Q: I am 67 years-old, and I am still working as a gardener. I would like to continue in employment for as long as possible. I have about $184,000 in super savings. Can I access $150,000 to put on the mortgage of our house and still continue working? Please let me know if this is possible.
An individual can access super benefits from the age of 65 without retiring (age 65 is considered a condition of release). Note that the super fund may require a minimum amount to remain in the account for it to continue to be active account (but check with the super fund, and typically that amount would be $5,000 rather than $50,000).
When an individual turns 65 years of age, superannuation benefits become unrestricted, and you can access them at any time, although depending on the rules of your super fund, you may have to withdraw the entire amount.
The following SuperGuide articles may also assist you:
- Turning 65 and super: A Super Guide
- Age 65: Accessing your super is a right
- Super for beginners, part 24: Do I have to withdraw my super when I turn 65?
- Super for beginners, part 9: If I retire and take my super, can I return to work?
- Super for beginners, part 8: What happens to my super benefits when I retire?
- Accessing super early: 14 legal ways to withdraw your super benefits