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Can I access my super without retiring?

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by Peter Switzer

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I am turning 60 and have been told that I can access my super without really retiring from work. I would like to keep working but it doesn’t have to be in my current job. I just don’t want to play golf and go to the club or become a grey nomad. I am also thinking about selling my house and trading back, so I can beef up my super. What are my options?


At age 65 you can have total access to your super without any questions asked, but at 60 you do need to retire from your current job. This means you then can take a pension, make lump sum withdrawals and act like a retiree, however you can go back to work! If you decide to do that, you can keep your pension and still make lump sum withdrawals, but your 9.25% compulsory super from your new job will have to go into a super fund in accumulation mode until you retire again. Another big benefit of retiring is your returns on your super are tax-free for the fund in pension mode. Quite frankly I think you should seek some expert help, as there are many options you should be considering given your stage in life. A good financial planner will ask you lots of questions so they can know what are your many goals, and once he or she knows that, they should be able to come up with a number of options for you to consider. For example, with your house sale proposal and your goal to put more into super, you and your wife, if you’re married, could put $450,000 each into your fund/funds which would mean after three years, you could do it again. This option closes after you reach 65, but then you can put $150,000 in provided you pass the work test of working 40 hours over any 30 consecutive days. As you can see, there are lots of rules you should be thinking about and that’s why advice could be a wise investment.

Published on: Tuesday, September 03, 2013

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