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Men and women currently aged 65 are eligible to apply for the Age Pension. However the qualifying age is about to change in future years.
The Government announced in 2009 that the Age Pension age will start increasing from 2017 to reach 67 years of age by 2023.
Five years on in the 2014 Federal Budget, plans were announced to further increase the Age Pension age to 70 years of age from 2035. This latest measure to raise the qualifying age to 70 is still subject to the passage of legislation.
The lift in pension age will occur in a staggered approach rather than in one swift increase.
Use the following table to work out your qualifying age.
|Date of birth between||Eligible at age|
|1 July 1952 to 31 Dec 1953||65.5|
|1 Jan 1954 to 30 June 1955||66|
|1 July 1955 to 31 Dec 1956||66.5|
|From 1 January 1957 onwards||67|
For those wishing to retire early, it may mean relying on super and other savings between retiring from the workforce and reaching Age Pension age.
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