Reaching age 60, however, does provide a little more leniency in the criteria you need to meet for full access to your superannuation benefits. There is also favourable tax treatment of withdrawals from superannuation for people aged 60 or over, compared to individuals accessing their superannuation under age 60.
Other conditions are required to be met for superannuation benefits to become fully accessible. This article will discuss the three options available to individuals over age 60 in accessing their superannuation retirement savings, including access to super lump sum payments and withdrawals over 60, as well as income stream options.
Withdrawing and using your super When and how you can access your super and whether you need to pay tax on withdrawals.
Generally, superannuation is designed to provide retirement income and your savings can’t be accessed until you reach age 60 and retire. It sounds simple enough, but in practice there are multiple ways you may be eligible to legally access your super under Australian legislation. These are known collectively as conditions of release.
Keen to access your super savings at 60 and continue to work? It may be possible but there are some things you should be aware of.
You can access your super when you reach 65, even if you haven’t retired. You can also access your super if you’ve reached your preservation age and retired from full-time work.
Once you turn 60 and start withdrawing your super, the tax advantages of the super system come into play.
Find out when you can access your superannuation and under what circumstances you can get your super early.
The superannuation rules for those over the age of 60 are the most favourable. In this article, we will discuss superannuation contributions and withdrawals, as well as all the associated tax benefits.
A little-known fact for mature jobseekers toughing it out on what can seem to be a never-ending job search is that your superannuation could provide some much-needed relief. If you're in your 60s and eligible for JobSeeker, it's possible to access your super to take some of the financial pressure off- but only if you meet specific conditions.
While some of us have no intention of fully retiring any time soon – if ever – there will come a time when you’re able to access your superannuation savings. And since you can do that in a number of ways, it’s worth knowing your options so you’re prepared when the time comes.
When you can access your super for retirement You can access your super when you reach 60 years of age and retire. The meaning of ‘retire’ depends on your age and how and when you finished work: If you’re 60-64: You stopped working permanently, or You stopped working for any employer after you turned 60 If you’re 65 or older: you can access all your super, even if you’re still working.
The bottom line Using the retirement condition of release will grant you full access to your super when you are between 60 and 65. If your circumstances do not meet the requirements, you can still access up to 10% of your super balance each year with a transition-to-retirement pension.
From 1 July 2024, the rules for accessing superannuation became somewhat simplified: the preservation age when you can begin to access your benefits is now effectively age 60. However, until you reach age 65, there are still potential restrictions on how you can access your super.
This also applies where you cease an arrangement of employment after turning 60, such as if you change jobs. You can also access your super as a transition to retirement pension after you reach your preservation age. Once you turn 65, you can access your super however you’d like regardless of your employment status.
Your superannuation preservation age is 60. Once you have attained your superannuation preservation age, you will be able to access your super in some form or another. The amount of super you can access will be determined by your employment status. What Age Can I Access My Super?
In Australia, you can generally access your superannuation funds when you reach your preservation age, which is between 55 and 60 years old, depending on your date of birth.
Are you on track for a fabulous retirement by age 60? Here is what you need to do to prepare for an early retirement.
![Video thumbnail for Can You Return to Work After Retiring & Accessing Your Super? [2024]](https://images.mavii.com/th?id=OVP.PuGcGSLQ7ZxvxzORowQnDgHgFo&pid=Api&w=215&p=0)
