You can get your super when you retire and reach your 'preservation age' — between 55 and 60, depending on when you were born. There are special circumstances where you can access your super early.
You can withdraw your super if you're. 65 years or over, whether you keep working or not. 60 or over and change employers or temporarily stop working. Under 60 and have permanently stopped working, and you've met your preservation age.
You can access your superannuation at 55 if you have reached your superannuation preservation age. You will have limited access to your savings if you are still working, but may have full access to your super in the form of an income stream or lump sum if you have permanently retired.
If you're aged 60 or over and withdraw a lump sum: You don't pay any tax when you withdraw from a taxed super fund. You may pay tax if you withdraw from an untaxed super fund, such as a public sector fund.
The minimum amount that can be withdrawn is $1,000 and the maximum amount is $10,000. If your super balance is less than $1,000 you can withdraw up to your remaining balance after tax. You can only make one withdrawal in any 12-month period.
Can I Access My Super At 57 And Still Work? Provided you have met your superannuation preservation age, you are able to access your superannuation and continue to work.
A bank account is a familiar option. If you transfer your super to a bank account, your balance only changes if you spend money or earn interest. Knowing your balance will remain steady can offer a sense of financial control.
Those aged 60 or over don't pay tax on any money withdrawn from super. However, if you are under 60, you will likely have to pay tax. How much tax you pay depends on whether you have reached your preservation age. Your preservation age is based on your date of birth as set out below.
You may withdraw a lump sum from super at retirement of any amount up to your total balance. A lump sum payment can be useful if you need to repay debts, or you have some large expenses such as making home renovations or purchasing a vehicle.
How much super you'll need in retirement depends on the lifestyle you want. According to the government's MoneySmart website, if you own your home, the rule of thumb is that you'll need two-thirds (67%) of your current income each year to maintain the same standard of living.
Your preservation age is the age you can access your super if you are retired (or start a transition to retirement income stream). If you were born before 1 July 1960 you have already reached your preservation age of 55 years. You can access your super once you have met a condition of release.
You can access your super, without restrictions, even if you're still working. Rules for accessing your super: You can access your super as long as you've permanently retired. If you end an employment arrangement on or after age 60, you can also access the super you've earned up until then.
You can borrow money from your self-managed super fund (SMSF) to invest in certain assets under the LRBA if you adhere to the governing rules, which include: You can acquire only a single asset from the borrowed amount, which means you can purchase one property or buy shares in the same company at the same time.
WILL ACCESSING MY SUPER AFFECT MY CENTRELINK PAYMENT? If you withdraw money from your super fund, you must tell Centrelink within 14 days. Money withdrawn from super is not treated as income for a person receiving a social security payment.
If your fund is paying you a superannuation pension, it is assessable as an income stream.
Savings in super can do more
When you save money in a regular bank account, you're earning interest at a fixed rate. In super, you have access to lots of ways to invest your savings, giving you more options that could earn a better return and see your savings grow faster.
What to expect after you apply. We will assess your eligibility in accordance with the limited grounds of release for compassionate release of super. This can take up to 14 days (28 days for paper applications).
Technically, once retirement age is met or the transition to retirement is begun, an individual can withdraw from their superannuation to purchase anything they would like. However, if the requirements are not met, withdrawals from superannuation are illegal no matter what is being purchased.
Can you just change to part-time employment? If you're aged over 60, you can work part time and still access your super, provided the role is with a new employer, not the employer you left to meet your 'ceasing employment' condition of release.
Yes, you can withdraw your super to buy a house if you are eligible to access your super. In order to withdraw your super, you need to have first satisfied a superannuation condition of release.