It can often be confusing as to what constitutes ‘retirement’ and when you can claim your Super Benefit. Here’s a simple summary of what to expect.
If you are aged between 60 and 64 your Super Benefit is preserved until your ‘retirement’. There are absolutely no restrictions to accessing your Super Benefit when aged between 60 and 64 after you are retired. There are two ways you can access your Super; either as a lump-sum payment or as a pension.
What if I am not retired?
If you are still working you can only access your Super via a Transition to Retirement Strategy (TTR). A TTR strategy allows you to access your Super by putting some of your Super into an account based pension. You will need to keep your Super account for your employer to pay contributions to and any voluntary contributions you may want to make.
Definition of “Retirement” when aged between 60 and 64
For anybody aged between 60 and 64, retirement means you simply need to cease your employment. Whether you intend to return to work or not is totally irrelevant. What this means is that you can essentially return to work soon after ceasing your employment, but you will still be considered as retired and able to access your Super Benefit as required. The definition of retirement in this case is less stringent than for those under 60.
If you need advice on the best course of action for you, don’t hesitate to contact us. Our advisers specialise in helping clients to improve their financial futures and can help you to make sure your finances are in the best shape they can be.