Yes, you can access your superannuation at age 60 and continue working, as 60 is the preservation age for most people. You can do this by starting a Transition to Retirement (TTR) pension while still employed, or by fully accessing your super as a lump sum or income stream if you cease an employment arrangement after turning 60, allowing you to return to work later.
Meeting a "Condition of Release"
You have reached age 65. You have reached preservation age and retired. You are aged 60 - 64 and ceased an employment arrangement. You have reached preservation age and commence a Transition to Retirement (TRIP) pension.
In the US, you can indeed be retired, collecting social security, and work. There are benefit consequences for it, regarding how old you are and how much income, but it is allowed. Just like not everyone retires to play golf, there are many different ways to retire that include some sort of work.
On 1 July 2025, the general Transfer Balance Cap — the limit on how much you can move from your super into the retirement phase — will increase from $1.9 million to $2 million.
what is a retirement income stream? It's an account-based pension, and a flexible way to access your super after you retire. If you're eligible to open a retirement income stream using your super, you can receive a regular income (tax-free if 60 or over) while the balance stays invested for you.
The $1,000 a month rule is a retirement guideline suggesting you need about $240,000 saved for every $1,000 per month in desired income, based on a 5% annual withdrawal rate (5% of $240k is $12k/year, or $1k/month). It's a simple way to set savings goals, but it doesn't account for inflation, taxes, or other income like Social Security, so it's best used as a starting point, not a complete plan.
The Drawbacks of Lump Sum Investing
If the market drops soon after you invest, you could see a substantial portion of your investment's value erode quickly. This volatility can be particularly concerning for risk-averse investors or those who are new to the market and may not be comfortable with such fluctuations.
How much super can I withdraw after 60? It depends on whether you've retired or you're still working. Once you've turned 60 and retired, you can take out as much as you like from your account. If you leave a job but don't retire, you can access the super you've saved up until that point.
Now that we know an investment growing at a compound rate of 7% a year will roughly double in value every ten years, imagine how your money will grow over 40 years or more. That's the simple but powerful concept behind super.
You can usually have up to 25% of your pension paid to you tax-free.
Superannuation is designed to provide you with savings once you've retired from the workforce. And there are rules around when you access it. While you can retire at any age, you can generally get the money from your super once you turn 60.
The top ten financial mistakes most people make after retirement are:
You can work while you receive Social Security retirement or survivors benefits. If you do, it could mean a higher benefit for you and your family. Each year, we review the records of all Social Security beneficiaries who have wages reported for the previous year.
As a single person, a balance of around $360,000 would be enough for an income of about $52,000 per year (using a combination of super drawdown and Age Pension payments), which is close to what ASFA estimates is needed for comfortable retirement.
What is the best age to retire? While there's no magic number, many people consider their early to mid-60s, or specifically around age 60, as a popular target for early retirement, as it often aligns with the ability to access pension savings.
There are additional conditions of release that will allow you to access your super early if you meet strict eligibility criteria:
$800,000 can last anywhere from 15 to over 30 years in retirement, depending heavily on your annual spending, investment returns, and additional income (like Social Security). A common guideline, the 4% Rule, suggests withdrawing $32,000 in the first year (adjusting for inflation), potentially lasting 30 years; however, higher spending (e.g., $50k-$60k/year) reduces longevity to 20-29 years, while a lower withdrawal rate or income from other sources significantly extends it.
From 1 July 2025, the superannuation guarantee (SG) rate – that's the percentage of your earnings your employer pays into your super – increased from 11.5% to 12%.
For most people who retire at age 60, Social Security is not payable. Eligibility for payment of benefits for most people begins at age 62 and most financial planners will advise that you wait until at least your full retirement age (age 66 or higher) before applying for Social Security.
Technically, yes – but there are significant factors to weigh before pursuing this route. While spending down your super may reduce your assessable assets and potentially increase the Age Pension you're eligible for, it's crucial to consider how this could impact your financial security and lifestyle in retirement.
You may be able to access part of your superannuation when you are behind on your home loan repayments. This is usually only possible on compassionate grounds to prevent your home from being repossessed or sold, or if you are receiving government income support payments and in 'severe financial hardship'.
The "Lump Sum 6% Rule" is a guideline for choosing between a single lump-sum pension payment or guaranteed monthly income, suggesting you take the monthly pension if the annual payout is 6% or more of the lump sum, and the lump sum if it's less than 6%, as it likely offers better investment potential by allowing you to earn more than that rate. To use it, divide the total annual pension (monthly payment x 12) by the lump sum; a higher percentage favors the annuity, while a lower percentage favors the lump sum.
One common approach is to take required minimum distributions (RMDs) starting at age 73, which helps you avoid penalties and ensures a steady income stream. Another option is to roll over your 401(k) into an IRA, offering more flexibility and potentially better investment choices.
Want to know if you can start taking money from your pension but keep working and saving? The short answer is yes, you can.