In this guide
- 1. When can I access my super?
- 2. Can I access my super at 65 and still work?
- 3. Can I still make contributions into my super if I retire at 65?
- 4. What are the options for withdrawing my super benefit?
- 5. What are the tax implications of retiring at 65?
- 6. How long does my retirement income need to last?
- 7. Can I get the Age Pension if I retire at 65?
- 8. Can I get a health card or seniors card if I retire at 65?
- 9. Can I start a transition-to-retirement income stream at 65?
- 10. How much super do I need to retire at 65?
For many of us, blowing out the birthday candles at age 65 means it’s retirement time or close to it.
If that’s your plan, it’s important to ensure you understand the rules on accessing your super, how big your nest egg needs to be, the tax you might pay and any financial assistance you may be eligible for.
To help you take the leap into life after work, SuperGuide has put together a list of common questions asked by people retiring at age 65.
1. When can I access my super?
In the super world, turning 65 is a condition of release; at this age you can access all your super even if you continue working.
Once you apply to access your super, you can generally choose to withdraw it as an income stream, lump sum or a combination of the two.
While it may be tempting to take the money and run, if you retire at 65 and withdraw your super you miss out on the future benefits of compounding investment returns and the tax concessions available within the super system. This can have a significant impact on how much income you have in later years.
Learn about the options for your super balance at retirement.
Super tip
If you (or your spouse) are currently receiving payments from Centrelink, check before you access your super. It may affect your entitlement to a benefit and also the amount you receive, as many government benefits are means tested. Super is not subject to Centrelink means tests while it remains in an accumulation account and you are aged below 67. If you use your super to start a pension or withdraw it and hold the funds outside super, Centrelink will begin to assess it.
To find out more about government benefits, contact Services Australia on 13 23 00 or visit the Services Australia website.
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