If you are itching to retire but not sure if you can start drawing on your super, you need to understand which hoops you need to jump through and when.
While super is designed to provide income in retirement, there are circumstances when you may be eligible to withdraw some or all of your savings.
You may be able to retire whenever you choose in Australia, but age matters if you want to tap into your super or apply for the Age Pension.
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.
When you reach age 60, the rules change on how much tax you are required to pay when you withdraw your super savings.
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.
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.
With Australia now facing a severe economic (and health) crisis, there are calls to allow people to access their superannuation to obtain cash.