Key Ages
| Age | What Happens |
|---|---|
| 60 | Access super if you've permanently retired (preservation age for most Australians) |
| 65 | Full, unrestricted access to super regardless of work status |
| 67 | Age Pension eligibility (income and asset tested) |
Accessing Your Super
You can take your super as a lump sum, start an account-based pension (regular income stream), or a combination. An account-based pension pays no tax on investment earnings — making it one of the most tax-effective structures available.
Age Pension
The Age Pension is about $1,116/fortnight for singles, $1,682/fortnight for couples (combined). It's income and asset tested — your super pension counts as income, and your super balance counts as an asset. Many retirees receive a partial pension.
Retirement Checklist
- Check your super balance and consolidate multiple accounts
- Get financial advice on the best way to draw your super (lump sum vs pension)
- Apply for the Commonwealth Seniors Health Card if you're a self-funded retiree
- Apply for a Seniors Card in ACT — transport, retail, and entertainment discounts
- Update your will and super beneficiaries
- Review your insurance — you may no longer need income protection or life cover
- Consider downsizer contributions — if selling your home, you can contribute up to $300,000 to super (each, if a couple)
Concessions in ACT
As a retiree in Australian Capital Territory, you may qualify for: energy rebates ($250–$700/year for concession card holders), reduced council rates, discounted public transport, and cheaper prescriptions ($7.70 with a concession card, free after Safety Net).
Frequently Asked Questions
When can I access my super?
At 60 if you've permanently retired (preservation age for most). At 65 regardless of work status. At 67 for Age Pension.
How much is the Age Pension?
About $1,116/fortnight for singles (2025–26). It's income and asset tested. Many retirees receive a partial pension in addition to their super.
Should I take my super as a lump sum or pension?
An account-based pension is usually more tax-effective — earnings are tax-free. But it depends on your situation. Get financial advice before making this decision.