The retirement plans of people born on or after 1 July 1952 will change beginning next year. From next year, the qualifying age for age pension entitlements will start to increase progressively by six months every two years.
This change has been enacted to deal with the challenges of Australia’s ageing population. As people live longer and healthier lives, the government believes that people can work longer and increase superannuation balances to have a comfortable retirement.
Today, you must be 65 years or older to be eligible for age pension. Beginning 1 July 2017, the qualifying age for people who will receive pension will be 65 years and six months. Every two years, the qualifying age will increase by six months. By 1 July 2023, you need to be 67 years old to qualify for an age pension.
If you were born between 1 July 1952 to 31 December 1953, you qualify for age pension at age 65 years and six months. If you were born between 1 January 1954 to 30 June 1955, you qualify for age pension at age 66 years old. If you were born between 1 July 1955 to 31 December 1956, you qualify for age pension 66 years and six months. If you were born from 1 January 1957 onwards, you will receive age pension by age 67 years.
Though the numbers are relatively easy to follow, its effects take a whole level of worry for upcoming retirees. We understand that the change is made to make the taxpayer-funded age pension sustainable for the years to come and we cannot argue with that. We just have to accept the bitter fact that one cannot rely on pension alone to have a comfortable retirement at a retirement age of their choice.
That is why, more than ever, we have to be serious in preparing other sources of income for retirement.
One is superannuation, then there’s reverse mortgage. A reverse mortgage allows you to effectively access the equity in your home without losing ownership or leaving your family home.
With or without age pension, you deserve a good quality of retirement. A reverse mortgage is an equity release product that is created with retirees like you in mind.
To help you learn more about reverse mortgage, you can download our FREE REVERSE MORTGAGE GUIDE.
Feel free to call Seniors First Finance at 1300 745 745 or post your comments below.
Regards, Darren
Watch the video below from the Australian Government Department of Social Services.
I was born on 1962
When can I get the age pension
Hi Thomas,
Thank you for your comment & enquiry.
If your birthdate is on or after 1 January 1957, you’ll have to wait until you turn 67. This will be the Age Pension age from 1 July 2023.
Kind Regards,
Seniors First
Hi.
Actually I’m disable I can’t work i had Right Knee surgery.
When my Retirement age
Hi Mirza,
Thank you for your enquiry into Seniors First.
We would love to assist you further with your enquiry. Would you please be able to call our office on 1800 745 745 so we can put you in touch with the correct state manager.
We do look forward to speaking with you soon as soon as possible.
Kind Regards,
The Seniors First Team
Hi I was born March 1955. Am I qualified age pension?
Regards,
Hi Tavit,
Thank you for your comment.
To be eligible for Age Pension you must be 66 or older.
If you are interested in a reverse mortgage, please do call us on 1300 745 745.
Thank you.
Kind Regards,
The Seniors First Team.
Hi I was born 1957, can I retire at 63 or 64, and claim an early pension? {People tell me I can).
How do I figure out how much of my super I need to access every year whilst I wait for a Pension IF I do retire too early to quality for a Govt Pension.
No I do not wish to claim a Centrelink Jobseeker payment, and I am too well to claim sickness benefit.
Do I have to set up a Managed Super Fund or can I just withdraw money in lump sums whenever I like.- that might be a Super fund question? please advise.
Hi Jean, thanks for your comment. These questions indicate you need financial advice, unfortunately we are not licensed to provide that service. If you want a referral to a good financial planner, please leave an enquiry here https://seniorsfirst.com.au/contact/ Thanks – Team SF