Western Suburbs Weekly - - Money Talks -

OBODY likes get­ting older but with age comes wis­dom – and the abil­ity to tap into your su­per. The rules around switch­ing your su­per ac­count out of the ac­cu­mu­la­tion stage and into a pen­sion de­pend largely on when you were born and when you fin­ish work­ing.

If you were born be­fore July 1, 1960, you can ac­cess your su­per from the age of 55 once you have left full-time work.

The age at which you can ac­cess your su­per rises by a year for ev­ery year af­ter that date, reach­ing the age of 60 for those born on July 1, 1964, or later.

Any­one can use their su­per once they turn 65, even if they are still work­ing. In prac­tice, many leave their su­per­an­nu­a­tion ac­counts in the ac­cu­mu­la­tion stage even if they have reached the preser­va­tion age.

Re­tire­ment cal­cu­la­tors show that even a year or two of work af­ter reach­ing the preser­va­tion age can re­ally stretch out your re­tire­ment savings. That is be­cause you are still adding to your su­per savings rather than be­gin­ning to draw them down to get some re­tire­ment in­come.

One use­ful strat­egy can be the tran­si­tion-to-re­tire­ment pen­sion (TTRs).

TTR en­ables you to work less by ac­cess­ing some of your su­per early so your take home pay re­mains the same, or you can use it to pay some of your salary di­rectly into su­per to save on tax. Tran­si­tion-to-re­tire­ment can be com­pli­cated and may not be suit­able for ev­ery­one, so it's a good idea to get per­sonal fi­nan­cial ad­vice be­fore you

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