension Age: The government Age Pension age is currently 67, which is the age at which Australians can qualify to receive pension benefits if they meet other eligibility criteria such as income, assets, and residency.

There is a proposed gradual increase in the retirement age to 69 for those born after 1965, aligning pension age and superannuation access with this new age. Additionally, the average retirement age in Australia is around 56 years, with women retiring earlier on average than men. Australians are living longer, so retirement savings may need to last 20 to 30 years depending on when they retire.