When can I access my super?

Super is a long-term savings plan for your retirement and there are rules as to when you can access it.

Accessing your super at retirement

When it comes to retirement you can access your super:

when you have reached 60 and are fully retired
if you are aged between 60 – 64 and still working you may have limited access to your super through Transition to Retirement (TTR)
when you turn 65 regardless if you are working or not

Options at retirement

When you are fully retired aged 60 or above you have three options when accessing your super:

1. Leave your super in your super account

If you don’t need the money straight away, you can just leave it in your current superannuation account.

Benefits

your money continues to be invested
you can still add money to your super up to the age of 75
you can withdraw money when you need it
you can change your investment options to suit your goals and appetite for risk

Considerations

Investment earnings are still taxed at 15%
The main benefit of keeping your super account open is you can add more to it during retirement.
You cannot add more money into a Retirement Income account although there are strategies around this.
If you are aged 75 or older, you cannot open a new super account.

2. Open a Retirement Income account

When retiring, many First Super members choose to transfer super savings into a Retirement Income account (also known as account-based pension).

This allows you to keep your savings invested whilst receiving regular income payments during retirement. It’s a great way to ensure your super savings last longer.

A First Super Retirement gives you flexibility:

Benefits

regular tax-free income payments – you choose how often you wish to receive these: fortnightly, monthly, quarterly, half-yearly or yearly
lump sum withdrawals – it’s flexible so you can make additional lump sum withdrawals from your account when you need to
tax-free investments earnings – pay no tax on your investment earnings, making your retirement savings go further
different investment options – you can change your investment options to suit your retirement goals and appetite for risk
peace of mind – different options for nominating beneficiaries

Considerations

there is a minimum withdrawal
you cannot add more to your Retirement Income account, although speak with our financial planners as there may be ways around this

3. Take your super as a lump sum

Money in a bank account – transferring your money into a bank account means you have easy access to your cash when you need it.

However, you lose tax benefits once you take your money out of the superannuation system.

You’ll no longer be able to grow your money from tax-free investment returns and you lose other potential tax advantages offered by a Retirement Income account.

Why keep your retirement savings invested?