The age Australians can access their superannuation savings will not start increasing to 70 from 2025, despite claims that are winding up social media users.
The Australian Taxation Office says the age at which retirement savings in super can be accessed is set at 60 and will not change from June 1, 2025.
Facebook posts from outraged social media users are incorrectly claiming the recently re-elected Labor government is set to increase the superannuation preservation age by 10 years by 2030.
‘Who the F*** do these governments think they are raising the preservation age on superannuation,’ one post reads.
‘At no time did I get asked or anyone get consulted. They just pass these things and nobody is told.’
Another post says: ‘Your super being pushed further out of reach of retires from june this year. They want you to work until you die.’
The posts include screenshots from a suspicious website4, claiming that after June 1, 2025, the age would gradually increase to 70 by 2030.
The ATO, which manages key elements of the superannuation system, said in a statement that the claims originated from ‘a proliferation of dodgy websites sharing fake news’.
Australia’s preservation age – the earliest age at which people can access their superannuation, barring exceptional circumstances – is set at 60.
The tax office has slapped down false claims that the superannuation age will increase from June
The Australian Taxation Office says the age at which retirement savings in super can be accessed is set at 60 and will not change from June 1, 2025
Cohorts born between July 1, 1960 and June 30, 1964 had differing preservation ages under changes announced in the 1990s that were progressively phased in.
But by July 1, 2024, everyone born during that period had turned 60, meaning Australia’s preservation age is effectively 60 for all.
ATO deputy commissioner Emma Rosenzweig said claims that the age would change from June 2025 were unfounded.
‘This is classic fake news,’ she said in the statement provided to AAP FactCheck.
Ms Rosenzweig urged people to consider the source of information they see about changes to superannuation, and if in doubt, check trusted sources such as the ATO website or their super fund website, registered tax agent or licensed financial adviser.
‘Think twice before acting on information heard from third-party sources, including non-official websites or on social media,’ the deputy commissioner said.
One change to super that is due to kick in from July 1, 2025, relates to the super guarantee, which is the percentage of a worker’s wage employers are required to pay into superannuation accounts
From that date, the super guarantee will rise from 11.5 per cent to 12 per cent, the ATO website said.
