Once you reach your preservation age (your superannuation access age) you might be able to start accessing your super – and you could start a pension so you can transition into retirement.
The ‘preservation age’. What it means and why it matters
The ‘preservation age’ is the minimum age that your super must be 'preserved' until. It’s currently between 55 and 60, depending on when you were born. Once you’ve reached the ‘preservation age’, you may then have access to superannuation funds, if certain conditions are met., opens in new window
|Date of birth||Preservation age|
Before 1 July 1960
1 July 1960-30 June 1961
1 July 1961-30 June 1962
1 July 1962-30 June 1963
1 July 1963-30 June 1964
From 1 July 1964
This opens up several options for you to consider but these options also bring risks, so it’s important to speak to a professional, impartial retirement adviser before making any decisions.
Transitioning to retirement
If you’d like to work fewer hours without losing income, you’re now able to start a pension to replace your lost income. Called a ‘transition to retirement’ (TTR), it’s a way to free up your time to pursue other interests and spend more time with the grandchildren.
Retirement planning strategies
You also need to weigh up how withdrawing money early will affect your final retirement lifestyle. It means you’ll have less in your final superannuation account when you decide to fully retire.
Have confidence in your future with help from a financial adviser.
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