There’s a lot of confusion surrounding the retirement process, from the steps leading up to retirement to navigating life post-retirement. And as you try to navigate things, you’ll find there are some critical dates that stand out as signposts along the retirement path.

These dates determine when we can access our superannuation, qualify for age pension payments, and even optimise our super. So, I like to make sure people think about, understand and stay mindful of these pivotal retirement ages in Australia, so they can seize every opportunity to have a great retirement.

Enjoying retired life is a goal for many, but it can be difficult to know exactly when you’re allowed to put your feet up.Credit: Leanne Hartley

The first critical retirement milestone to be aware of is reaching 60 years of age. This marks what’s known as the preservation age for Australians under 60 today, which is the age that you can get access to your superannuation under a couple of conditions.

At 60, you can choose to cease work and transition your superannuation into the retirement phase, either drawing it down as a lump sum or start an account-based pension income stream.

Once superannuation is converted into the retirement phase, your income drawn from it becomes tax-free, as long as the amount is under the $1.9 million transfer balance cap which dictates how much you can transfer into the retirement phase. The rest of your funds, if you have more, will need to stay in accumulation where the earnings are taxed at 15 per cent up to $3 million and 30 per cent after that from 2025.

It is important to point out that you can re-enter the workforce after you shift your superannuation fund into the retirement phase, which we are seeing more and more people do, with access to their superannuation and a tax-free income stream. And in this case, they simply maintain an accumulation account for their contributions, separate to their retirement account.

You can retire before 60, but you can’t draw on super except in exceptional circumstances.

Additionally, at 60 you can continue working and typically access up to 10 per cent of your superannuation per year using a transition to retirement income stream. You cannot draw out lump sums from superannuation during a transition to retirement process. It can only offer you an income stream.

And finally at or after 60 you may access the benefits offered by Seniors Cards depending on your state’s age limits, if you meet their other eligibility criteria which often includes reducing your work hours or retiring.