Q: I took a voluntary redundancy payment in 2008. I have not found a job since then and I am now married to a German and a resident of Germany, I intend to live and retire here. I have $240,000 in my Superfund and I would like to take out half of this next year when I turn 55 and the rest I’d like to leave in the fund. Is it possible for me to withdraw this amount as a lump sum?
We cannot provide specific advice but we have covered similar questions in previous articles (see links below).
Also, you will need to confirm payment options with your super fund, but generally speaking, most super funds allow partial withdrawals of super benefits (unless a defined benefit super fund, or some public sector funds).
Note that tax may be payable on the super benefits when withdrawn before the age of 60.
- Accessing super early: Living overseas and over the age of 55
- Turning 55: Taking super, tax and timing
- Accessing super: Turning 55 is not enough
- Accessing super early: Australian citizen retiring overseas
- Accessing super early: Permanent departure from Australia (6 Q&As) (see question 6)
