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Image source: Getty Images<\/p>\n
The average age of the 156,000 Australians who entered retirement<\/a> in FY25 was 63.8 years, according to new figures.<\/p>\n This is substantially higher than the average age at which all Australians who are retired hung up their boots \u2014 57.3 years. <\/p>\n Yesterday, the Australian Bureau of Statistics (ABS) released its two-yearly Retirement and Retirement Intentions survey<\/a>. <\/p>\n The survey found an ongoing trend in Australians retiring later in life than their predecessors. <\/p>\n The ABS said the average age at retirement increased for both men and women in Australia in FY25:<\/p>\n For men, the average age was 64.9 years and for women the average age was 62.7 years.\u00a0<\/p>\n Australian workers are also planning to retire later in life. <\/p>\n The ABS survey found that current workers intend to retire at an average age of 65.6\u00a0years, up slightly from 65.4 years in FY23.<\/p>\n However, sometimes things don’t go to plan. <\/p>\n The survey found that in FY25, 13% of retirees quit their last job due to sickness, injury or disability at an average age of 56.9 years. <\/p>\n Another 6% retired due to being retrenched, dismissed, or being unable to find work at an average age of 58.8 years. <\/p>\n Just over 3% retired to care for an ill, disabled, or elderly person at an average age of 59 years. <\/p>\n The top reason for retirement in FY25 was reaching the superannuation\u00a0preservation age<\/a> or the pension age<\/a> at 33%. <\/p>\n At preservation age, Australians who are retired can gain full access to their superannuation savings. <\/p>\n Those who don’t want to retire have the option of setting up a transition-to-retirement (TTR) income stream to access some of their superannuation from preservation age. <\/p>\n When can you get the age pension? <\/p>\n Australians become eligible for the age pension at between 65 and 67 years of age, depending on their date of birth.<\/p>\n For those born on or after 1 January 1957, the pension age is 67 years.<\/p>\n The full pension payment is currently $1,178.70 per fortnight for singles and $1,777 per fortnight for couples.<\/p>\n The pension is subject to an\u00a0asset test<\/a>\u00a0and an\u00a0income test<\/a>. <\/p>\n If you own assets or earn wages below the lower thresholds, you will qualify for a full pension.<\/p>\n Single homeowners can own $321,500 in assets outside their home and still qualify for the full pension.<\/p>\n Single non-homeowners can own $579,500 in assets outside their home.<\/p>\n Couple homeowners can have $481,500 in assets and non-homeowners can have $739,500 in assets and still get the full pension.<\/p>\n As for the income test, single Australians can earn $218 per fortnight and couples $380 combined per fortnight and get the full pension.<\/p>\n