Q: I am female and I will be 66 in a few weeks. My husband died in Mexico and my savings of $9,000 were used up to bring him home and funeral expenses. Since then I have been trying to save the money again but to no avail. I need urgent dental, optical treatment and since I haven’t been able to save it I have not been able to do this for three years. I currently have a super fund which dwindles by a few thousand each year, and I have yet to see it grow and I’m afraid that by the time I retire in five years it could all be gone. I also have a very small one with a major bank – about $1,000. If I sacrifice an extra one hundred dollars a week into my current super fund, until my retirement, in five years, would I be able to withdraw $7,900 from my current super (this is what my expenses will be). As well can you please recommend a good reliable fund to which I can rollover my current super?
I am very sorry to read about your husband and your current circumstances. Anyone aged 65 or over can access super benefits without retiring, and unless you’re in a public sector fund, such benefits will be tax-free. I explain the conditions of release in my article 12 legal reasons to cash your super. You can also visit the ‘accessing super’ section of this website for more articles on accessing super benefits.
A super fund simply needs evidence that you have reached age 65 or over, and you must complete a couple of forms. You need to contact your super fund for the appropriate forms and the process involved for accessing your super money. Check with your fund about any costs involved in withdrawing the amounts.
I am not permitted to recommend any super funds, but I do have some articles on ‘
Note: I’m not aware of your late husband’s superannuation entitlements but if he was a fund member of an Australian superannuation fund, he may have had life
