Did you know... that 56 is the new 55?

25 Jun 2015

By Shadforth Financial Group

The preservation age is changing.

Once you reach your preservation age, and permanently retire from the workforce, you can access your superannuation. You can also access a limited amount of your super while you are still employed via a transition to retirement pension.

If you are not yet 55, and not due to turn 55 before 1 July 2015, then your preservation age will actually commence from your 56th birthday.

For example, if you turn 55 in August 2015, then your preservation age will in fact be 56. This means that you will have to wait until your 56th birthday before you can begin to access your super.

As you can see from the table, the preservation age gradually increases in one year increments before finally reaching 60 for those born after 30 June 1964.

Preservation age table 

​It's important to understand how the increase in the preservation age may impact you, and how it should be incorporated into your retirement and tax planning.

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