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Back to Learn about retirement

When should I retire?

You can retire at any age. What’s right for you will depend on how you want to spend your retirement, your health and wellbeing, and your financial situation.

How to work out the best age to retire
Dealing with an unexpected retirement
August 04 2026
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Retirement looks different than it used to. People are living longer and retiring later in life. On average, Australians aged 45 or older plan to retire when they’re around 66 years old.1

But retirement doesn’t necessarily mean a hard stop for your working life. You might want to trade full-time work for part-time, casual, or freelance work when you get older. Or you might decide to take a break for a while and then return to work to start earning money again.

The best part about retirement is that you get to choose what’s right for you.

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Did you know

While there’s no set retirement age in Australia, there are rules around when you can access your super and apply for the Government Age Pension:

  • At 60, you can access your super if you permanently retire, leave an employer after turning 60, or start a Transition to Retirement strategy.
  • At 65, you can access your super even if you’re still working.
  • At 67, you may become eligible for the Government Age Pension.   

How to work out the best age to retire

Start early by making a retirement plan. Think about your goals, how you want to spend your retirement years, how much money you’ll need to support that lifestyle, and what changes you’ll need to make.

Here are some questions to get you started:

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Feelings about work

  • Do you still enjoy working or are you less motivated than you used to be?
  • Have you considered a career change?
  • Would you prefer to gradually transition into retirement instead of stopping work completely?
  • Could you take a career break and return to work later?

Find out more:

Transition to Retirement strategy
Returning to work after retirement
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Retirement goals

  • What does retirement look like to you?
  • How do you want to spend your time?
  • What do you want to achieve?
  • Do you feel confident to retire?
  • If you have a partner, do they share your retirement goals?
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Financial situation

  • How much are you spending now?
  • Will you have any debt when you retire?
  • Will you need to pay rent or make mortgage repayments after you retire?
  • How much super will you have and how much of your living costs will it cover?
  • Will you be eligible to receive the Government Age Pension?
  • Will you earn income from any other investments (such as shares or an investment property)?
  • Are you planning to make any big purchases that you’ll need to budget for?

Find out more:

Get a Retirement Health Check
Applying for the Government Age Pension
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Living situation

  • Where do you see yourself living in retirement?
  • If you own your home, will you consider downsizing to a smaller property or moving somewhere new?
  • Do you want to live closer to family or friends?

Find out more:

Making downsizer contributions to upsize your super
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Health and wellbeing

  • Do you have any health concerns or injuries that may make it difficult to continue working?
  • How will you stay active and socially connected in retirement?
  • Do you have a plan for how to take care of your health needs as you age?

Dealing with an unexpected retirement

Many Australians find themselves retiring before they planned to. This might be due to changes at work, health concerns or extra responsibilities like caring for a loved one.

Having to retire unexpectedly can be a shock – especially if you’re too young to access your super or apply for the Age Pension.

If you find yourself in this position, there are a few options you can look into:

  • Put together a retirement lifestyle budget so you know how much you’ll need.
  • Find out if you’re eligible to access your super early for a physical or mental disability, severe financial hardship or on compassionate grounds.
  • If you have insurance with Rest and you’ve had to retire early due to illness or a temporary or permanent disability, call us to check if you’re able to make a claim.
  • Speak to a financial counsellor or financial adviser (like Rest Advice).
  • Contact the National Debt Helpline if you need assistance paying off your debts.
  • If you’re retiring due to illness or injury, find out if you’re eligible for a Disability Support Pension.  

1. Australian Bureau of Statistics, Retirement and Retirement Intentions, 2024-25 financial year. 

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