When can I access my super?

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.

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

Receive regular tax-free income payments in retirement Transferring your super to a Retirement Income account (also known as account-based
pension) means your money continues to be invested and can grow through investment returns.

You also get to choose how much and how often you receive your regular income payments. It’s flexible so you can make extra withdrawals when you need to.

There’s also a range of tax benefits, including tax-free investment returns and income payments if you are aged 60 and over.

You can change your investment options to suit your retirement goals and appetite for risk.

> Retirement Income account

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?