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.
One of the most common questions people ask is “When can I access my super?” Broadly speaking, you can draw down your super under the following circumstances:
- You meet your preservation age and retire or establish a transition to retirement pension
- You reach the age of 65
- 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 understand the tax implications as well as other potential effects of withdrawing money from your superannuation account.
If you are uncertain of how this applies to your situation, please get in touch.
