From 1 July 2017, the qualification age for the Age Pension will begin to increase. This means retirees born between 1 July 1952 and 31 December 1953 will be able to access the Age Pension from 65.5 years of age.
There are no changes for anyone born before 1 July 1952 – for these people, the Age Pension qualification age will remain 65.
Changes to the qualification age for the Age Pension do not affect the superannuation preservation age. Those who have planned to self-fund their retirement can still access their superannuation between the ages of 55 and 60, depending when they were born.
This change will not affect the value of the Age Pension, and people can still retire at whatever age they like—it is the age at which they can become eligible for the pension that is changing.
Recipients of Veterans’ Affairs payments will not be affected.
For more information, click here for the Fact Sheet from the Department of Social Services.
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