I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Superannuation and Retirement

Retiring with Superannuation: When can you Access Your Super?

The Preservation Age

Well, it would depend on your age as well as your working situation. There’s a lovely terminology for the age where you can being to access your superannuation and the term is “preservation age”. If you’re both born before June 1, 1960, that age would be 55, and that would increase right up to age 60, falling after July 30, 1964. Here’s how it looks in order:
• Before 1/17/1960: 55
• 1/7/1960 – 30/6/1961: 56
• 1/7/1961 – 30/6/1962: 57
• 1/7/1962 – 30/6/1963: 58
• 1/7/1963 – 30/6/1964: 59
• After 30/6/1964: 60

You can see where you already sit in that bracket. The first condition is to meet that age and the next condition is your work situation. If you’re generally retired, and do not intend to go back to working for more than 10 hours a week, then you’ll be able to access your super funds. Once you’re aged sixty, so long as you have ceased work and you’re sixty plus, you’ll be able to access your super fund. And if, again, you’re not planning on working more than ten times a week, you will meet the condition of release.

Once you reach the age of 65, anything you take out of your lost super will be made available to you. So it’s actually no off-limits even if you are working or not working, you will still have full access. You can withdraw your super any time once you reached this golden age.

Access to Superfund via Transition to Retirement

Access to super funds can also be met with Transition to Retirement option. You can opt for this option at the age of 55 years while still working.

Other exceptions that will enable you to acquire your super funds include sever financial hardship, terminal illness, injury and disability to work.

Knowing when you can accessing your super is one thing. Determining the best time to access your super is another. You want to take full advantage of the money you have been saving all those years for your retirement. If you want more tips on how to manage your superannuation, go to www.australiansuperfinder.com.au

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