Changes in rules over time - preservation age and age pension age.

The goal posts as everyone knows do shift from time to time. In this blog post I am just highlighting how through the recent years the preservation age has changed and the age pension age. Your individual preservation age is when you can start accessing your superannuation - put simply in full if you retire or access in part through a transition to retirement income stream.

The table below shows how it has increased over time, now essentially from 1st of July 2024 onwards – the preservation age is 60 for everyone. See here for preservation age reference

Noting the preservation age is different from when, if eligible you can claim the age pension from Centrelink. Everyone claiming the age pension now needs to be 67. See here for age pension age reference

It can make it hard to plan at times when the rules do change, however my job is to be up to date with all the applicable rules and just focus on what we can control and build a plan from there – knowing that things may change, whether that be any change (not just legislation changes) such as a client’s health or a client’s goals.