Can I start accessing Super?
Superannuation is most people’s retirement nest egg. It’s also an area that can be very complex and confusing for a lot of people. At Inovayt, we help take the confusion out of this complex topic so you can make the right financial decisions that leave you in the best possible scenario for your future.
How can I withdraw from my superannuation?
Superannuation is most people’s retirement nest egg. One of the most common questions people ask is, “When can I access my superannuation?” Broadly speaking, you can draw down your super under the following circumstances:
- You meet your preservation age and retire or establish a transition to a retirement pension
- You reach a certain age
- You experience severe hardship or emergency medical conditions
- Due to COVID-19 (new legislation)
- As part of the First Home Super Saver Scheme
- Death or disablement
Whilst it’s important to understand when you can gain access, it’s also important to acknowledge the tax implications and other potential effects of withdrawing money from your superannuation account.