Paying yourself an income in retirement

There are rules around when you can access your super. These rules mean that you need to meet one of the below conditions: 

• You turn 65 (even if you are still working) 
• You reach your preservation age and permanently retire or start transitioning to retirement 
• You turn 60 and leave your employer – this means you have access to preserved benefits. 

To learn more about gaining access to your super, visit our Accessing your super page. 

Moving your money from your super account to an income account, allows you to drawdown a specified amount to your bank account (at a frequency you choose), while the rest remains invested. 

There are many benefits to keeping your retirement savings invested with one of Australia’s top-performing super funds. Here’s a few: 

• Your money remains invested, so you continue to earn investment returns and build your retirement savings 
• Turn your super into an income while we manage your money for you, so you don’t have to worry about the complexities that can come with fund management 
• Save on tax by maximising your savings with tax-free investment earnings 
• Easy access to your money, you decide how much (within government limits) and how frequently you withdraw money.  

While withdrawing your full super balance and transferring it to your bank account might be appealing, it can impact any government benefits you’re receiving, such as the Age Pension. If this is the option you’re leaning towards, we encourage you to seek financial advice first, to ensure this option is right for you.  

Withdrawing a lump-sum from your super, and moving the remaining amount across to an income account, has some benefits: 

• Pay off some debt, take a holiday or do some home renovations. Accessing a lump sum might mean you can tackle those big-ticket items you’ve been postponing until your retirement.  
• Keep your super working. Opening an income account not only provides you with a regular income, but it will also help ensure your retirement savings continue to grow through investment earnings.