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How to access superannuation?

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10th Nov 2009 by Tobias John Sterling

If you've reached a certain age, called the age of preservation (55-60, depending on the year of your birth), and you've retired from work (or if you haven't yet retired but you're 65+), then accessing your superannuation is straight-forward. All you need to do is contact your superannuation fund(s), complete a form, and you can withdraw the money as a lump sum. If you've reached the age of preservation but you're still employed, then you can access your superannuation, but only as an income stream, not as a lump sum. This could be done for example to supplement part-time earnings or to replace earnings that are salary sacrificed back into super. The only way of accessing lump sum super without satisfying the normal requirements is in the case of things extreme financial hardship, having to meet medical costs, or contracting a terminal illness. For further details, consult the Australian Taxation Office website at http://www.ato.gov.au/super/.

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22nd Oct 2009 In Retirement 1 Answers | 589 Views
Subjects: superannuation,

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