How early can you retire? These are the key dates to know

And as you try to navigate things, you’ll find there are some critical dates that stand out as signposts along the retirement path.

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. 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.I don’t know many 60-year-olds who are willing to be called a senior citizen any more, except when they are eligible for these healthy discounts on public transport, goods and services and professional services.

Note that from 67 to 75 you can contribute, but can only claim a tax deduction if you meet the work test. This is a good time of life to get advice and maximise your tax effective superannuation contributions. To be eligible for the age pension you need to be 67 or older, meet specific residency requirements and satisfy the means testing thresholds. It is important to apply as soon as you become eligible as the government does not backpay the age pension if you fail to apply when you’re due. And, you can reapply each year if your situation changes.

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