The Government announced in the May 2014 Budget that there will be an increase to the age pension qualifying age to 70 years. 
Effective 1 July 2025, the age pension qualifying age will commence rising by six months every two years, from the current qualifying age of 67 years to gradually reach a qualifying age of 70 years by 1 July 2035.
People born before 1 July 1952 will not be affected by this change as shown within the following table:
| Date of birth between | Age at which eligible for age pension | |
|---|---|---|
| 1 July 1952 and 31 December 1953 | 65½ | |
| 1 January 1954 and 30 June 1955 | 66 | |
| 1 July 1955 and 31 December 1956 | 66½ | |
| 1 January 1957 and 30 June 1958 | 67 | |
| 1 July 1958 and 31 December 1959 | 67½ | |
| 1 January 1960 and 30 June 1961 | 68 | |
| 1 July 1961 and 31 December 1962 | 68½ | |
| 1 January 1963 and 30 June 1964 | 69 | |
| 1 July 1964 and 31 December 1965 | 69½ | |
| 1 January 1966 and later | 70 |
You need to clearly understand this does not mean that people will need to work to age 70, just that they will need to be self-reliant on their superannuation and other savings between retiring from the workforce and reaching age 70.
Our service proposition to those seeking advice is now even more relevant and we will work with you to control you finances so that the retirement date decision is under your control and not at the will of this or future Governments.
Are you looking for an advisor that will keep you up to date and provide guidance and tips like in this blog? then why now contact me at our Castle Hill or Windsor office in Northwest Sydney to arrange a one on one consultation. Just click the Schedule Now button up on the left to find the appointment options.
Liam Shorte B.Bus SSA™ AFP
Financial Planner & SMSF Specialist Advisor™
Tel: 02 98941844, Mobile: 0413 936 299
PO Box 6002 BHBC, Baulkham Hills NSW 2153
5/15 Terminus St. Castle Hill NSW 2154
Corporate Authorised Representative of Viridian Select Pty Ltd ABN 41 621 447 345, AFSL 51572
This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. This website provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.
Hannelore
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