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Once you’ve reached your preservation age and retired, you have full access to your super.
While some people may prefer to withdraw all their super into their bank account, many choose to keep their super invested to make it grow and last longer.
When you retire you can transfer you super into a First Super Retirement Income account and keep your money invested. With the Retirement Income account, you can receive regular income payments, and make additional lump sum withdrawals when needed.
Taking out a large amount of money (a lump sum) from your Retirement Income account won’t incur any fees. However, you do need to think about the longer-term costs of withdrawing extra money from your account.
– You can make a lump sum withdrawal whenever you like.
– No charges for lump sum withdrawals.
– Withdrawals from your Retirement Income account are tax free provided you are aged 60 and over.
– Convenient to meet large unexpected expenses if they arise.
– A lump sum withdrawal will reduce your retirement savings, meaning your money won’t last as long.
– If you are between your preservation age and age 60, then tax is payable on lump sum withdrawals from your Retirement Income account.
– It’s tempting to have cash sitting in your bank account ‘just in case’ an emergency arises but you’ll miss out on the compounding benefits of earning investment returns on that money over the coming years.
Our Member Services Team really enjoy talking with members about super and retirement. So, if you have any questions about retirement and lump sum withdrawals, we’re ready to help. Call 1300 360 988 or send us an email.
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