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Retiring at 60 for Australians: Your Essential Benefits and Considerations

Retiring at 60 Australia

Planning for retirement involves various considerations, and understanding your entitlements and benefits is crucial. In this discussion, we’ll focus on the benefits and considerations of retiring at 60 for Australians.

While we won’t delve into calculating your cost of living in retirement in this article, it’s essential to have a clear understanding of your benefits as these will change both your income and expenses. If you need help estimating your retirement budget, you can seek guidance from online resources or consult with your financial advisor at Advice Loop to get a clearer idea.

Your Access to Superannuation

Accessing your superannuation at age 60 is an attractive option for many Australians. To do so, you typically need to change your employment arrangement. Generally, this means leaving your current job and starting a new one or fully retiring.

It’s important to reiterate that retiring at 60 doesn’t necessarily mean quitting full-time work abruptly. You can explore a gradual transition into retirement, allowing you to continue working part-time or explore new opportunities while enjoying more leisure time.

For high-earners in particular, salary sacrificing into super can optimise their tax savings. In these circumstances, people often salary sacrifice up to the concessional contributions cap in the last few years leading up to their retirement.

For people transitioning to part-time work, utilising a Transition To Retirement (TTR) income stream from your superannuation can help you save on tax and top up your income earned from work. In other words, you can get paid by both your work and your super at the same time and save on tax.

Even after reaching the age of eligibility for the aged pension (typically 67), you can continue working. As long as your earnings remain under a fortnightly threshold, it should not impact your pension payment.

Your Access to the Aged Pension

The eligibility age for accessing the aged pension depends on your date of birth. If you were born after 1957, you’ll need to wait until you’re 67 to access the Australian Aged Pension.

However, you may still be eligible for other benefits even if you’re not yet eligible for the aged pension.

Considering Your Benefits

Concession Cards

At the age of 60, you may be eligible for concession cards such as your state’s Seniors Card, depending on your circumstances.

These cards offer discounts on various services, including utilities, public transport, and medical expenses, providing valuable financial relief for retirees.

Healthcare Benefits

Explore the healthcare benefits available to you, including the Medicare Safety Net and PBS Safety Net.

These programs help offset the costs of medical care and medication, ensuring that you can access essential healthcare services without financial strain. Additionally, take advantage of government programs offering free vaccinations and screening programs.


Retiring at 60 offers various benefits and considerations for Australians, from accessing superannuation to eligibility for a senior’s card and other government benefits.

To ensure you’re making informed decisions and maximising your retirement funds and benefits, book a complimentary chat with Advice Loop today.

Our team of experts will provide personalised retirement planning guidance tailored to your needs and goals. Start planning for your retirement journey with confidence and peace of mind.

Secure your financial future today!