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.
Transition to retirement income streams (or pensions) allow you to gradually draw on your super benefits while you’re still working and moving towards your retirement.
We look at the rules that apply if you change your mind about heading back to employment after retiring.
Although there is no ‘retirement age’ in Australia, there are two ages that are important to know for planning your retirement…
When it comes to your super benefits, tax is always at the heart of it, whether it’s when you make a contribution, or when you take your money out at the other end.
The most popular type of superannuation pension is an account-based pension, which is also the main type of super pension available to retirees. The technical term for a superannuation pension is a ‘complying pension’ (that is complying with the superannuation rules).
If you retire before the age of 60, your super benefit payments are likely to be subject to tax — but not always. With the right structure, and usually with expert advice, many Australians retiring early can end up paying no tax.
The decision about when to retire is rarely made overnight. It’s a major life event and deserves careful thought and planning. Finances play a big part, but so do your health, your partner’s circumstances and whether you still enjoy your work or are itching to leave.
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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.
Ceasing employment after you reach the age of 60 is a “condition of release”, or one way you that you can access your super in Australia. Ceasing employment means leaving a job, even if you get a job with another employer.
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.
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.
“What is Australia’s retirement age?” or “What age can I retire?” are common questions. The simple answer is “it depends”, because there is no such thing as a ‘retirement age’ in Australia, nor any laws that dictate when someone is allowed to retire.