What to know before taking a lump sum from super

If you’re 60+ and have access to your super, you can choose to withdraw a lump sum at any time. What’s more, for most people it will be tax-free.

A lump sum payment can be useful if you need to repay debts such as your mortgage, or you have some large expenses coming up. Alternatively, you may be considering a gift to family members or a recontribution strategy.

So, what do you need to know before your take your money and run?

When you can withdraw a lump sum

Unrestricted access to super is available:

• When you turn 65, including if you’re still working or have never worked
• When you’re at least 60 and have permanently retired from work
• When you leave a job after your 60^th birthday, including if you’re returning to work.

There are special circumstances when super can be withdrawn early.

How much and how often you can withdraw