Planning for retirement isn’t about reaching a single finish line, it’s about a journey with important milestone along the way.

Understanding how things change at different ages can help you feel more informed, avoid missed opportunities, and make considered decisions as your priorities evolve.

Here’s a simple guide to what typically happens at key life stages and what you may want to think about along the way.

Around age 60: When access begins

For many Australians, around age 60 is when retirement planning becomes more tangible.

At this stage, you may be able to begin accessing your superannuation, depending on your circumstances. This can provide greater flexibility, particularly if you are considering reducing your working hours or transitioning to retirement.

Why this matters:

• You may be able to access some superannuation benefits tax free, depending on your situation.
• You can begin considering how to replace employment income over time
• It may be an opportunity to review how to your retirement income strategy could work in practice.

This stage is often about planning ahead and understanding your options, rather than making significant or irreversible decisions.

Age 65: Great Access and Flexibility

By age 65, you generally have full access to your superannuation, regardless of your employment status.

This provides more flexibility in how and when you access your retirement savings.

Why this matters:

•  You can choose how and when to access your super.
• Your super may be used to commence a retirement income (pension) account (which will require at least a minimum pension payment to be received each year).
• Investment earnings within retirement income steams is tax-free depending on your circumstances.

At this stage, the focus often shifts to managing retirement income in a way that aligns with your lifestyle goals, while also considering how long your savings may need to last.

A Financial Planner can help you understand your options and develop strategy for how your super and investments may be used to support your retirement over time.

Age 67: When Government support may begin

Around age 67, you may become eligible for government income support, depending on your assets and income.

How your superannuation and other financial arrangements are structured can influence your eligibility and entitlements.

Why this matters:

• Your retirement income may come from both personal savings and government support.
• The way you draw income can affect your entitlements and outcomes.
• Planning may help you better understand how different income sources are treated when determining your entitlement for government income support.

This stage is about bringing different income streams together, so they can work as effectively as possible for your circumstances.

Age 75: Planning for Later Life and Legacy

Later in retirement, the focus often shifts from building wealth to managing, protecting and planning for the future.

After age 75, contribution opportunities into super become more limited making earlier planning important. Before reaching age 75, it is a key time to consider strategies, such as downsizer and other contributions (subject to eligibility rules) if seeking to boost your superannuation savings.

At the same time, conversations often begin to focus more on aged care planning and legacy considerations.

Why this matters:

• Opportunities to contribute further to super are limited.
• Planning may increasingly focus on estate planning and legacy objectives.
• Ensuring your wishes are clearly documented and understood becomes important.

This stage is about ensuring your plans are well considered and aligned to your preferences, both now and into the future.

The Big Picture

While these ages provide useful considerations, retirement is not a one size fits all journey.

Everyone’s circumstances are different, and you may move through these stages at different times depending on your work, health, lifestyle and family situation.

What matters most is having an appropriate approach than can adapt as your needs change over time.

If you would like to understand where you are on your retirement journey, or what steps you may wish to consider next, speaking to a Bridges Financial Planner can help you explore your options and make informed decisions based in your individual circumstances.