The superannuation system has been designed to give Australians a way of saving for retirement while they’re working. As a result, the government places restrictions on when you can access your money. Generally, to access your money you need to have:
If you’ve spent the last 30 to 40 years in the workforce there’s a good chance you’ve started thinking about retirement. Which means you probably have some questions. Like when exactly can I retire? The good news is you can retire whenever you're ready.
Your preservation age depends on when you were born – refer to the table below to see when you can access your super.
| Date of birth | Preservation age |
|---|---|
| Before 1 July 1960 | 55 years old |
| 1 July 1960 to 30 June 1961 | 56 years old |
| 1 July 1961 to 30 June 1962 | 57 years old |
| 1 July 1962 to 30 June 1963 | 58 years old |
| 1 July 1963 to 30 June 1964 | 59 years old |
| 1 July 1964 and later | 60 years old |
Building up a healthy superannuation balance is important, but how you access and invest your money in retirement will also determine how long it lasts.
Transferring your super balance into a Retirement Income account is an easy and popular way to start your retirement. This allows you to draw down an annual income from your savings while the balance continues to earn investment income.
To help you with investment selection we have Catholic Super MyPension, an innovative set-and-forget investment strategy which automatically looks after your investments and can help to make your money last longer.
Another option is to withdraw all or part of your balance from the super environment. This has potential taxation and Age Pension implications, and we strongly recommend consulting a financial planner before making a decision.
Retirement allows you to turn your super into a regular income stream.
Which can potentially be used alongside a Government Age Pension.
Retirement allows you to turn your super into a regular income stream.
Which can potentially be used alongside a Government Age Pension.
What might your retirement look like? Watch this helpful video to learn the simple questions you should ask yourself when beginning to plan your retirement.
Getting a little support and guidance from the experts can make a big difference when it comes to choosing the right products for your next chapter and helping you make the move to retirement in the way you want to. And our team is here to help.
