You’ve worked most your life and have been putting your hard earned savings into super over the years. Now comes the good bit – using your super savings to live the life after work you’ve dreamed of.
Of course it wouldn’t be super if the Government didn’t throw in a couple of rules first. Here we’ll explain all you need to know about getting your hands on your money, so you can get back to thinking about how you’re going to enjoy it!
Criteria for accessing your super
You can start accessing your super if you meet any of the follow criteria:
- You reach your preservation age and permanently retire from the workforce
- You are 60 or over and cease your current employment
- You are 65 or over
Work out your preservation age
|Date of birth||Preservation age|
|Before 1 July 1960||55|
|1 July 1960 – 30 June 1961||56|
|1 July 1961 – 30 June 1962||57|
|1 July 1962 – 30 June 1963||58|
|1 July 1963 – 30 June 1964||59|
|After 30 June 1964||60|
You can stop work and keep receiving a regular income
Even though you’re thinking of winding up at work, you don’t have to let go of a regular income.
That’s where your super savings and an income account come in. An income account
let’s you draw a regular income from the super you’ve saved throughout your career.
Benefits of an income account
1 Conditions apply. Minimum and maximum drawdown limits apply.