Access your super in retirement
Your super is designed to be a tax-effective way to save for your retirement and there are rules about when you can access your money
When can you access your super?
Generally, you can access your super when you meet one of the following:
| You reach 60 | You reach 65 |
| You can access your super if you retire or leave your employer. | You can access your super and you don't have to stop working |
Once eligible, you can access your super as a regular income, a lump sum or a combination of both. It’s your choice, See below.
What is the Age Pension age?
Make your super last longer with a tax-effective income
FAQs
You can return to work, however you can’t access any contributions from your new employer if you are under age 65. You’ll either need to leave that job or turn age 65 before you can start drawing down on any new super you have accumulated.
If you accessed your super because you stopped working when you turned 60, you can continue to access the super you had originally accessed.
If you have reached 60 and are not yet ready to retire, you could access some of your super while you’re still working by opening a Transition to Retirement (TTR) Income account.
You can use a TTR Income account to reduce your work hours without reducing your income.
If you're 60 years of age or over, payments from super are tax-free. Lump sum withdrawals are also tax-free if you are age 60 year or over.
If you're under 60, the taxable portion of any income payments will be taxed at your marginal tax rate (plus Medicare levy). Lump sum withdrawals when you’re under 60 are taxed at your marginal tax rate or 22%, whichever is lower.
Yes, lump sum withdrawals and payments from your super can affect the benefits you’re receiving from Centrelink.
Understanding the impact of your super on the Age Pension can be complex. You can get assistance with how to maximise your Age Pension entitlements and retirement income by speaking with a CareSuper financial adviser.
Before you withdraw your super
