Retirement is closer than you think, here’s what to know about super in your 50s and 60s:

  • Most Australians plan to retire at age 60-65, the average actual retirement age over the past 20 years is 61.4.
  • Poor health, redundancy or family duties often bring retirement forward, so flexibility matters.

It is never too early to start planning, the reverse is not always true.

The following information is a good start, even better is to chat with us and to understand your options and what a plan may look like.

Super is an important tax effective wealth creation tool

  • Earnings inside super are taxed at 15%, compared with up to 47% outside it.
  • Your super contributions are taxed at 15% going in, rather than at your marginal rate.
  • From age 60, once retired the tax rate can be 0% i.e. a pension account means tax-free earnings and tax-free withdrawals for most people.
  • Super is locked away until you meet a condition of release, which helps your savings grow faster as the money is untouched earning a compound return.

Check the basics first

  • Make sure your employer is paying your super, $1.1 billion in unpaid super was returned to workers in 2024-25.
  • Consolidate old accounts to cut fees, but check you won’t lose insurance cover first.
  • Check your investment mix is good for you, if you are young being too conservative it can leave you short in retirement.

Ways to boost your super (2026/27 limits)

  • Salary sacrifice: pre-tax contributions up to $32,500 a year, which may be higher if you have unused cap from past years (under $500,000 balance required).
  • Personal deductible contributions: handy after selling shares or property, as the deduction can offset the capital gains tax.
  • After-tax contributions: up to $130,000 a year, or $390,000 over three years using the bring-forward rule if your balance is under $1.84 million.
  • Spouse strategies: top up a partner’s super, or split up to 85% of your pre-tax contributions to them. This can lift Age Pension entitlements later.
  • Downsizer contribution (55+): up to $300,000 each from the sale of your home, or $600,000 for a couple.

Milestones to plan around

  • Age 60: You can retire and start an account-based pension, or a transition to retirement pension if still working. Apply for a Seniors Card.
  • Age 65: Your super becomes fully accessible, even if you’re still working. The minimum pension withdrawal rises from 4% to 5%.
  • Age 67: The Age Pension becomes available. The full single rate is about $31,223 a year.
  • Even a part pension can unlock a Pensioner Concession Card or Commonwealth Seniors Health Card.

Don’t forget

  • Check your death benefit nomination, because super doesn’t automatically follow your Will.
  • Update your Will and estate plan so everything works together.
  • Some strategies can help you access Centrelink entitlements before age 67, so getting advice matters.

Your next step

  • You don’t need all the answers to get started. A short conversation with your VJC adviser can show which of these strategies fit your situation.
  • Book a complimentary VISION call with us now
  • General information only. It doesn’t consider your personal circumstances, so consider whether it’s right for you.