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When money comes out (withdrawing). 1. Contributing to super Superannuation Guarantee (SG) If you are aged over 60, your employer must still pay SG contributions on your behalf into your super account. The SG contribution rate is currently legislated to rise incrementally to 12% in July 2025.

a market-linked pension that started on or after 1 July 2017; a capped defined benefit income stream including a lifetime pension, regardless of when it started; a lifetime annuity, life expectancy pension or annuity, or market-linked pension or annuity that existed before 1 July 2017; an innovative retirement income stream

To help you understand a complex and confusing area of super, SuperGuide has put together an overview of the rules for withdrawing your benefits on or after your 60 th birthday. Getting your super benefit: Meet a condition of release. There are strict rules governing your ability to access your super savings, as the super system is designed to provide you with income in your retirement.

Your preservation age is not the same as your pension age. Your preservation age is the age you must reach before you can access your super and depends on when you were born. If you are 60 years old or older your super payments may be tax free. You may receive your super benefits as: a super income stream; a super lump sum; a combination of both.

Learn about the conditions, options and tax implications of accessing your superannuation before or after retirement. Find out how to apply for early access to super on compassionate and hardship grounds.

The amount of super you can withdraw after 60 is based on whether you are still working or not. If you are retired with no intention of returning to work, or ceased an employment arrangement after age 60, then you can have full access to your super – you will need to notify your super fund as soon as either of these events occur.

Tax on Lump Sum Withdrawals from Super Over 60. To have access to lump sum withdrawals from super on or over age 60, you would need to have met the conditions under Option 2, above. Or, meet one of the other two definitions of retirement – permanent retirement with no intention of returning to full-time or part-time work OR attaining age 65.

Super withdrawals after age 60 are tax-free unless you are a member of an untaxed super fund or receive a defined benefit pension above the annual defined benefit income cap ($118,750 in 2024–25). Learn more about tax and accessing your super from age 60 .

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

For more information on the Minimum Pension amount, please click here. If you commence a TRIS from your SMSF and are aged between 60 and 64 and NOT "Retired", there is a maximum annual pension drawdown of 10%. No tax is payable on Pension Withdrawals made after age 60. For more information on commencing a Pension, please click here.

After age 60, most people can withdraw their super tax-free. Before 60, you might need to pay some tax on your withdrawals. The amount depends on whether you're taking a lump sum or income stream, and whether the money comes from taxable or tax-free components of your super.

By meeting this condition of release, an individual has met the definition of retirement and may commence a standard account based pension (i.e. not limited by the upper 10% income threshold as with the TTR Pension) and/or make a lump sum withdrawal from super, providing them with access to superannuation after 60.

If you were born before 1 July 1964, you’ve already reached your preservation age. If you were born after 30 June 1964, your preservation age is 60. Between the ages of 60 and 65, you need to satisfy a condition of release to get your hands on the money. That is, you need to cease an existing employment arrangement.

It’s possible to access your super at 60 and do some paid work, under certain conditions. Once you’ve reached your preservation age of 60, the ATO says you also need to meet one of the conditions of release of your super. One of those conditions, according to the ATO, is that you cease an employment arrangement on or after the age of 60.

To make this easier, it’s important to understand how much superannuation money you can withdraw after 60. Superannuation is the cornerstone of most Australians’ retirement savings plans – getting clear on what you have access to now could be key to having financial peace-of-mind in the future.

This is usually tax-free from age 60. How a superannuation lump sum works. Depending on your fund's rules, you may be able to withdraw some or all of your superannuation (super) as a lump sum. If so, you can take all your super in one go, or as several lump sum payments. ... What you do with your lump sum after you withdraw it may affect your ...

These can help you to understand how much super you can withdraw after 65. If you are 60 years old or over, super withdrawals may also be tax-free. According to Moneysmart, this usually will be the case if you are withdrawing your super as a super income stream or a lump sum from a taxed super fund.

While you can withdraw your super after age 60, it's a good idea to think carefully about your retirement goals and to seek professional financial advice before making any decisions. In summary, there is no limit to how much super you can withdraw after age 60, but the tax you will pay on your withdrawals may vary depending on the type of ...

Income stream withdrawals: The entire amount is tax-free, except for death benefit income streams where the deceased was under 60. Defined benefit income streams: Tax-free if you were 60 or older when the deceased passed away. Exceptions to Super Tax-Free Status after 60. While super is generally tax-free after 60, there are a few exceptions: