I will turn 55 in August and would like to cash in my super. My super account is small but my ex-husband will be transferring some of his super into my account as part of our property settlement. After reaching 55 I will be working on a casual basis between five and eight hours per week. Can I access the total amount? - Helen
Your super may consist of preserved and non-preserved components.
Depending on your individual circumstances, you may have non-preserved benefits that you could access.
You can access your preserved benefits if you meet a condition of release such as reaching your preservation age (55 for individuals born before 1/7/1960) and permanently retiring from the workforce. For more details of the conditions of release, visit Accessing your super.
Another thing to consider is tax. 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 unless you have an untaxed component. It is therefore important to consider the best time to access your super. For more information, visit Tax when super is paid as cash.
You could choose 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 one of our relationship managers.
Decisions about your finances can be difficult and you may benefit from financial advice. As a member of Media Super, you can access some free limited financial advice from Industry Fund Financial Planning. For more information, visit http://www.mediasuper.com.au/planning.