Are you confident your retirement income is secure? Retiring to Australia from UK. Once you have reached this age, you have met your Centrelink Retirement Age and can apply to receive Age Pension payments. The current Age Pension age is 66, but this could be higher based on your date of birth as shown in the table below. When you narrow it down to people who’ve retired in the past five years, the average increases to 62.9 years 2. Some wish to keep working until they drop dead, but many tend to retire around age 60 (the preservation age for the release of superannuation). On the day you claim Age Pension generally you must be an Australian resident and in Australia. Thanks for dropping by. Refer to Services Australia External Link for the age pension eligibility requirements. It always surprises me when people ask what the legal retirement age is in Australia. With statistics showing us that Australians are living longer than ever, chances are you could spend a very long time in retirement. Is this number similar to what you have in mind for when you retire? Part-time is defined as 10-30 hours per week. You can use this table to work out your preservation age. This visa is perhaps the most expensive way to retire in the country but is open to anyone that can meet the qualifications. According to the Australian Bureau of Statistics, the average age at retirement for recent retirees (those who have retired in the last five years) was approximately 63 years. Retiring to Australia is more straightforward than some destinations, and you can transfer your private or personal pension as well as receive the state pension. After the visa expires, visa holders must renew the visa. Retiring in Australia with Investor Visa Australian Retirement Visa programme was stopped by the government in 2018. Peace Out. Importantly though, when it comes to retirement income, there are two other ages you need to consider; the Australian retirement age when you’re eligible to start drawing on your super and the age you’re eligible to receive the Age Pension. 3 Keep in mind Australians are living longer than ever with an average life expectancy of 86 years for women and 83 years for men. If you need to talk about complex matters, the FIS officer may set up an appointment for you. In Australia, a government-funded retirement pension dates back to 1909, when it was paid to men from the age of 65. It is imperative that you first check with the HMRC to ensure that your preferred Australian superannuation fund provider is a recognised overseas pension scheme (ROPS). Super and pension age calculator. Age pension payments are means-tested, based on both an Income Test and an Assets Test. Chris Strano created SuperGuy to help the average punter navigate through the complex and ever-changing super rules. If current Government proposals are accepted, the Age Pension age will be 70 by 2035. Your super can be taken as a lump sum, an income stream, or a combination of both. But we’re tending to retire later in life. The average retirement age in Australia is slightly different for men and women. There are four main retirement ages in Australia; three relating to superannuation and one relating to the Centrelink Age Pension. You can access your superannuation when you have reached age 65. After this period has lapsed, the visa can then be renewed on a two year rolling basis. Your preservation age depends on the year you were born, see the table below. Retirement planner. The Australian Bureau of Statistics has collected extensive data regarding the age Australians retire and have published a report discussing these findings: Retirement & Retirement Intentions 2016-2017. The Centrelink Age Pension age is based on when you were born and is detailed in the table below. 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