Can you get a pension if you age 55? However, if you want to continue to work it’s a little more complex. If you’re or older then you can simply access your super and still keep working, either full or part-time, with no special conditions.
However, once you turn , you may be able to access your preserved super benefit and continue to be gainfully employed. One such way involves limited access to your superannuationand the other provides full access to your superannuation. You can, in fact, access your superannuation as soon as you reach your Preservation Age, even if you are still working.
If you’re aged over , it’s possible to access your super and still work. In other words, you don’t have to retire to access it. There are no access restrictions. You can also make super contributions over the age of 6 provided you satisfy the work test.
That means you must work at least hours in a period of consecutive days in each financial year in which you wish to make super contributions. Once you’ve reached your preservation age and you retire from the workforce , you can access your super. You can withdraw your super : when you turn (even if you haven’t retired) when you reach preservation age and retire, or.
You can only have early access to your super in very limited circumstances.
Be aware that some promoters claim to offer early access to your super by transferring your super into a self-managed super fund. These schemes are illegal and heavy penalties apply if you get involved. For more information, refer to Illegal early release of super. If you have reached your preservation age you are able to access your superannuation and continue to work , even if you have not met the ‘age 60’ definition of ceasing gainful employment, as mentioned above. The preservation age is for those who wish to stop working, and access.
Your super fund plays a big part in your retirement, so understanding how it works and when you can access your super can be very helpful in planning for your future. Visit our website for more information. Generally, you must reach preservation age before you can access your super. Use the following table to work out your preservation age. Since pensions are considered part of your compensation package, they generally may not be taken away for any reason.
This type of super withdrawal is sometimes called a disability super benefit. Your preservation age is the age you can access your super if you are retired (or start a transition to retirement income stream). You can access your super once you have met a condition of release.
Check your current super balance. Consider impacts on your insurance. Estimate the impact on your retirement savings. Make a plan for the months ahead.
Find additional help if you need it. You can apply to access your super if you meet one or more of the following requirements. You can start a TTR pension by transferring some of your super to an account-based pension. Use your super to pay off your home loan. Eleanor Dartnall, from Dartnall Advisers, says cutting debt is a good way to start retirement.
You can generally access your super if you reach your preservation age and retire, or turn 65. If you want to keep working but reduce your hours, you can also use your super to supplement your salary while you transition to retirement. Knowing how and when you can access your super is essential when planning for the future.
Thinking about retirement? Contact us to discuss your options today. When can I access my super ? Your super benefits may be paid to your beneficiary(s) in the event of your death. Preservation age is the Government-specified age at which you can gain access to your superannuation benefits, provided you have permanently retired from the workforce.
Super is like a piggy bank. Under current law, preservation age varies according to your date of birth. If you have unrestricted non-preserved money in your account, you can withdraw it any time. In certain situations you may be allowed to withdraw your super early.
Otherwise, you may be able to withdraw your super early in the following circumstances. READ MORE: HOW SUPER WORKS WITH THE AGE PENSION. Am I eligible to receive it? Reaching preservation age and finishing up at work don’t mean you automatically get the Age Pension. You’ll need to meet eligibility requirements set out by the Australian Government before you can receive your first pension payment.
You normally can’t use your super until you reach your preservation age. Read about preservation age on the Australian Taxation Office (ATO) website.