As a NSW permanent resident aged 60 or over, you can apply for either a NSW Seniors Card or Senior Savers Card.
Gives you access to cheaper utility and medical bills, and discounts on public transport in some states. You must: be aged 60 or over, and. get the Age Pension or other payments from Centrelink.
A Seniors Card gives you access to discounts and benefits on a range of goods and services in your state or territory. You can apply for one if you: are 60 years or over. work less than 20 hours paid hours per week.
If you're 60 or older
You can get a card if for more than 9 months you've been getting any of the following payments: JobSeeker Payment.
You can get your super when you retire and reach your 'preservation age' — between 55 and 60, depending on when you were born.
You can access your super when you: reach your preservation age and retire. reach your preservation age and choose to begin a transition to retirement income stream while you are still working. are 65 years old (even if you have not retired).
When you turn 60. If you're 60 or older, you can meet your mutual obligation requirements through any of these: 30 hours per fortnight of approved voluntary work. 30 hours per fortnight of suitable paid work where the income is equal to or more than the minimum wage.
How much should I have saved for retirement by age 60? We recommend that by the age of 60, you have about eight times your current salary saved for retirement. So, if you earn $75,000 a year, you would have between $525,000 to $600,000 in retirement savings by 60.
over 60 years of age.
Turning 60 is a big deal. That's 60 years of laughter, wisdom, and moments with loved ones you'll never forget. It's also the start of a new decade where you can look forward to enjoying new hobbies, retirement, jet setting to foreign lands, and spending time with grandkids or furry friends.
You're eligible if you're 65-67 years, an Australian resident, and pass an income and assets test. You could even receive the Government Age Pension if you're using super money in retirement. The Government Age Pension is different to an account-based pension from your super.
Age Pension age is: 65 years and 6 months, if you were born between 1 July 1952 and 31 December 1953. 66 years, if you were born between 1 January 1954 and 30 June 1955. 66 years and 6 months, if you were born between 1 July 1955 and 31 December 1956.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
If you want a lump sum superannuation withdrawal at age 60, you will need to retire fully. You'll also need to submit a declaration to your super fund that you are retiring permanently, with no intention of returning to gainful employment - either part-time or full-time.
If you're 60 and over, the income will generally be tax-free. If you're between your preservation age and 59, the components of your super will dictate how it will be taxed.