As soon as you enter the workforce, you are prompted to think about your income in your silver years, spanning from the moment you step into the age when you can no longer qualify for your profession. In fact, the law in Australia has abandoned the notion of strictly age-based retirement, as most mature individuals still wish to stay employed if they are able and satisfy all the prerequisites.

In light of these changes, every person in the country will be differently affected in the years to come when it comes to defining the right moment for retirement, and the available pension funds to ensure a comfortable, financially secure life.

Your basic retirement options

Regardless of your age, the majority of working positions now have a set of assessments meant to ensure your proper work capacity. This takes into consideration primarily whether or not you can perform your job safely and without endangering your health at any age, but there are also other factors depending on your field of work that can be relevant when you need to rely on your retirement.

Accessing your superannuation benefits primarily depends on your preservation age, but they can be accessed earlier in cases of severe medical or financial calamity. Your Age Pension, on the other hand, is based on your age pension age, assets, as well as residency requirements, which differ based on your date of birth.

Numbers that matter

• As of July 2017, the age pension age is 65 and six months, and it refers to all those born from July 1, 1952 to December 31, 1953.

• From July 2019, it will be 66, and it will affect all those born between January 1, 1954 and June 30, 1955.

• From July 2021, it will be 66 and 6 months, and will refer to those born between July 1, 1955 and December 31, 1956.

• From July 2023, it will be 67, and will refer to those born after January 1, 1957.

• At the time of your retirement, you need to be an Australian resident for at least 10 years, and with at least 5 years of no interruptions in your residence, with certain exceptions.

• If your income goes over the given limit, then your pension can be reduced by 50 cents for every dollar above that limit. You can check your eligibility with an age pension income test to see just how much your pension could be reduced.

Various financial assistance options

In addition to your super and your age pension, there are several options to help you achieve financial stability. For example, if you’re already qualified to receive Age pension upon your retirement, then perhaps you can also apply for help with your living and household costs. That includes rent assistance for mature citizens who don’t own their home, while energy supplement serves to help you pay your energy bills, so don’t hesitate to check if you’re eligible.

There’s a whole range of other assisting services that can help with your healthcare expenses in certain conditions, while various other government and community organizations serve to find you financial aid you might need.

Other retirement income options

In addition to your regular Age pension and super, it’s a wise choice to create a financial plan ahead of time, so that you don’t have to rely solely on these two options. First and foremost, look for expert advice on what could be your best investment and savings options depending on your current income, assets and retirement plans. Some mature couples like to travel when they retire, others would gladly renovate their home.

Many retirees are happy to continue working on the side, meaning that they can still maintain a part-time employment to extend their pension funds, or even sell some of their assets for the sake of a few long-term investments that will grow in time (such as shares) or simply saving up for future plans. In any scenario, both a long-term financial plan and a budget planner to monitor your spending will give you a clear insight into your needs and available means.