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As super is a long-term savings plan for your retirement there are rules as to when you can access it.
When it comes to retirement you can access your super:
When you are fully retired aged 60 or above you have three options when accessing your super:
If you don’t need the money straight away, you can just leave it in your current superannuation account.
Benefits
Considerations
The main benefit of keeping your super account open is you can add more to it during retirement. You cannot add more money into a Retirement Income account although there are strategies around this.
If you are aged 75 or older, you cannot open a new super account.
Receive regular tax-free income payments in retirement Transferring your super to a Retirement Income account (also known as account-based pension) means your money continues to be invested and can grow through investment returns.
You also get to choose how much and how often you receive your regular income payments. It’s flexible so you can make extra withdrawals when you need to.
There’s also a range of tax benefits, including tax-free investment returns and income payments if you are aged 60 and over.
You can change your investment options to suit your retirement goals and appetite for risk.
> Retirement Income account
Money in a bank account
Transferring your money into a bank account means you have easy access to your cash when you need it.
However, you lose tax benefits once you take your money out of the superannuation system.
You’ll no longer be able to grow your money from tax-free investment returns and you lose other potential tax advantages offered by a Retirement Income account.
> Why keep your retirement savings invested?
When retiring, many First Super members choose to convert their super savings into a First Super Retirement Income account, allowing them to receive regular income payments during retirement. It’s a great way to ensure your super savings last as long as you do.
Under certain circumstances you may have early access to super before you retire.
To find out more about First Super’s award-winning retirement products check out our retirement products or give us a call on 1300 360 988. We’re proud to talk about our retirement income products and we’re always here to help.
1Tax may be payable if under age 60.
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