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

Super Facts and Tips

When Can You Access Your Super?

Knowing these instructions as well as getting the right timing can be vital. For example, it could mean the difference between not paying tax and paying tax on the superannuation you withdraw.

Here is a guide to the things to ponder and rules to aid you to choose when it may be appropriate for you to begin accessing your superannuation.

You can usually start getting your superannuation when you meet a condition of release, for example:
• Turning 65 (no matter whether you leave work or not)
• Retiring after reaching 60 years old
• Retirement on/after reaching the preservation age
• Reaching the preservation age and starting a TTR (transition to retirement) pension
• Becoming permanently disabled or terminally ill
• Certain special circumstances such as severe financial difficulty or compassionate grounds.

You can discover more on the www.australiansuperfinder.com.au website.

It is a splendid idea to consider how the timing fits your personal and financial situation. For instance, if you draw down your superannuation before turning 60, you may need to contribute tax on all or some of the cash you draw out, according to the kind of withdrawal as well as your personal situations. After turning 60, you frequently do not contribute tax on your superannuation withdrawals. Financial advisers can help decide the correct timing for you.

What's your preservation age?

The preservation age is the stage when you can generally begin drawing down your superannuation, and it varies from your date of birth.

How can you gain access to your superannuation via a TTR plan?

Reaching the preservation age can provide you with the choice of utilizing a TTR plan that enables you to get a hold of your superannuation while you are still working.

TTR strategies mainly function in one of two means:

You remain working full time and then draw a transition to the retirement pension from your superannuation. In the meantime, you increase your superannuation contributions. This plan goes with tax concessions, therefore striking the balance between what you are paying to superannuation and what you are drawing; you could increase your superannuation with minimal effect on the cash income.

You drop down to part-time hours and make use of a TTR pension withdrawn from your superannuation to compensate for the income lost.

There are limitations and rules concerning TTR, so it is wise to find professional financial guidance to aid you to choose whether it's appropriate for you. Moreover, financial advisers can help you decide the right time to begin accessing your super and ensure you are maximizing it.

A few tax could still relate to super withdrawals once you're 60 years old if you're a member of a fund that's untaxed (includes a few Government superannuation funds).

If you feel you want more advice on superannuation, feel free to call us at 1300 252 167

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