Will retirement age go down in Australia?”If you’ve ever wondered, you’re not alone.With changing government policies, economic pressures, and rising living costs, it’s a question many Australians are asking especially those approaching 60 and planning their super withdrawals or Age Pension access.
The short answer?
It’s highly unlikely that the retirement age will go down anytime soon.
In fact, if anything, future changes may push it higher, not lower.
But to understand why, let’s look at what determines Australia’s retirement age, what’s changing, and how it affects your plans for the future.
Understanding Retirement Age in Australia
There isn’t just one “retirement age” there are actually two key ages that matter:
1️⃣ Superannuation Access Age (Preservation Age) – the age when you can access your super savings.
2️⃣ Age Pension Age – the age when you can receive the government’s Age Pension.
1. Superannuation Access (Preservation Age)
Your preservation age depends on your date of birth.
| Date of Birth | Preservation Age |
|---|---|
| Before 1 July 1960 | 55 |
| 1 July 1960 – 30 June 1961 | 56 |
| 1 July 1961 – 30 June 1962 | 57 |
| 1 July 1962 – 30 June 1963 | 58 |
| 1 July 1963 – 30 June 1964 | 59 |
| After 1 July 1964 | 60 |
This means that the earliest you can access your super is 60, provided you’ve retired or met a condition of release.
2. Age Pension Eligibility
The Age Pension age in Australia is currently 67 years, and it applies to everyone born on or after 1 January 1957.So, even if you stop working at 60 and access your super, you won’t be eligible for the Age Pension until age 67.
So, Will Retirement Age Go Down?
Realistically, no there’s no sign that retirement age in Australia will be lowered.
Here’s why:
1. Australians Are Living Longer
The average life expectancy is now around 83 years, meaning retirees may spend 20–30 years in retirement.
Lowering the retirement age would increase government pension costs and put more strain on public funds.
2. Budget Pressures Are Increasing
The government already spends billions annually on Age Pension payments.
As the population ages, keeping the retirement age at 67 (or potentially higher in the future) helps control long-term costs.
3. Workforce Participation Is Encouraged
More Australians are working into their 60s not just because they need to, but because they want to stay active and engaged.
Lowering the retirement age could reduce labour supply and economic productivity.
4. Global Trends Point Up, Not Down
Across developed countries like the UK, US, and Canada retirement ages are increasing to reflect longer lifespans.
Australia is following that same path.
Could the Retirement Age Change Again?
While the Age Pension age is unlikely to go down, there’s always discussion around flexibility.
For example, future reforms may:
- Allow early access to superannuation for those in physically demanding jobs.
- Offer phased retirement options, letting people reduce hours instead of stopping work completely.
- Provide tax incentives for working longer or delaying pension access.
However, these are refinements not reductions in the retirement age.
Want to understand more about planning around retirement age?
Read these next:
- What Retirement Age in Australia – Understand how super access and Age Pension rules work together.
- What Retirement Income Do I Need – Learn how to calculate your ideal monthly and yearly income in retirement.
How to Plan If Retirement Age Stays at 67
If you’re planning to retire before the Age Pension kicks in, you’ll need a solid strategy to fund the gap.
Here’s how to prepare:
Boost Your Super Early
Start increasing your contributions now through salary sacrifice or voluntary top-ups. The earlier you begin, the more time your money has to grow through compound returns.
Start an Account-Based Pension
Once you reach 60, convert your super into a tax-free income stream. This gives you flexibility and steady cash flow even before you’re eligible for the Age Pension.
Budget for the Gap Years
If you plan to retire at 60, prepare enough savings to cover at least seven years of living expenses. This ensures you can maintain your lifestyle without relying on government support too soon.
Consider Part-Time or Flexible Work
Working fewer hours or taking on consulting work can supplement your income and ease the financial transition into full retirement. It also helps you stay active and engaged.
Review Your Financial Plan Regularly
Revisit your plan each year to adjust for inflation, market changes, and evolving government rules. Regular check-ins help keep your retirement strategy aligned with your goals.
FAQs: Will Retirement Age Go Down?
1. Will retirement age go down from 67?
Unlikely. With people living longer and government costs increasing, there’s no indication the retirement age will be reduced.
2. Can I retire before the official retirement age?
Yes. You can access your super from age 60 if you’ve retired or started an account-based pension. But you won’t receive the Age Pension until 67.
3. Will superannuation access age go down?
No — the preservation age of 60 is already considered sustainable. In fact, future policy may extend access beyond 60 for some workers.
4. Could retirement age ever go up again?
Possibly. Some economists predict the Age Pension age could rise to 68–70 by the 2030s to reflect longer life expectancy.
5. What should I do if I want to retire earlier?
Focus on growing your super balance, paying off debts, and planning for those “gap years” before government support begins.
Plan for Flexibility, Not Promises
So, will retirement age go down in Australia?
Probably not at least not anytime soon.
Instead of waiting for policy changes, focus on what you can control: building your super, investing wisely, and creating a flexible income plan.At Wealthlab, we help Australians design early-retirement strategies bridging the gap between super access and Age Pension eligibility so you can live life on your own terms.
👉 Book a consultation today to learn how to retire confidently whenever you choose.
Learn More About Retirement & Superannuation
https://www.statesuper.nsw.gov.au/sass/benefits/preservation-rules?