In Australia, the age at which you can retire and access your superannuation (super) depends on your date of birth. The current retirement age in Australia is 67 years old, but there are certain conditions under which you can access your super earlier than this age. Here are the general rules:
Preservation age: This is the age at which you can access your super if you are retired or have reached your preservation age and are no longer working. Your preservation age is determined by your date of birth and ranges from 55 to 60 years old.
Transition to Retirement: If you have reached your preservation age but are still working, you may be able to access your super through a Transition to Retirement (TTR) strategy. This allows you to draw down a portion of your super as income while still working.
Retirement: You can access your super when you retire after reaching your preservation age. You can either withdraw your super as a lump sum, receive regular income payments, or a combination of both.
Special circumstances: You may be able to access your super earlier than your preservation age in certain special circumstances such as severe financial hardship, compassionate grounds, or terminal illness.
It's important to note that accessing your super early can have tax implications and may affect your retirement income in the future. It's recommended to seek financial advice before making any decisions about accessing your super.
Preservation age: This is the age at which you can access your super if you are retired or have reached your preservation age and are no longer working. Your preservation age is determined by your date of birth and ranges from 55 to 60 years old.
Transition to Retirement: If you have reached your preservation age but are still working, you may be able to access your super through a Transition to Retirement (TTR) strategy. This allows you to draw down a portion of your super as income while still working.
Retirement: You can access your super when you retire after reaching your preservation age. You can either withdraw your super as a lump sum, receive regular income payments, or a combination of both.
Special circumstances: You may be able to access your super earlier than your preservation age in certain special circumstances such as severe financial hardship, compassionate grounds, or terminal illness.
It's important to note that accessing your super early can have tax implications and may affect your retirement income in the future. It's recommended to seek financial advice before making any decisions about accessing your super.
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