Pensions: Starting a TRIP takes planning
It seems that many Australians nearing retirement don’t like the terms ‘retirement’ or ‘pension’. Some advisers who are recommending transition-to-retirement pensions (TRIPs) are experiencing client resistance because clients are adamant that they’re not retiring (at least not for a few more years), and they don’t want to be embarking on any strategies involving ‘retirement’.
I’m 60. Why can’t I access my super benefits?
Q: My husband turned 60 years of age in October 2010, and he has $80,000 in his super fund. We would like to withdraw his entire super as we need the funds to purchase a house. Due to his age we need a deposit of $100,000 before the bank will lend us the money for the house.
Accessing super early: Permanent departure from Australia (6 Q&As)
This article contains 6 examples of the most popular questions received by SuperGuide from Australian citizens and Australian permanent residents departing Australia, and who are seeking to access super benefits before retirement. If you’re a temporary resident of Australia then check out another SuperGuide article Accessing super early: Temporary resident.
Accessing super early: Living overseas and over the age of 55
Q: I’m an expat Aussie, living in Singapore (been away for 6 years). I am 57 and want to access my superannuation to buy a property. Is that possible? I have no idea if I will retire back in Australia or stay here, but my view is that if I do retire back in Australia, I will sell the property to fund my retirement.
Accessing super: Turning 55 is not enough
Q: I am 57 years old, born 1953. I thought I could access my super funds from age 55 but I have been told I can’t access my funds until age 60. Is this correct? If I withdraw my super benefits, is there any tax payable?
Unrestricted access to super, sometimes
Q: I was an Australian citizen, age 37, and had been part of a super fund from about 1993/4. I left Australia in 2001. I see from your 12 legal reasons to cash your super that I may be able to access my restricted benefit.
Accessing super early: Terminally ill receive tax break
Individuals with a terminal medical condition are able to access their super lump sum payments tax-free, regardless of age. A super fund can release super benefits to a member if they have a terminal medical condition.
Super for beginners, part 8: What happens to my super benefits when I retire?
Q: I am an Australian citizen living in the UK and I have an Australian super fund accumulated from 1986-1992 and now growing with investment earnings over time. Additionally, I continue to hold bank accounts in Australia. I am 52 and I intend retiring at age 60. When I do retire can I withdraw the entire super fund as a lump sum and deposit it in to my Australian bank?
Preservation age: I’m 58. Can I withdraw my super benefits?
Q: Can you please tell me whether I can withdraw my super benefits when I retire at age 58? This answer assumes that your super benefits are preserved, and the answer to your question depends on your date of birth.
Super for beginners, Part 9: If I retire and take my super, can I return to work?
Q: Hi I am 58 years old. Apparently you can get a lump sum of super before 60 if you have permanently retired. Can you still later look for work again? How do you prove you have permanently retired? The [...]
Retirement unlocks your super
In the hype and hoopla surrounding the latest super changes – primarily tax-free super benefits for over-60s, many of the promoters in the marketplace forget to mention the magic words “preservation rules”. The rules surrounding accessing your super have not [...]
