When can I access my Superannuation?

Superannuation is a complex structure that can provide significant benefits when planning for retirement. The complexities revolve around almost every aspect, from what we can put in, how and what we can do with the funds, and finally, how we can access the funds for personal use.

To gain access to Superannuation, certain hurdles must be met. Superannuation can only be accessed when you reach your “preservation age”. For most of us, that is from the age of 60. However, it is important to note that reaching preservation age does not provide free reign on your Superannuation or how to use it.

To obtain unrestricted access to our Superannuation, a second hurdle must be met – “retirement”. Once you have “retired”, you get unlimited access to your superannuation monies; until then, you are limited to just 10% of the value until this second hurdle has been met.

Once you reach 65 years of age, this is a full condition of release and you can access your Super even though you are still working.

There are still many questions and each person’s circumstances will be different. How the following impacts you, will depend on both your financial means and requirements:

• What does ‘retirement’ actually mean?

• Should I be using a Transition to Retirement Income Stream?

• Should I withdraw all of my Super at retirement?

• Do I need to withdraw a minimum amount from my Super?

• Should I be considering purchasing an income stream or relying on a market linked pension, what is the difference?

• If I have money in Superannuation, family trusts, investment companies and in my name how should I structure my income stream and are there any other considerations I should consider?

These are just some issues our financial advisers can address with you to ensure you are getting the most out of your Superannuation.