Early access to superannuation can be a great way to help you reach your financial goals sooner. Superannuation is generally only available to those who are over a certain age or have met certain conditions, but it is possible to access your super at age 55 and still work. In this article, we’ll explore the conditions and opportunities associated with accessing your super at age 55 and the potential implications of this decision.
Early Access to Super
In Australia, you can apply to access your super early if you meet certain conditions of release. These conditions include reaching preservation age, being diagnosed with a terminal medical condition, suffering severe financial hardship, or turning 65. Generally, you cannot access your super early if you are still working. However, if you reach age 55 and meet the other criteria for early access, you may be able to withdraw your super and still remain in the workforce.
The amount you can withdraw from your super depends on the amount you have saved and the type of super fund you are in. It is important to keep in mind that withdrawing your super early may result in tax implications, so it is best to seek professional advice before making any decisions.
Working After Age 55
If you are considering accessing your super early and continuing to work, you should consider the potential implications of this decision. Depending on your employment status, you may be subject to different tax rates and have different entitlements.
If you are employed, it is important to check the terms of your employment contract to ensure that you are not breaching any rules or regulations by accessing your super early. It is also important to consider the impact this decision may have on your retirement savings. If you are withdrawing your super, you may not be able to make any additional contributions until a certain age.
If you are self-employed, accessing your super early may have less of an impact on your retirement savings. You may be able to continue making contributions to your super while still accessing the amount you have saved, however, it is important to seek professional advice before making any decisions.
Early access to super can be a great way to help reach your financial goals sooner. However, it is important to consider the potential implications of this decision and seek professional advice before making any decisions. Accessing your super at age 55 and continuing to work can be a viable option, however, it is important to weigh up the pros and cons before making any decisions.
As more and more individuals near the age of 55, many are asking themselves whether they can access their superannuation while still working. While it is possible to access your superannuation at the age of 55, there are some restrictions that may apply.
In Australia, individuals can apply to withdraw their super once they have reached their preservation age, which is 55 for most people who were born before 1 July 1960. Preservation age refers to the age when you’re able to access your superannuation balance.
In order to access your super, you’ll have to provide evidence that you have permanently retired from the workforce or that you’ve met other specified criteria. Generally, you’re not able to access your super if you’re still working.
If you’re still working part-time, you have the option of getting a ‘transition to retirement’ pension from your super fund, which may allow you to make some withdrawals while you’re still in employment. Unfortunately, this type of pension will not be suitable for everyone.
In certain situations, individuals who are 55 years or older may be able to access their superannuation. For example, you may be eligible if you are a ‘severely disabled’ person, a member of a defined benefit super fund, a dependent of a deceased super fund member or if you’ve reached your ‘preservation age’ and have permanently retired from the workforce.
If you’re eligible, you’ll need to fill out a form and lodge it with your super fund in order to access your funds. It’s important to seek financial advice prior to making a decision about accessing your superannuation.
In summary, it is possible to access your super at the age of 55 and still continue to work, under certain circumstances. To find out more about your eligibility for accessing super, it’s recommended that you speak to your super fund or a financial advisor.