Yes, you can access your superannuation at age 60 and continue working, but it depends on your employment status. If you cease an employment arrangement after turning 60, you can access your super as a lump sum or pension, even if you return to work later. Alternatively, a Transition to Retirement (TTR) income stream allows you to access funds while still working.
You can access your super: From age 60: If you're retired or leave a job. You can also open a Transition to Retirement account to access some of your super while you're still working. From age 65: Whether you're still working or not.
Once you've turned 60 and retired, you can take out as much as you like from your account.
Meeting a "Condition of Release"
You have reached age 65. You have reached preservation age and retired. You are aged 60 - 64 and ceased an employment arrangement. You have reached preservation age and commence a Transition to Retirement (TRIP) pension.
Yes, you can still receive CPP and continue working. In fact, if you're under 70, your ongoing contributions will increase your retirement income through the CPP Post-Retirement Benefit (PRB) — a lifetime monthly top-up added automatically the following year.
You may continue working while you're receiving the Canada Pension Plan (CPP). If you're between 60 and 65 years old, you must continue to contribute to the CPP. Your CPP contributions will go toward post-retirement benefits. These benefits will increase your retirement income when you stop working.
As a single person, a balance of around $360,000 would be enough for an income of about $52,000 per year (using a combination of super drawdown and Age Pension payments), which is close to what ASFA estimates is needed for comfortable retirement.
What is the best age to retire? While there's no magic number, many people consider their early to mid-60s, or specifically around age 60, as a popular target for early retirement, as it often aligns with the ability to access pension savings.
You can access your superannuation (super) early in limited circumstances. This includes if you're in severe financial hardship. Your super fund makes decisions about early access to super and decides if you're in financial hardship.
For most people who retire at age 60, Social Security is not payable. Eligibility for payment of benefits for most people begins at age 62 and most financial planners will advise that you wait until at least your full retirement age (age 66 or higher) before applying for Social Security.
On 1 July 2025, the general Transfer Balance Cap — the limit on how much you can move from your super into the retirement phase — will increase from $1.9 million to $2 million.
The $1,000 a month rule is a retirement guideline suggesting you need about $240,000 saved for every $1,000 per month in desired income, based on a 5% annual withdrawal rate (5% of $240k is $12k/year, or $1k/month). It's a simple way to set savings goals, but it doesn't account for inflation, taxes, or other income like Social Security, so it's best used as a starting point, not a complete plan.
You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
Everything's much more flexible now. While you currently have to wait until you reach 66 to get your State Pension, you can start drawing your workplace and private pensions from the age of 55 (increasing to 57 from April 2028) – typically recognised as early retirement age.
Retiring early has risks like running out of money. Healthcare costs go up, and Social Security benefits might be smaller if you retire before age 62. Starting a new career or business is possible in early retirement. But losing daily work routines can lead to feeling lost or lonely.
The top ten financial mistakes most people make after retirement are:
By age 60, your retirement savings goal may be six to 11-times your salary. Ranges increase with age to account for a wide variety of incomes and situations. If you're not reaching these benchmarks, it's okay. You can get on track.
The #1 regret of retirees is not saving enough money, with studies showing a large majority wish they had saved more and started earlier, leading to financial stress and limitations in their desired lifestyle. Other major regrets often center around a lack of planning for time, health, and experiences, such as working too long, putting off travel, or not planning for future healthcare costs, says financial experts and financial planning sources.
The "240,000 rule" (or $1,000-a-month rule) is a retirement guideline suggesting you need $240,000 saved for every $1,000 of monthly income you want in retirement, based on a 5% annual withdrawal rate ($240,000 x 0.05 = $12,000/year or $1,000/month). It's a simple way to estimate savings needs, but it doesn't account for inflation, taxes, market volatility, or other income sources like Social Security, making it a starting point, not a complete plan.