As you approach your retirement, you’ll naturally start to wonder when you can access your super. You’ve spent all this time saving; when can you start enjoying the benefits?
You can access your super when you reach your Preservation Age, which varies depending on when you were born.
The way in which you can access your super depends on whether or not you have retired yet once you reach Preservation Age. If you have retired, you have full access to your super. If you have not yet retired, you can access your super in the form of a Transition to Retirement Pension.
You have full access to your superannuation when you reach the age of 65, regardless of whether or not you are still working.
In some circumstances, you may be able to access your super earlier. There are also different tax implications if you access your super before you turn 60. These are discussed in more detail in the First Super Allocated Pension Product Disclosure Statement.
Age 65 is also the age at which you are fast approaching eligibility for the Age Pension, subject to the relevant Income and Assets tests.
Depending on your birth date, from 1 July 2017 Age Pension age will be 65 years and 6 months. After that, Age Pension age will go up 6 months every 2 years until 1 July 2023.
This is a sponsored advertising promotion by First Super Pty Limited (ABN 42 053 498 472, AFSL 223988) as trustee of First Super (ABN 56 286 625 181). This publication may contain general advice which has been prepared without taking into account your objectives, financial situation or needs. You should consult the Product Disclosure Statement (PDS) firstsuper.com.au/pds before making any investment decision. Before making a decision to combine your superannuation, you should consider any costs, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified financial adviser. Past returns are not a reliable indicator of future returns. Content was accurate at the date of issue in July 2020, but may subsequently change. Please contact First Super on 1300 360 988 for updated information or to obtain a copy of the PDS. No commissions or fees are paid to NZ Relo as part of this promotion, apart from advertising costs.