There are two ways you can access your super at age 60 and still work; either by using your super to start a transition to retirement pension, or by meeting the superannuation definition of retirement.
You can access your super, without restrictions, even if you're still working. Rules for accessing your super: 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.
There is no maximum amount you need to take, unless it is a transition-to-retirement pension not in the retirement phase. In this case, the maximum amount is 10% of the account balance.
If you reach your preservation age (see above), you can start a transition-to-retirement income stream (TRIS). This is a superannuation pension stream that you can draw while you're still working. It can be a way to scale back your working hours and plan effectively for your retirement.
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.
Pre-planning helps
A good place to start is the ASFA Retirement Standard, March quarter 2022. ASFA estimates people who want a comfortable retirement need $640,000 for a couple, and $545,000 for a single person when they leave work, assuming they also receive a partial age pension from the federal government.
Having superannuation savings does not deny you from receiving Age Pension payments. Eligibility for the Age Pension is based on an Assets Test and an Income Test.
Typically, there is no limit to how much you can withdraw from an account-based pension. So, in addition to receiving periodic payments, you can choose to withdraw some or all of your money as a lump sum.
You may be able to take your superannuation as a lump sum payment when you retire. This is usually tax-free from age 60.
The super can be used to make payments to your home loan or to pay council rate arrears. Any super you withdraw for this purpose will be taxed and the tax amount will be deducted from the lump sum.
You can usually still collect a pension and work full-time so long as it's with a different company. Check with your human resources department and your pension plan provider first to understand any potential penalties.
Any assets you 'gift' that exceed $10,000 per financial year, limited to $30,000 over a rolling 5-year period, will still count towards the assets test. Any super you have will be counted as an asset, including the balance of any account-based pensions such as your NGS Income account.
There are many good reasons you may be considering going back to work after retirement. Increased fulfillment, physical activity, additional income, and social engagement can all provide improved quality life, not to mention mental stimulation. You may also simply need to return to work for financial reasons.
WILL ACCESSING MY SUPER AFFECT MY CENTRELINK PAYMENT? If you withdraw money from your super fund, you must tell Centrelink within 14 days. Money withdrawn from super is not treated as income for a person receiving a social security payment.
To retire at 60 is a goal that many people share, it allows you to enjoy life whilst you still have your health and fitness. Some of the most common reasons for early retirement include going travelling and spending more time with family and friends.
Yes, you can! The average monthly Social Security Income check-in 2021 is $1,543 per person. In the tables below, we'll use an annuity with a lifetime income rider coupled with SSI to give you a better idea of the income you could receive from $500,000 in savings.
According to a 2019 report by the Association of Superannuation Funds of Australia Limited (ASFA), Australians aged between 60-64 are retiring with a median balance of $154,452 for men, and $122,848 for women1.
Although you can retire at any age, you can only claim your State Pension when you reach State Pension age. For workplace or personal pensions, you need to check with each scheme provider the earliest age you can claim pension benefits.
Your skin turns drier and itchier and may look like crepe paper or tissue. Wrinkles, age spots, creases, and bruises become more noticeable. Your sweat glands also get less active. That means you might not sweat as much, but wounds on your skin may take longer to heal.
To be eligible for Age Pension you must be Age Pension age and meet some other rules. On 1 July 2021, Age Pension age increased to 66 years and 6 months for people born from 1 July 1955 to 31 December 1956, inclusive. If your birthdate is on or after 1 January 1957, you'll have to wait until you turn 67.
If you're 65 or older
From age 65 you can access your super whether you're retired or not, without having to satisfy any special conditions of release. This means you can continue working full or part time, or retire and return to work whenever you want.