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.
Before you turn 60, pension payments are taxed at your marginal tax rate less a 15% tax offset. When you turn 60, your pension payments (or any lump sum withdrawals) are usually tax free. All lump sums and pension payments are tax-free after age 60. If you're under age 60, tax may be applicable.
Lump sum. 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.
Even if you have super, you may still qualify for at least a part age pension from the government. Even though Australians have had compulsory super since 1992, many may qualify for — and may need to rely on — an age pension to some degree in retirement.
If you want full access to your super balance when you reach 60, you will need to fulfill one more condition; an employment arrangement coming to an end. You can then access the money as an account-based pension income stream, a lump sum withdrawal, or a combination of both.
If you are aged between 60 and 64 your Super Benefit is preserved until your "Retirement". There are absolutely no restrictions to accessing your Super Benefit when aged between 60 and 64 after you are "Retired". In this case your Super Benefit can be accessed as either a Pension or Lump Sum withdrawal.
Retirement rules for accessing super
The meaning of 'retirement' also depends on your age at the time: Under 60: you must have finished working and have no intention of working again. 60-64: when you leave or stop working for an employer. 65: you can access all your super, even if you're still working.
If you withdraw money from your super fund, you must tell Centrelink within 14 days.
Assume, for example, you will need 65 per cent of your pre-retirement income, so if you earn $50,000 now, you might need $32,500 in retirement.
The minimum amount that can be withdrawn is $1,000 and the maximum amount is $10,000.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.
Super is a great way to save money for your retirement. It is generally taxed at a lower rate than your regular income. You typically pay 15% tax on your super contributions, and your withdrawals are tax-free if you're 60 or older. The investment earnings on your super are also only taxed at 15%.
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.
If you take a lump sum — available to about a quarter of private-industry employees covered by a pension — you run the risk of running out of money during retirement. But if you choose monthly payments and you die unexpectedly early, you and your heirs will have received far less than the lump-sum alternative.
Can I Transfer My Super to My Bank Account? 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.
What you do with lump sums may affect you under the income or assets test. It doesn't matter if the lump sum is exempt.
Some super funds (known as 'untaxed' funds) don't pay any tax on contributions. To offset this, the government will charge you tax when you withdraw your super balance, even if you are over 60. If you are with an untaxed super fund, you should check with them to see how withdrawals are taxed.
Around 1.6 million NSW households and 320,000 small businesses are eligible for a new National Energy Bill Relief payment in financial year 2023-24. Eligible low-income households, pensioners, self-funded retirees, families and carers will receive a one-off $500 bill relief payment towards their electricity bills.
For example, if you are under 65 years old, you can access between 4–10% of the balance of money in your super account each financial year. Once you have met a condition of release with a nil cashing restriction, you can access your super benefits in other ways and don't need a TRIS.
People aged 65 or over can access super and work as well. Depending on your status, there may be tax payable.
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.
Can I access super at 65 and keep working? Yes. You can access your super when you turn 65 regardless of whether you're still working. You can also make certain types of super contributions up until you turn 75, even if you're retired and drawing a super pension.