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As super is a long-term savings plan for your retirement there are rules as to when you can access it.
When it comes to retirement you can access your super:
When you are fully retired aged 60 or above you have two options when accessing your super:
Receive regular tax-free income payments in retirement
Transferring your super to a Retirement Income account 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 over 60.
> Retirement Income account
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 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 stream.
> Why keep your retirement savings invested?
When retiring, many First Super members choose to convert their super savings into a First Super Retirement Income account, allowing them to receive regular income payments during retirement. It’s a great way to ensure your super savings last as long as you do.
Under certain circumstances you may have early access to super before you retire.
To find out more about First Super’s award-winning retirement products check out our retirement products or give us a call on 1300 360 988. We’re proud to talk about our retirement income products and we’re always here to help.
1Tax may be payable if under age 60.
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