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Do I have to retire?
No. It’s your retirement and your choice. You can choose to:
- work part-time;
- volunteer your spare time;
- not work; or
- postpone your retirement and continue working full-time.
To be eligible you must register and work an average of 20 hours per week. Contact Centrelink for more details.
Whether or not you decide to retire at 65, it’s worth remembering that:
- You can start drawing an income from a superannuation pension product once you reach preservation age (currently 55), regardless of whether you’re still working.
- While you’re under 75 your employer can continue contributing to your superannuation savings.
- While you’re under 75 you can make additional superannuation contributions (although between age 65 – 74, you must satisfy a work test to be able to do this).
Advantages of retiring at age 65
Disadvantages of retiring at age 65
- May find it difficult to fill your days
- May not have built a sufficient nest egg
Considerations
- What will you do with your increased leisure time? (‘Travel, leisure and hobbies’)
- Keep in mind that if you continue working you may not be free to do the things you want, such as holidaying or pursuing personal interests
- Consider the possibility of an unexpected early retirement from either redundancy or ill health
Be sure to explore all of your financial and lifestyle options with your financial planner who can help you develop the most effective strategy for you.
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Calculators |
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Further Information |
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