I am 58 and my preservation age is 55. Can I withdraw all of my preserved component? - Wayne
You can access your super if you have reached your preservation age (55 for individuals born before 1/7/1960) and you meet a condition of release. If you have permanently retired from the workforce you satisfy a condition of release. For full details of the conditions of release, refer to your Member Booklet (Product Disclosure Statement).
If you are aged between your preservation age and 59, your super benefit payment may attract tax. If you are 60 years or over, your entire super benefit is tax-free. It is therefore important to consider the best time to access you super.
For more information on how your super benefit may be taxed, see Tax when your super is paid as cash.
Another option is to open a Transition to Retirement Pension account. The pension allows you to access some of your super before you retire, while you’re continuing work. Part or all of your super account balance is transferred to a new Transition to Retirement Pension account which you can access as an income stream.
To find out more, see Transition to Retirement or contact your local Relationship Manager.
Media Super members can access some free advice from Industry Fund Financial Planning. To find out more see Extra Member Benefits.