When can I access my super in retirement?
Your super is designed to be a tax-effective way to save for your retirement and there are rules about when you can access your money.
Accessing your super
In order to start drawing down from your super you'll need to meet one of the below conditions:
| You turn 65 | You reach your preservation age | You turn 60 and leave your employer |
|---|---|---|
| You can access your super and you don't have to stop working | You have to permanently retire or start a TTR pension | If you leave your employer you can access your preserved benefits. |
WHAT'S MY PRESERVATION AGE?
Your preservation age is the minimum age at which you can access your super if you're retired or want to transition to a retirement income stream. This is based on the year you were born and is set out below.
| When you were born | When you can access |
|---|---|
| Before 1 July 1964 | 59 |
| After 30 June 1964 | 60 |
What is the Age Pension age?
From 1 July 2023, the Age Pension age for everyone will be 67 years old.
Find out more about the Age Pension and super, as well as other government benefits you may be eligible for if you're Age Pension age but don't meet all the income and asset rules.
Enjoy the benefits of continuing with CareSuper by opening a pension:
You can return to work, however you can’t access any contributions from your new employer if you are under age 65. You’ll either need to leave that job or turn age 65 before you can start drawing down on any new super you have accumulated.
If you accessed your super because you stopped working when you turned 60, you can continue to access the super you had originally accessed.
If you have reached preservation age and are not yet ready to retire, you could access some of your super while you’re still working by opening a Transition to Retirement (TTR) pension.
You can use a TTR Income account to reduce your work hours without reducing your income.
Depending on your age, withdrawals and income payments from your super may be taxed. If you're 60 years of age or over, payments from super are tax-free. Lump sum withdrawals are also tax-free if you are age 60 year or over.
If you're under 60, the taxable portion of any income payments will be taxed at your marginal tax rate (plus Medicare levy), but you'll receive a 15% tax offset.
Learn more about how your super is taxed.
Yes, lump sum withdrawals and payments from your super can affect the benefits you’re receiving from Centrelink.
Understanding the impact of your super on the Age Pension can be complex. You can get assistance with how to maximise your Age Pension entitlements and retirement income by speaking with a CareSuper financial adviser.
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