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Section 1

In this section, you’ll discover the building blocks for a good retirement. Plus, you’ll find the answers to: 

  • When can you retire?
  • What actually happens when you retire?
  • Should I withdraw my super or keep it invested?
     

At the end of this section, you can also download a retirement activity sheet to help you feel prepared and confident about retirement.

Download checklist

Retirement essentials: The building blocks for your future

Retirement is a major life change - emotionally, physically, and financially. Taking the time to build your retirement plan and understand the retirement essentials you need can help you feel prepared. Learn about your retirement age, preservation age, and explore answers to common questions like 'what age can I retire?'

Thinking about retirement now will help you lead the lifestyle you want when you get there.

Health
Your health gives you the foundation to build your retirement future, so you can enjoy all the things you’ve been waiting for.
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Financial security

Financial security builds on your health and supports your wellbeing into the later years of your retirement.

Relationships

Ultimately, the people and experiences in your life makes retirement genuinely fulfilling.
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Did you know?

Most people in Australia plan to retire around age 65. Right now, more than half of people aged 55 or older have already retired.*

Keep in mind that your retirement could span more than 30 years,† so you need to plan how to make your super last. 

What age can I retire?

While there isn’t an official retirement age in Australia, there are some important age-related milestones: 

  • Age 60: Your preservation age - when you can access your super
  • Age 65: Access your super tax-free - if you’re retired
  • Age 67:  Age Pension age - when you can get the Age Pension
More on when you can retire
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What happens when I retire?

When you retire, your super doesn’t automatically become a lump sum that you receive, and it doesn’t automatically start paying you a retirement income. You need to decide what happens next. You’re likely to have questions like:

  • What’s the tax situation?
  • What’s a retirement income?
  • Am I eligible for the Age Pension?
  • What should I do with my super?
Find the answers
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How much super do I need to retire?

Your super savings will be a key source of income for you when you retire, but not the only one. You may also have money coming from:

  • Investments or savings
  • The Age Pension
  • A salary if you work in retirement
How much you need to retire
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Should I withdraw my super or keep it invested?

Keeping your money with a super fund when you retire doesn’t mean giving up control of your savings. There’s lots of choice and flexibility. Plus there might be tax advantages too.

Make sure you think about your options before making any big decisions - and consider getting professional advice.

Learn more about income in retirement
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Retiring earlier than expected

“I didn’t expect retirement to happen as soon as it did... I think the best guidance we received was from an Aware Super retirement seminar we went to. It just opened our eyes to income streams and a transition to retirement.”#

Read Alain’s story

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Knowing how you feel about retirement can point you in the right direction of what’s best for you. This exercise can help you write your ideas down to get a clear idea of what’s important - so you can you feel prepared and confident approaching retirement.

Download the activity sheet

Up next: Life in retirement

In Section 2: Life in retirement, explore how your daily routine might look. Plus there are tips on staying physically and mentally active, so you can live your best life in retirement for years to come.

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Retirement tools and calculators

Our online digital tools help you plan and work out how much you need in retirement, based on the lifestyle you want and how long you need your savings to last.
Use the calculator
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Get a Retire Ready Check-in

Ready to retire now, or within the next 24 months? You can book a 45-minute Retire Ready Check-in with one of our expert financial advisers - all included as part of being an Aware Super member.[AD1][AD2]
Book a time
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Learn to make the most of your super

Find education events, resources and tools that make navigating your superannuation and retirement options super simple.
Visit Learn Hub
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* Australian Bureau of Statistics, 2023, Retirement and Retirement Intentions, Australia

† Australian Life Tables 2020-22, Australian Government Actuary

# Members have provided their consent to the materials and statements attributed to them, in the form and context in which they appear and have not withdrawn this consent as at the date of preparation. The views expressed here belong to the individuals concerned and are not necessarily the views of Aware Super Pty Ltd.   No warranty as to the accuracy or completeness of this information is given and no responsibility is accepted by Aware Super Pty Ltd or its employees for any loss or damage arising from reliance on the information provided.  This information should not be construed as advice, whether it be general or personal advice, nor should it be substituted for obtaining professional financial, legal or tax advice. 

[AD1] Advice provided by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430), wholly owned by Aware Super. 

[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.