You can access your super as long as you've permanently retired. If you end an employment arrangement on or after age 60, you can also access the super you've earned up until then. If you're not ready to retire, you could use some of your super while you're still working, with a Transition to Retirement Income account.
If you're 60 and still working, you can access a limited amount of your super balance by starting a transition to retirement income stream. A TRIS is an account-based income stream that can't be converted into a lump sum and allows you to access between 4 and 10 per cent of your super balance.
There are absolutely no restrictions to accessing your Super Benefit when aged between 60 and 64 after you are retired.
Once you reach age 60 you can normally access your super tax free. If you choose, from preservation age you can roll your superannuation balance into a TransPension account with TWUSUPER – this is our Super Pension product. Members who have met a condition of release may have access to tax-free payments.
If you chose to withdraw a regular income stream from your super savings and are wondering whether you can continue to access these periodic payments, the answer is yes you can - and that's irrespective of whether you return to full or part-time work.
You can withdraw your super: when you turn 65 (even if you haven't retired) when you reach preservation age and retire, or. under the transition to retirement rules, while continuing to work.
Provided your intention is genuine at the time you sign the declaration, there's nothing stopping you returning to work if you change your mind for whatever reason. And because you've already satisfied a condition of release, you can continue to receive your super pension after you return to work.
Generally speaking, you can only access your superannuation as a lump sum after turning 60 if you meet a condition of release, such as retiring from the workforce, leaving a job or waiting until you turn 65.
If you're aged 60 or over and withdraw a lump sum: You don't pay any tax when you withdraw from a taxed super fund. You may pay tax if you withdraw from an untaxed super fund, such as a public sector fund.
You can access your super when you: reach your preservation age and retire. reach your preservation age and choose to begin a transition to retirement income stream while you are still working. are 65 years old (even if you have not retired).
Seeking professional financial advice
If you're considering trying to earn a little more money to support your lifestyle after you retire, you'll be pleased to know that there's no minimum or the maximum number of hours you're permitted to do for your employers without affecting your pension.
seniors and pensioners who, at the end of the relevant financial year, are 66 years of age or older (for example, to be eligible for the year ending 30 June 2021, a payee must be born on or before 30 June 1955)
The taxable portion of the withdrawal will also be received tax-free up to the lifetime low rate cap, which is $230,000 for the 2022/23 financial year. However, any taxable component portion of a withdrawal above this lifetime cap will be taxed at 15%.
In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.
60 may not be too early to retire, but it is too early for Social Security. The good news is that retiring at 60 is much easier than retiring at 55, as penalty-free withdrawals from IRAs begin at age 59 1/2. But that's not to say it's always easy.
You can get Social Security retirement or survivors benefits and work at the same time. However, there is a limit to how much you can earn and still receive full benefits. If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount.
There are absolutely no restrictions to accessing your Super Benefit when aged between preservation age and 59 after you are "Retired". In this case your Super Benefit can be accessed as either a Pension or Lump Sum withdrawal.
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.
If you're aged over 60, you can work part time and still access your super, provided the role is with a new employer, not the employer you left to meet your 'ceasing employment' condition of release.
Taking money out of superannuation doesn't affect payments from us. But what you do with the money may. For instance we'll count it in your income and assets tests if you either: use it to buy an income stream.
Work more than 30 hours
You must pay super guarantee on payments you make to domestic or private workers if they work for you more than 30 hours in a week, regardless of how much you pay them.