Planning for retirement
The earlier you start to plan for your retirement, the better.
Maximising your superannuation investment
There are many ways to increase your super, and it is never too early to start saving. The simplest way is to consolidate all your old superannuation accounts into one and save on fees and charges.
You can also:
Retirement
Most people cannot access their superannuation savings until they reach their preservation age.
Your 'preservation' age is the age that the Government legislates when you can access the preserved component of your superannuation and depends on your date of birth as outlined in the following table.
|
Date of Birth |
Preservation Age |
|
Before 1st July 1960 |
55 |
|
1st July 1960 - 30th June 1961 |
56 |
|
1st July 1961 - 30th June 1962 |
57 |
|
1st July 1962 - 30th June 1963 |
58 |
|
1st July 1963 - 30th June 1964 |
59 |
|
After 30th June 1964 |
60 |
Funds can only be released when a member:
- Reaches their preservation age
- Retires from the workforce on or after their preservation age
- Reaches age 60 and leaves their participating employer
- Reaches age 65
- Becomes permanently incapacitated or dies
- Obtains release on specified compassionate or financial hardship grounds
- Leaves their participating employer and purchases a non-commutable lifetime income stream
- Reaches their preservation age but does not retire from the workforce and purchases a non-commutable lifetime income stream
Education
Superannuation Basics
