You satisfy the retirement provisions of Australia’s super legislation if you have reached your preservation age, you have ceased gainful employment and you have no intention of becoming gainfully employed again in the future.
There are a series of hurdles you need to clear before you can access your super. The first is your age.
Retire at 60, grab your tax-free super and ride off into the distance. Sounds like a plan, but as with everything to do with super, the devil is in the detail.
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.
On 22 March 2020 the federal government announced a temporary measure allowing individuals to access up to $10,000 of their superannuation in 2019/20 and a further $10,000 in 2020/21.
Knowing how much tax you’ll pay when you withdraw your super savings is important and the rules change once you reach age 60.
To legally access your super in Australia you must satisfy a condition of release. Different conditions of release have different payment conditions and tax implications.
There are a number of ways of legally accessing super early via an SMSF. These strategies are useful in times of economic disruption such as the current disruption relating to the coronavirus pandemic.
Although there is no ‘retirement age’ in Australia, there are two ages that are important to know for planning your retirement…
The latest Productivity Commission report, Superannuation for Post-Retirement, highlights two aspects of post-retirement income policy that have recently attracted considerable attention: the age at which people should be able to access their superannuation, and whether lump sum withdrawals should be restricted.