What is your preservation age and what does it mean for you?
There is a misconception out there that everyone’s preservation age is 55, however as of 2015 this has changed. A person’s preservation age is now dependent on their date of birth, the table below details how to determine your preservation age.
|
Date of birth |
Preservation Age |
|
Before 1 July 1960 |
55 |
|
1 July 1960 – 30 June 1961 |
56 |
|
1 July 1961 – 30 June 1962 |
57 |
|
1 July 1962 – 30 June 1963 |
58 |
| 1 July 1963 – 30 June 1964 |
59 |
| From 1 July 1964 |
60 |
Reaching preservation age is often the first condition of release required for accessing your superannuation. Whilst reaching preservation age is a primary requirement for accessing your superannuation it is not the only one. Along with reaching preservation age the other main requirements for accessing your superannuation are “retirement” or the beginning of a transition to retirement income stream.
Other occurrences that constitute conditions of release include attaining age 65, ceasing an employment arrangement on or after the age of 60 or death.
Please contact our office if you need any further clarification.
Contributed by Jarrad Andrews.
