BIG RETIREMENT QUESTIONS

If you’re approaching retirement, you probably have a lot of questions. Do I have enough saved? When can I access my super? Am I eligible for the Age Pension? We’re here to help you find the answers.

Generally, you can only claim your super if you meet certain conditions of release and/or you’ve reached ‘preservation age’.

You can withdraw your super if you’re:

65 years or over, whether you keep working or not;
60 or over and change employers or stop working (temporarily or permanently); or
Under 60 and have permanently stopped working, and you’ve reached your ‘preservation’ age (the age your super is preserved to before you can withdraw it).

Preservation age depends on when you were born.

DATE OF BIRTH	PRESERVATION AGE
Before 1 July 1960	55 years
1 July 1960 – 30 June 1961	56 years
1 July 1961 – 30 June 1962	57 years
1 July 1962 – 30 June 1963	58 years
1 July 1963 – 30 June 1964	59 years
After 30 June 1964	60 years

Once you’ve reached preservation age, you might decide to retire permanently, or access your super as a transition to retirement pension. We recommend you talk to a Financial Planner if you need advice on accessing your super early, including any tax consequences, or if you need advice on a transition to retirement strategy.

Call us on 1300 547 873 to find out about the different options available to you.

In special circumstances - such as financial hardship, terminal illness, total and permanent disability or on compassionate grounds – it may be possible to access super earlier than your preservation age. To find out more about these circumstances, visit ato.gov.au

You will need to satisfy a condition of release and complete a form which is available from our Member Care team on 1300 547 873

Before applying for early access to super, however, it’s important to consider:

Any tax you need to pay;
The impact on any government benefits you’re receiving; and
The implications on any insurance inside your super.

The answer to this question depends on many factors. But when planning for retirement, it’s important to work out what you spend now, and compare it to the amount of money you might have by the time you retire.

Our Retirement Lifestyle Calculator and Retirement Projection Calculator can help. They also make it easy to see how any changes you make today could impact on your balance in retirement.

Remember, many factors can affect your future financial position, for example:

Do you own your own home? If so, are you planning to downsize?
Do you have a partner?
How healthy are you?
Do you expect to receive an inheritance?
Do you have family support?
Do you have to care for an elderly parent or pay for care?

To see how you’re tracking towards retirement, take our Retirement Health Check. It only takes a quick chat with one of our financial planners, and depending on the outcome, they can guide you on the next steps to help you get better prepared. To make an appointment, just call 1300 547 873 or request an appointment below.

REQUEST A RETIREMENT HEALTH CHECK

While everyone’s situation is different, the Association of Superannuation Funds of Australia (ASFA) suggests indicative amounts that might be needed for ‘comfortable’ and ‘modest’ standards of living. You can find out more here.

A comfortable retirement, for example, might include a range of leisure and recreational activities, good quality clothing, private health insurance and occasional overseas holidays. By contrast, a modest retirement budgets for a lifestyle slightly above the age pension.

The Age Pension is available to Australians aged 67 and over who meet eligibility requirements. Active Super is now partnering with Retirement Essentials to support eligible members who wish to access Age Pension entitlements and a Seniors Health card. To see if you’re eligible and what help is available, find out more here.

Active Super offers a range of products to help you retire on your terms as part of our Retirement Income Strategy. These include:

Transition to retirement (TTR): If you are not ready to give up work completely, a transition to retirement strategy allows you to continue working while drawing down some of your super once you’ve reached preservation age. It can also be used to reduce working hours or build more wealth in retirement. Find out more.
Active Super Account-Based Pension: If you’re ready to retire and set up an income stream from your super, this option gives you access to a choice of investments with zero tax on earnings. Plus, you can withdraw your money at any time (except when the Account-Based pension is a TTR Pension). Find out more.

You should speak to a financial planner and consider the PDS and TMD available at activesuper.com.au before you decide what’s right for you.

It’s never too early to start planning ahead.

Consider a Retirement Health Check
See how you’re tracking towards retirement with a quick check-in with one of our
financial planners. Book now.

Talk to a financial planner
For advice that’s tailored to your personal circumstances, you’ll need to talk to a financial planner. You can book phone, online or face to face meetings – whichever suits you best. 

Learn more about retirement
Stay informed with fact sheets and articles or book in to attend one of our seminars. 

Use our online calculators
See how different variables can make a difference to the money you could have in retirement.

Browse the Active Super website
Learn about our different retirement accounts, the Government Age Pension, updates on legislation changes affecting retirees, and read Blogs on planning for retirement. 

NEED ADVICE?
Contact our friendly Member Care team by phone, in person, online or email. We can answer questions about preservation age, conditions of release, and provide general advice about your super, retirement and more. Alternatively, we can put you in touch with our financial planners if you need personal advice tailored to your circumstances.

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BIG RETIREMENT QUESTIONS

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