Accessing your super in retirement
When can I access my super?
Usually, in order to access the funds in your super account, you'll need to meet a 'condition of release'.
Conditions of release include:
- retiring at or after preservation age
- ceasing a gainful employment arrangement on or after age 60
- reaching 65 years of age (regardless of your working status).
Your preservation age depends on your date of birth as set out below:
|
Your date of birth
|
Preservation age |
|---|---|
| Before 1 July 1963 | You’ve already reached your preservation age |
| 1 July 1963–30 June 1964 | 59 |
| After 30 June 1964 | 60 |
How can I access my super?
Once you’ve met a condition of release, you can access your super either via income payments by opening an NGS Income account or as a cash lump sum by completing a Request for withdrawal form.
Why open an Income account?
Retirement doesn't need to be the end of the road for your super. You can continue to take advantage of the benefits of the super environment by opening an Income account and drawing a regular, tax-free1 income to suit your needs. This way, your money remains invested, and the risk of spending all your savings at once is minimised. You'll still have the flexibility to withdraw lump sums whenever you need, like for renovations or a holiday.
Many people find retirement easier to manage with an NGS Income account. Before applying, you should read our Product Disclosure Statement.
Transition to retirement
If you've reached your preservation age and would like to start accessing your super without retiring, you can opt to receive an income from an NGS Transition to retirement account. Many people use this option to transition into retirement by reducing their workdays and supplementing their income with a transition to retirement income stream.
Each financial year, you can access up to a maximum of 10% of your Transition to retirement account balance.
Accessing super FAQ
Can you access super before retirement?
There are various special circumstances in which you may be able to access your super before retirement. These include:
- through a Transition to retirement account
- to help buy your first home using the first home super saver scheme
- applying for early access due to financial hardship or on compassionate grounds
- when leaving Australia after working under a temporary visa.
There are different eligibility rules for each option. You can read more about accessing your super before retirement on our website or in our fact sheet Gaining access to your super.
Is super tax free?
Super payments — whether through an income stream or lump sum payment — are usually tax free if you’re above 60 years (similar to government age pension if it is your only source of income). However, if you are withdrawing your super while under age 60, you may need to pay tax.1 Speak with an NGS Financial Planner for more information on the taxed and untaxed elements of super.
1 Income account payments are tax free for those aged 60 and over. If you’re under 60, tax generally applies. Read our Fees, costs and tax fact sheet for more information.
