1300 HH WLTH (1300 449 584) info@hhwealth.com.au

To enjoy your retirement the way you want – and the way you deserve – requires lots of saving and retirement planning.

And your super fund will likely play a huge role in you achieving your dream retirement. Super savings provide you with funds when you need them most, especially during post-retirement emergencies.

But the rules and limits around your super fund are constantly changing so it can be difficult to keep up. Plus, as you near retirement age, you may be wondering how and when you can actually access your super fund.

Even if you don’t need the money right now, the way you access your super can have huge implications for your retirement fund so it’s important to include this as part of your retirement plan.

 

Here are 3 circumstances when you may be able to access your super savings:

 

1. When You Reach the Preservation Age

 Your super can generally be accessed upon reaching the preservation age if you are retired.

Your preservation age depends on your date of birth. The ATO table below outlines your personal preservation age:

 

Date of birth

Preservation age

Before July 1 1960

55

1 July 1960 – 30 June 1961

56

1 July 1961 – 30 June 1962

57

1 July 1962 – 30 June 1963

58

1 July 1963 – 30 June 1964

59

From 1 July 1964

60

2. When You Are Transitioning to Retirement

You can access a part of your super through a transition to retirement pension if you have reached your preservation age. 

These funds can be accessed via regular payments, even if you don’t plan to retire permanently right away. Since this option allows you to withdraw money from your super, you can achieve greater financial flexibility, especially if you continue working full-time or part-time.

3. When You Reach Age 65

Even if you don’t plan to retire soon, you get full access to your super once you turn 65. 

You may also continue making super contributions and take advantage of certain tax benefits with this financial plan. 

If you think you don’t need the money right away, you are not obligated to withdraw it.

 

Can You Withdraw Your Super Early?

 

Accessing your super early is possible under special circumstances. For instance, under compassionate grounds, a certain amount of money can be withdrawn. Early super access can also be granted if you are experiencing severe financial hardship or you need to pay for funeral costs, mortgage repayments, or medical expenses. 

You can also access your super early if you’ve been diagnosed with a terminal illness or you classify as a temporary resident planning to leave Australia.

Your super is important for funding your perfect retirement.

You’ve spent years making contributions to your super, which is why it’s vital to know when you will be able to access it.

What’s even more important is knowing what the right time is to access your own super and how this could benefit you financially. If you want to know more about superannuation and retirement preparation,  superannuation planning and hire a trusted financial advisor.

Improve your financial situation by reaching out to HH Wealth. We offer sound superannuation advice to assist you in making smart financial decisions.

 

Book a free consultation with us today!

 

CB Wealth Australian Pty Ltd T/As HH Wealth is a Corporate Authorised Representative (No. 1283595) of Axies Pty Ltd ABN 38 136 704 446 AFSL No 339 384. Chris Holme is an Authorised Representative (No. 1004793) of Axies Pty Ltd ABN 38 136 704 446 AFSL No 339384.

Our Financial Services Guide (FSG) and Adviser Profile contains important information about Insight Investment Services Pty. Ltd., any authorisations and the services we provide. The following link will take you to an electronic copy of the FSG, if you would prefer to receive it another way please contact our office. FSG HERE>