When can I access my super?

Over your working life you have been growing your retirement nest egg. Your superannuation is there to help support you in retirement and, ideally, provide you with the funds to enjoy a comfortable lifestyle during your golden years.

Your ability to access your super is generally based on your age, but there are certain conditions that need to be met to make sure you don’t end up on the wrong side of the ATO.

There are definitely tax benefits when your super moves into retirement phase – no tax on your income payments and no tax on your earnings; however, there are still regulations around how you access it.

The transition to retirement income stream (TRIS) enables you to receive regular payments from your super while you continue working. Ideally, you would not start this income until you have turned 60, because if you are below that age, tax is payable on investment earnings.

The ATO has guidelines on how much can be accessed via this pension:

“There are restrictions on the amount you can withdraw each financial year. For example, if you are under 65 years old, you can access between 4–10% of the balance of money in your super account each financial year.

Once you have met a condition of release with a nil cashing restriction, you can access your super benefits in other ways and don’t need a TRIS. In these cases, your provider will start paying you a normal account-based pension or you can take your benefit as a lump sum.”

It can be difficult to determine whether a TRIS would suit your personal circumstances. If you are unsure, it can be useful to seek professional financial advice.