There are absolutely no restrictions to accessing your Super Benefit when aged between 60 and 64 after you are retired. There are two ways you can access your Super; either as a lump-sum payment or as a pension.
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.
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).
There are no rules about what you can spend your super on if you choose to take it as a lump sum.
You may be able to take your superannuation as a lump sum payment when you retire. This is usually tax-free from age 60.
If you're 60 and still working, you can access a limited amount of your super balance by starting a transition to retirement income stream. A TRIS is an account-based income stream that can't be converted into a lump sum and allows you to access between 4 and 10 per cent of your super balance.
Can I Get the Pension if I Have Super? Having superannuation savings does not deny you from receiving Age Pension payments. Eligibility for the Age Pension is based on an Assets Test and an Income Test.
Lump sum withdrawals
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 taxable portion of the withdrawal will also be received tax-free up to the lifetime low rate cap, which is $230,000 for the 2022/23 financial year. However, any taxable component portion of a withdrawal above this lifetime cap will be taxed at 15%.
Each year you can withdraw as much as you like through your account-based super income stream (unless you're receiving a transition to retirement income stream). You must withdraw a minimum amount each year – based on your age and account balance.
The ASFA Retirement Standard Explainer says a comfortable retirement lifestyle would need $640,000 in super for a couple, or $545,000 for a single person.
If you are over age 65, there is no restriction on how much super you can access, even if you are still working. Reaching age 65 is classified as a full superannuation condition of release, meaning you have full access to your super, which can be withdrawn as a lump sum or income stream.
To access your super benefits at age 60, you will need to make a written declaration to your super fund you have a 'genuine intention to retire'. This means you plan to leave the workforce permanently and don't expect to work again more than 10 hours per week.
Once you reach age 60 you can normally access your super tax free. If you choose, from preservation age you can roll your superannuation balance into a TransPension account with TWUSUPER – this is our Super Pension product. Members who have met a condition of release may have access to tax-free payments.
You can withdraw your super: when you turn 65 (even if you haven't retired) when you reach preservation age and retire, or. under the transition to retirement rules, while continuing to work.
Taking money out of superannuation doesn't affect payments from us. But what you do with the money may. For instance we'll count it in your income and assets tests if you either: use it to buy an income stream.
The percentage factor – beginning at 2% and rising to 7% as you age – is generally considered a safe amount for retirees to withdraw annually while maintaining an account balance that will keep the income flowing through retirement.
You can only transfer your super to your bank account if you are eligible to access your super. To be eligible to access your super, you generally need to have at least met your superannuation preservation age.
There are absolutely no restrictions to accessing your Super Benefit when aged between preservation age and 59 after you are "Retired". In this case your Super Benefit can be accessed as either a Pension or Lump Sum withdrawal.
There is no maximum amount which must be paid unless it is a transition to retirement pension. A maximum amount of 10% of your account balance applies for transition to retirement pensions which are not in retirement phase.
This is the money you've been saving for your entire working life, so once you hit 65 (or 60 if you're retired), yes, you can use your super to pay off your mortgage.
For example, if you are a single homeowner you can get a full pension with an asset limit of $270,500. As a couple with a home and combined assets your limit is reached at $405,000 to receive a full pension.
A monthly pension payment gives you a fixed amount every month over your whole life, so you don't have to worry about changes in the stock market. In contrast, a lump-sum payout can give you the flexibility of choosing where to invest or save your money, and when and how much to withdraw.