Question: I’m an Australian citizen and want to retire in Italy when I’m 52. Can I access my super because I don’t plan on working again in Australia?
Total and permanent disablement (TPD) insurance pays a lump sum if you become permanently disabled and are unable to work again. It basically insures you against the risk that your ability to accumulate super (retirement income) is cut unexpectedly short.
This article addresses how income protection insurance works inside super, its effectiveness, key trends, claims and how you can establish the right cover for you.
You can access your super in Australia once you have reached your preservation age and met a condition of release. Your preservation age in Australia depends on your date of birth, as outlined in this article.
To access your super, you need to have reached your preservation age and met a condition of release, one of which can be retiring from the workforce. Your preservation age is between the ages of 55 and 60, depending on your date of birth.
You can access your super in Australia when you turn 65. It is the most straightforward condition of release. To apply for your super benefits you should contact your super fund.
You can access your super benefits early under Australian law if you have a fund balance of less than $200 and your employment has been terminated – whether you lose your job or you quit it.
The Departing Australia superannuation payment (DASP) is available to departed temporary residents who worked and earned super in Australia. It is not available to permanent Australian residents, nor for Australian and New Zealand citizens.
You can access super benefits early due to temporary incapacity under Australian law, provided that the benefits come from specific sources.
You can access your super benefits early due to permanent incapacity under Australian law, provided you meet the eligibility conditions.
Australian super law allows for the full early release of your super if you’re diagnosed with a terminal medical condition, provided your super fund allows it.
TTR pensions were originally designed to allow people to reduce working hours in the lead-up to retirement and replace all or some of the pay they lost by drawing an income stream from their superannuation.
Annuities are relatively simple and secure financial products that provide a guaranteed pay cheque in retirement in return for investing a lump sum for the rest of your life, or for a specified period.
Learn how you can easily find your lost super and transfer it to another account. Also see how much lost or unclaimed super is in your postcode.
In this article, Sean Corbett, an annuities expert, answers the important question of when is the right time to purchase a deferred lifetime annuity.